Social Impact (entrepreneurship)

Martin & Osberg (2007) introduced an especially helpful definition of social (impact) entrepreneurship that helps people for various points of views and disciplines see themselves in the role of change maker. It involves three steps:

  • Step 1identifying a stable but inherently unjust equilibrium that causes the exclusion, marginalization, or suffering of a segment of humanity that lacks the financial means or political clout to achieve any transformative benefit on its own;
  • Step 2identifying an opportunity in this unjust equilibrium, developing a social value proposition, and bringing to bear inspiration, creativity, direct action, courage, and fortitude, thereby challenging the stable state’s hegemony; and
  • Step 3forging a new, stable equilibrium that releases trapped potential or alleviates the suffering of the targeted group, and through imitation and the creation of a stable ecosystem around the new equilibrium ensuring a better future for the targeted group and even society at large.