A new approach using entrepreneurship to fight social problems is beginning to find success in Africa.
The effort is being led by Ian MacMillan and John Thompson of the Wharton School at the University of Pennsylvania:
“The basic thesis is that many social problems, if looked at through an entrepreneurial lens, create opportunities to launch a business that generates profits by alleviating the initial problem,” says MacMillan. “In essence, it is a shift in activity from the public domain (governments and non-governmental organizations) to the private domain (businesses and private individuals). This sets in motion a virtuous cycle: The entrepreneur is incented to generate more profits and by doing so, solves more problems.”
…”What we are arguing is that this is another dimension of socially oriented work and philanthropy that can have significant impact with relatively low levels of funding support. For people who understand true entrepreneurship, it resonates. They get the business angle” and they understand that profits are accompanied by “doing social good.”
Initiatives include projects to deal with disease management issues associated with the HIV/AIDS crisis and with the health care system. The projects are initially focusing on Botswana.