Iowa City business consultant Jeff Nock revisits the topic of social entrepreneurship, its goals, and the spread of the concept.
An approach used most commonly by startup companies, social entrepreneurship involves developing, funding, and implementing solutions to environmental, cultural, or social issues. Jeff Nock, a business consultant from Iowa City, Iowa, having previously spoken at length about the fundamental aspects of social entrepreneurship, takes a closer look at the concept.
“Social entrepreneurship is said by the Institute for Social Entrepreneurs to be the art of simultaneously pursuing a financial and social return on investment,” explains Nock. The concept, he says, is on the rise, both in the United States and globally. “Social entrepreneurship,” adds Nock, who’s based in Iowa City, Iowa, “can be demonstrated by a wide range of organizations which vary not just in terms of size, but also in terms of their aims and beliefs.”
Business consultant Jeff Nock goes on to explain that the beliefs, metrics, and goals of social entrepreneurship efforts range from community development to poverty alleviation. “Common goals of social entrepreneurship range from broad cultural, social, and environmental aims to more tailored efforts tied to, for example, community development, poverty alleviation, or access to medical care,” says the expert.
According to Nock, the popularity and spread of social entrepreneurship has grown massively in recent years. “Over the course of the last ten years or so, social entrepreneurship has grown massively,” he explains. This, the expert believes, has been facilitated to a large degree by the internet, and, in particular, social media.
“Social media has been hugely beneficial to all manner of social entrepreneurship efforts worldwide,” says Nock. Enabling companies to reach potentially many millions of like-minded individuals, social media websites and apps such as Twitter, Facebook, and Instagram have, he suggests, been a significant catalyst for collaboration, fundraising, the promotion of raised awareness, general networking, and much more.
Prominent social entrepreneurship organizations include the Omidyar Network, the Global Social Benefit Institute, Athgo, Echoing Green, and the Skoll Foundation, created by eBay’s first president, Jeff Skoll. “Organizations such as these,” Nock explains, “promote and provide resources designed to help advance the efforts of social entrepreneurs around the world.”
The Skoll Foundation, for example, provides grants to already-established but still-growing endeavors committed to social entrepreneurship, according to the business consultant. “It’s currently estimated,” adds Jeff Nock, wrapping up, “that the foundation, created by Jeff Skoll, makes grants totaling as much as $40 million annually.”
A graduate of Colorado’s Regis University, Jeff Nock is the founder and CEO of Prescient Consulting, LLC, based in Iowa City, Iowa. Renowned for helping early-stage and mid-cap companies to achieve their visions and growth goals, Nock and his stellar group of partners have now assisted more than 250 companies in building and executing successful strategic and business plans. To find out more, visit https://prescient.us/.