11 Principles for success in Impact Entrepreneurship

In this article, adebayoalonge distills his learning from studying successful impact entrepreneurs into 11 principles that enable any aspiring social entrepreneur to succeed in transforming the world


I was recently awarded the Moonshot Fellowship by the Kravis Lab for Social Impact of the Mckenna Claremont University. The fellowship recognizes impact entrepreneurs and activists who are working on socially impactful ideas that have a potential to be a force for global good. The Moonshot fellows were mentored by Echoing Green Fellows  who helped us address critical challenges we currently face in our impact enterprises.

As part of the fellowship we were hosted on the shores of the Indian ocean at the Machangulo Peninsula in Mozambique for a few days full of networking, mentoring, physical activity and deceleration.

 

 Left: Location of the Machangulo Peninsula on the Indian Ocean; Right: The Colin Verde Villa ; Image credit Adebayo Alonge

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Why Africa needs more Impact Entrepreneurship

Africa needs more Impact Entrepreneurship to solve its many social problems. Conventional capitalism has failed to stop the spread of poverty on the continent. It needs a new type of entrepreneurship- one that has heart.


Image result for help others

What is impact entrepreneurship?
Impact entrepreneurship refers to the organisation of factors of economic production- ideas, effort, networks, labour, capital, land, machinery- towards solving a social and/or environmental problem for a neglected population of people, animals or nature in a manner that generates measurable financial returns, social and/or environmental impact.

Examples of impact entrepreneurs include:

  • Diwala: A blockchain platform that helps refugees validate the skills they have towards waged employment
  • SheKab: A carpooling platform that enables women take safe rides especially in regions where rapes and abductions are high
  • RxAll: An AI platform that enables patients in countries with high instances of fake medicines determine the quality of their medicines in order to avoid death

5 key features common across these examples and which is important in assessing if a venture is impact entrepreneurship include- Continue reading “Why Africa needs more Impact Entrepreneurship”

Engaging governments- for social entrepreneurs

Social entrepreneurs can use their influence to help their communities choose the right governments that support social impact ventures.


Democracy does not redistribute wealth neither does it bring about rapid change. Its power is in delivering stability to country systems.

Prof. Ian Shapiro

Yale University
Image credit: http://www.news.yale.edu

Should social entrepreneurs have any interest in the nature of politics and governance in their countries? Should they just focus on their entrepreneurship work and isolate themselves from having a say in how governance is run in their countries?

Social entrepreneurs are very important in helping their communities choose good political leaders because of the credibility they enjoy within their societies. It is therefore imperative for social entrepreneurs to be politically engaged in helping their communities choose governments that support civil liberties, personal property rights and economic systems that aid entrepreneurship innovation.

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Marketing you-for social entrepreneurs

The responsibility for letting others know about your social entrepreneurship work rests with you. Learn how to raise your profile in 2 simple steps.


Marketing is a knock-through sport.

Adebayo Alonge

The Solutions Ideator
image credit:http://dranil-marketingmusings.blogspot.com/2011/03/indians-and-cricket.html

Once you have created your brand i.e. the image you want others to have about you; you need to work on promoting your brand and staying top of mind among people interested in your area of work. In other words, you need to actively market yourself.

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Branding You for Social Entrepreneurs

You are your perception. Be in control of the impression you create. Brand you!


  Perception is you.

Adebayo Alonge

The Solutions Ideator
(picture credit dharmaflower.org)

What comes to your mind when you hear these names- Mohammed Yunus, Bill Gates, Tony Elumelu? Did the following words come up in your mind- microfinance, health philanthropy and “Africapitalism”? This is the power of a brand- a consistently uniform perception you conjure when your name is mentioned.

Now ask yourself, when your name is mentioned what do people immediately associate with you? This is your brand and is how you are perceived by others.

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The Social Entrepreneurship Mindset


 The social entrepreneurship mindset is one that actively seeks to identify and solve problems faced by impoverished communities in a sustainable way they can pay for.

                                                             Adebayo Alonge

                                                         Image credit: http://www.noulakaz.net

Continue reading “The Social Entrepreneurship Mindset”