In 2022 I was recognized for my work as entrepreneur by Euclid Network (EN) and was mentioned on the Top 100 Women in Social Enterprise. A list with extra-ordinary women who have one thing in common: They all intend to contribute to change the world for the better.
Last week I joined the Euclid Network Impact Summit in The Hague, The Netherlands. An international Hybrid Summit that brought together Social Entrepreneurs, Government representatives from European Commission, European Countries, USA, and also corporate representatives and people from funding organizations.
Social entrepreneurship is real, it is growing and it contributes to solve many challenges we are facing right now.
Looking from the perspective of our mission of the Wize Move Society, I was very interested to know what the connection is between senior or experienced entrepreneurship (people starting businesses later in life), and the choice to make it a social enterprise. Since the seniors are part of the Missing Entrepreneurs (Publication OECD/EC 2023) it is interesting to know when they do start businesses if they are going to be part of this growing eco-system of social enterprises.
Social Enterprise
Social entrepreneurship is the practice of identifying, starting, and running innovative enterprises that create social value (people and planet) rather than just profits. It involves applying business principles to solve social challenges effectively. Social enterprises are making an impact by combining business activities with a mission to create positive social change; thereby contributing to a more inclusive, sustainable and compassionate society. Social enterprises are a force for good; they move from great to green and can drive change through products and services.
Senior Entrepreneur = Social Entrepreneur?
Senior entrepreneurs starting a business later in life often choose social entrepreneurship for various reasons. These individuals, with a wealth of experience and skills, are inclined towards making a positive impact on society. They aim to use their expertise to address social issues, and leave a lasting legacy. Additionally, the opportunity to pursue a passion, make a difference, and leave a meaningful impact on the world motivates many senior entrepreneurs to opt for social entrepreneurship as a way to combine their business activities with their desire to create a positive change in the world.
Seniors are increasingly becoming active participants in the startup ecosystem. In fact, around 25% of new startups are founded by entrepreneurs aged 50 and above. This statistic demonstrates that a significant portion of startups are led by senior entrepreneurs, showcasing their valuable contributions to innovation and entrepreneurship. Research has also proven that those who start businesses later in life are on average more successful than those starting at a younger age.
Approximately 28% of startups founded by seniors are dedicated to social entrepreneurship or operate as social enterprises. This statistic reflects the trend of senior entrepreneurs blending their business ventures with a focus on creating positive societal impact, demonstrating their commitment to addressing social issues through innovative business solutions.
Information is based on a combination of research studies and reports from sources in the entrepreneurship and social impact fields. These sources include the Global Entrepreneurship Monitor (GEM) research, OECD/EU publications, and reports on senior entrepreneurship trends and social enterprise initiatives.
Also check out my blog on Seniors as part of the Missing Entrepreneurs
As Wize Move Society we focus with our entrepreneurship programs on the opportunity to start a business later in life as a great alternative for a career as an employee. We experience that many of our participants indeed focus on businesses that are contributing to a better society, the environment, climate, humanity and so much more.
Take-aways summit
My most important take-aways from the Euclid summit in March 2024:
Social Entrepreneurship is real, it is big, it is growing and is playing an important role in the economy. There are 11 million social entrepreneurs (WEF), there is a critical mass to bring change and move towards a more sustainable economy. Social Entrepreneurs have the SDG’s on their DNA; for mainstream companies it is interesting to collaborate; also from the perspective of the Corporate Social Responsibility This is a force for good; we move from great to green, and can drive change through products and services for the true price. With the social Economy Actionplan 2021, political interest has been created. Representatives from government from european countries showed that more and more research is being done, policies being created and access to more funding made available. There is a need for fair and sustainable supply chains; ecosystems where partners collaborate, relationships are being build on trust and values. The leadership culture needs to be changed and leaders need to drive a more sustainable economy. Social enterprises are just another provider of products and services for organizations, but the effect it will have on the long run is significant. It is not always easy to measure the impact, the positive value creation: What the value is for people and planet. It is important to realize that it is not always possible to show the numbers, but also to look at the difference being made and the change in the lives of people.
Thank you Euclid Network (EN), Wieteke Dupain, Neven Marinovic, Ruth Paserman, Michel Scholte, Gerry Higgins and so many others for 2 days of inspiration and meeting wonderful people who with the right intention, contribute to a better world.
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