Although social entrepreneurship may appear to be another trendy term, it is not. Simply defined, it occurs when individuals establish businesses with the intention of not just making a profit but also having a beneficial influence on social, cultural, or environmental concerns through their offerings of goods and services or even by actively investing in others.
In the UAE, social entrepreneurship offers an opportunity for business owners to build successful companies while also doing good in the world, as customers are demanding an increasing amount of openness regarding a company's social credentials.
Overview of the social entrepreneurship.
The importance of sustainability and social responsibility has increased significantly over time. As scientists warn us about our influence on the environment and innovators, businesses, and anybody with a good vision seek to aid the people of our planet, governments throughout the world are taking efforts to prioritise Environmental, Social, and Corporate Governance (ESG).
As a center of financial excellence on a global scale, the UAE has made considerable investments in the growth of sustainable finance in all spheres. The UAE government has demonstrated its support for social entrepreneurship through a number of recent initiatives, including The Dubai Declaration on Sustainable Finance, the UAE Green Agenda 2015–30, the UAE Climate Change Plan 2017–2050, and the recently unveiled Net Zero 2050 Strategic Initiative.
Opportunities for business
But leaving that aside for a second, there are real economic possibilities out there for those trying to start their own companies as well as those looking to make investments in the social responsibility sector. Due in large part to the government's strong backing, the UAE in particular has emerged as a hub for investment, which has increased interest in the industry.
For instance, Abu Dhabi created a center in 2020 to assist in modernising charitable endeavours in the United Arab Emirates. A social entrepreneurial center called The Exchange at Yas Mall intends to organise courses and speakers who can boost expanding nonprofits.
Ma'an founded The Exchange, which is a component of Abu Dhabi's development plan and its comprehensive social development framework. Ma'an seeks to unite the public, commercial, and private sectors in order to provide significant prospects for nonprofits and social entrepreneurs.
Green bonds, sustainable funds, and low-carbon indexes are some of the larger strategies that are being utilised more often to encourage social entrepreneurship and investment. Even more broadly, organisations all across the world are being forced to show their credentials for social responsibility. This indicates theirs desire to promote socially conscious behaviours.
The future for social entrepreneurship
Now that social entrepreneurship has become a reality that we can all participate in, it is thriving. Along with significant investment in the field and governmental backing, universities like NYU Abu Dhabi have started to offer courses in social entrepreneurship, and the sector as a whole is expected to experience significant growth in the years to come.
Now is a better moment than ever to take the plunge and become a social entrepreneur for those with a vision and the desire to improve the world.