At the heart of the encore movement is the importance of purpose and the desire to make a difference. We know that the most predominant encore pathway is starting your own business. Encore.org conducted a survey in 2014 of adults ages 44-70, and found that one quarter; approximately 25 million people were interested in starting their own business. Surprised by the high level of interest in entrepreneurship, Encore.org conducted another survey to see how many of those entrepreneurs were focused on addressing social or community needs. They found that nearly half were seeking to meet a need in the community, meet a social challenge or provide a service to others.
The Rise of Social Entrepreneurship
There are several reasons for this rise of social entrepreneurs:
- It turns out the role of experience has been shifting the focus to social problems for the encore entrepreneurs. Boomers are ready to take matters into their own hands, and they believe there might be a better solution based on their own personal experience.
- Social entrepreneurship signals the importance of driving social change as there are so many critical social issues facing our country such as; education, hunger, homelessness and care giving. This is a big reason we are seeing the rise of Social entrepreneurs in our country today.
- We also know that the fastest growing age group of entrepreneurs continues to ages 55-65 and over 45% of all entrepreneurs are ages 45-65!
Definitions
Ashoka, a leading social entrepreneur think tank has defined social entrepreneurs as enterprising individuals who apply business practices to solving societal problems. Social entrepreneurs act as change agents, seizing the opportunities to improve systems, invent new approaches and create solutions to change society for the better.
Schwab Foundation of Social Entrepreneurship has identified the four main criteria when looking for leading social entrepreneurs: innovation, sustainability, reach and social impact. They differentiate business entrepreneurs from social entrepreneurs primarily in how they define their “market or problem” and also how they measure impact quantitatively, as well as qualitatively. There are several different organizational models that evolve as a result of social entrepreneurship:
- Non-Profit Ventures (depending primarily on philanthropic funding)
- Hybrid Non-Profits
- Social Business Ventures.
Our Opportunity to make a change
Last January, I was honored to be a part of the Regional White House Conference on Aging. This event made a significant impact on my life. As I sat and listened to the country’s leading experts report on the current realities for aging in America, the number one issue that came up throughout the day was around care giving and aging in place. It became clear to me and many others who were there that day that we can no longer wait until our federal government figures out a way to address the already broken and inadequate resources, tools and programs to address the millions who need to be cared for. This is a crisis that not only impacts the people who need to be cared for but the caregivers themselves. It became clear to me that the answer to this crisis is right in front of us – encore entrepreneurs!
Last week, Encore Tampa Bay and a team of local social entrepreneurs (Reunioncare) received a grant from National AARP to launch a Tampa Bay Caregiver Accelerator project. National AARP has identified caregiving as a number one priority and challenge to be addressed. They have also recognized social innovation as the key to addressing this challenge. This funding will provide individuals in our community who may have a potential solution, or service that could help the millions of caregivers in Tampa Bay.
Do you have a caregiving solution that is ready to become a business??
Thanks to AARP we are able to offer an incredible 9 week pre-incubation workshop that will take your idea to a business. Our first round of classes begin in early January and another round beginning in March. We will be with you all the way, including giving you a chance to pitch your well developed business idea in several different arenas. For more information about the program and how you can apply, go to the Tampa Bay Caregiver Accelerator website and attend our information session on Monday, November 30, 2015 at the Greenhouse in St. Petersburg, FL at 5:00pm.
Be inspired by all kinds of social entrepreneurs
One major strategy for Encore Tampa Bay is to raise awareness and encourage more individuals to follow this path of social entrepreneurship. We are partnering with Hillsborough Community College with a series of speaking events that shine the light on some of our own great social entrepreneurs. On Friday, November 20, 2015 we will be hearing from 6 local social entrepreneurs on their reasons for being a social entrepreneur. Join us for the Power of Purpose.