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Alleviating poverty through social media and innovation
Ioana Benjamin, Lucian Croitoru, Robert Ciuchita
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The problem
How to alleviate poverty in a sustainable and responsible manner?
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The solution Build an online network to help social innovation focused
entrepreneurs get funding for their progressive ideas
3 Up we go!
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Why social innovation
Efforts to exit poverty might lead to environmental damage if they are not pursued in a sustainable way.
Thus, social innovation is of the utmost importance
"Social entrepreneurs are not content just to give a fish or teach how to fish. They will not rest until they have revolutionized the fishing industry." – Bill Drayton
4 Up we go!
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How it works
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Change achievers
Entrepreneurs with innovative business ideas aimed at helping people in poor communities
In the need of financing to make their ideas reality
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Change achievers They use the community
to post:
An entrepreneurial proposition (brief description of the idea)
A financial proposition (the estimated sum needed to implement the project)
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Idea catalysts Organizations both for-
and non-profit
Endorse the and guarantee for the entrepreneurial and financial propositions
Offer supervision and guidance during the implementation stages
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Development enablers
Individuals all around the world who become members of the community
Lend sums of money for various periods of time to support the entrepreneurial propositions of their choice
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Development enablers
Maintain direct contact with the entrepreneurs during the implementation stages
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Key Operations
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Entrepreneur scouting
Catalyst account management
PR & Communication
Feedback management
Contract management
Lending management
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Strengths Focus on innovation and supporting business ideas with the
potential to have larger scale impact in the future
Personalized communication between the individual lenders and the entrepreneurs
Presence of catalysts to maintain accountability and transparency
12 Up we go!
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Weaknesses
International legal regulations
International financial regulations
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Frequently asked questions Who owns intellectual
property rights for the innovative idea? The entrepreneur
What happens if the financial proposition is met? How do you ensure accountability? The business idea is
implemented under the close supervision of the catalyst; the money is offered on an incremental basis with the catalyst and the lenders monitoring each stage
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Frequently asked questions What happens if the financial
proposition is not met? The members can either
choose to lend their money to other propositions or cash it out
How long does it take for donors to recover their money? It depends on the length and
size of the project stated in the entrepreneurial proposition
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16 Up we go!