An influential impact investor offers advice for new social entrepreneurs

“I’ve made a commitment to be as helpful as I can be,” which is why Mr. Solomon took a call with me. He had responded immediately. He agreed to share some experiences with this new social entrepreneur, a Twitter follower.

I had been researching, studying and interviewing for our new social enterprise, when I met Mr. Solomon. I was lucky to have talked to some successful people, each of whom had been very kind. While all the conversations had been educational, I found more and more that “social enterprise” and “impact investing” etc. They are quite specialized concepts. The idea of ​​using business as a force for good has only gained traction in the last few decades. Experience remains concentrated among those who have spent years working in the industry.

Joel Solomon co-founded and runs Renewal, “a collection of organizations that have used the powerful tools of business and philanthropy in support of long-term social solutions.” Mr. Solomon, himself a successful private financier, has affected several socially viable operations. He has empowered many people through his work and commitment to a better world. Our conversation turned out to be as specific and helpful as I imagined it could be.

I had 30 minutes on the phone. The question was the following:

“What advice would you give to a new social enterprise? Please focus on how to attract attention and funds.”

Mr. Solomon talked about 3 key areas that he believes are critical to building a brand and raising funds. Master these, and a social enterprise is well on its way to legitimacy, perhaps even success:

1. Access, which refers to the distribution of the network itself. How many contacts can introduce one to money, or the events and circumstances that boast of money?

2. Knowledge, about where the money is. There are specific institutions that offer seed capital, such as incubators and venture capitalists. There are organizations that promote equity crowdfunding. There are exhibitions that one can participate in, for admission to a particular audience and network. And then there are the wealthy people looking for causes to get involved with. One needs to search a lot, find these organizations and work with them.

3. Lists of possible bridges to private money. The goal is to maneuver oneself in situations where there is wealth in abundance. Know that building and running these lists can be difficult, as the exercise challenges one to break out of their own bubble of comfort. What is the best way to reach and represent yourself in a situation of power and wealth? What could stop one? The intention is to capture as much stage and glory as possible, while of course standing up for the cause.

And of course, finally there is the “art of compromise.” Mr. Solomon briefly summarized the characteristics of successful people everywhere, such as intelligence, strategy, personality, presentation, being realistic, etc. The best-known attributes of successful entrepreneurs also play a crucial role.

35 million people, including the richest 10% in the United States and Canada, combined. “This means that 1 in 10 people have money here,” Mr Solomon said. The increase in private money for commercial ventures with social impact is matched by a decrease in public investment due to the decrease in government reach. For those looking to run socially sound businesses, it helps to know that not only are there plenty of funds, but it’s also a rapidly developing trend.

Social Entrepreneurship is a powerful new movement (as I see it); one that allows people everywhere to take charge instead of relying on bloated bureaucracies and corruptible governing bodies. There will be several successful engagement models over time. The best models will generate successful public-private partnerships. There is still much to see, learn and study about this industry. But what we have set out to do is good. We will stay the course, build experience and develop credibility. Hopefully, we will be successful and change many lives for the better. In any case, in a few years, we will look back and remember our first supporters and advisors.

Leave a Reply

Your email address will not be published. Required fields are marked *