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Building a Social Innovation IQ

When you are in the midst of an emerging field, there is often no shortage of related terms and buzzwords. Social innovation is a prime example. Associated words and phrases include:Social innovation IQ

  • social entrepreneurship
  • social enterprise
  • impact investing
  • conscious capital
  • double bottom line
  • triple bottom line
  • social accounting
  • benefit corporations
  • flexible purpose corporations
  • low-profit limited liability companies (L3C’s)
  • hybrid corporations
  • blended value
  • social ventures
  • maximizing stakeholder value
  • doing well, by doing good
  • corporate social responsibility
  • and more….
Terminology, a Social Innovator Does Not Make
Through Innov8Social or various other blogs and resources, you may be (as I am) building your familiarity with key buzzwords in the field. But, as I begin to read books, listen to podcasts, and become more familiar with questions that those outside of social innovation have about the field—I realize that terms and buzzwords may not be enough to achieve the overarching goals of building new kinds of businesses that generate monetary profit while positively benefiting society & the environment.
We Need to Collectively Build Our Social Innovation IQ
What makes social innovation an intriguing prospect is also what makes it complex: it blurs the traditional distinctions between sectors such as financial, government, social, and environmental and seeks to connect them in new ways that align with mainstream business.
Judging by the burgeoning number of social innovation fellowships and accelerator programs available, it looks like more people and institutions are seeking connect with and expand the social innovation arena.
If we are putting out time into engaging and investing ourselves in this emerging field, it may be helpful to build our collective social innovation intelligence.
Components of Social Innovation IQ
Full disclosure, I am not an expert in this field. But as I learn and grow into it, I find myself developing more focused questions about what it will take to succeed as a social innovator and what it will take for the field of social innovation to succeed in impacting the way business is done. Here is my (evolving) understanding of components that can make up a social innovation IQ:
  • Financial intelligence
  • Social & environmental cause intelligence
  • Adversity intelligence
Much of it, I suspect, will begin with understanding the flow of money. Even though capital is one element of the triple bottom line, it is the one that is often most identifiable with mainstream business. Currency is like the electric current that powers machines. Though causes and action often eclipse capital in their reach and karmic importance—to understand that even the most compelling projects will require steady, consistent, and adequate funding is to understand the important role it plays.
Additionally, if we do not have a clear understanding about the history, root, and context of the social and environmental causes we aim to address—we may not be addressing issues in the most effective ways possible. Worse, we may not realize future problems that we are seeding with our best-intention ‘fixes’.
Finally, any start-up entrepreneur will tell you that there can be a fair dose of adversity required to launch and succeed. And, this likely only multiplies when your business is focused on maximizing a triple bottom line (people, planet, profits). We have to be able to identify re-frame our problems, dwell in resilience, and connect with the social innovation community for support and guidance.
What to Read
I am in the process of trying to build my social innovation IQ. I would love to connect with others interested in doing the same. Here are a few books I thought could get the ball rolling:
If this topic interests you, and you are also seeking ways to build a social innovation IQ, connect through the comments below, on the Innov8Social Facebook page, on Twitter, via email.
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5 SF Bay Area Funding Resources for Social Entrepreneurs [Green Business Academy]

Green for All‘s Capital Access Program recently convened a two-day event focused on serving social entrepreneurs. The event, titled the Green Business Academy, was held September 29th-30th 2011, was a no-cost event, and took place at the University of Phoenix campus in San Jose, California—located in the vicinity of two of Silicon Valley’s noted tech & innovation pillars, Cisco and eBay.The Green Business Academy gathered green business leaders, socially responsible (impact) investors, legal experts, and support institutions providing local resources including legal services and mentorship necessary to build a social enterprise.Green Business Academy Day 2: Impact Investor Panel

Green Business Academy impact investors panel

Day 2 of the Green Business Academy in San Jose kicked off with a panel of impact investment firms discussing types of funding resources available to local SF Bay Area social entrepreneurs and how to go about pursuing them.

The panelists included:


5 SF Bay Area Resources for Social Entrepreneurs

The panelists largely spoke about their organization’s focus and resources. Below are key points about each of the 5 local resources introduced.

1. Opportunity Fund (@OpportunityFund) is a non-profit organization that supports local entrepreneurship by providing small business loans to maintain and grow companies. It has lent more than $17M to small businesses throughout California.

Panelist Alex Dang mentioned that Opportunity Funds has primarily served 2 types of green businesses: 1) smaller businesses that have had to go green because of regulatory requirements, and which have in turn formed marketing opportunity with new green business models; and 2) businesses that have chosen to source products sustainability.

You can read about Opportunity Fund success stories from their clients.

2. Hub Ventures (@Hubventures) is a 12-week program providing funding and guidance to Bay area social entrepreneurs, based in Hub SoMa and Hub Berkeley. Participants refine business models and investor pitches and build broader networks through weekly sessions, and compete for $75K in seed funding, as decided by their peers.

Panelist Wes Selke mentioned that Hub Ventures is raising $3M in funding to expand the program.

You can browse through the recent cohort of social entrepreneurs from the last Hub Ventures session.

3. Toniic is an angel investor currently comprised of 30 investors in 5 countries, with 3 global chapters, and is growing. Toniic has placed 18 investments with other $3M over last year.

Investors are interested in funding “tranformational enterprises”–that seek to do well by doing good. Toniic funds social ventures across the globe addressing issues such as poverty and climate change.

You can view selected investments by Toniic.

4. Investor’s Circle (@InvestorsCircle) invests in early-stage social start-ups and works to grow its base of “patient capital” investors. Patient capital investors prioritize external rates of return and optimize internal rates of return. Investor’s Circle hosts 2 social venture fairs per year where entrepreneurs and investors meet to discuss potential investment.

You can read about recent presenters at Investor Circle venture fairs.

5. GreenVC (@GreenEconomy) aggregates news and resources on green venture capital, funding, and startups. It is a go-to place to learn about green incubator programs, green funding resources, upcoming events for social entrepreneurs, and registration discounts.

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3 Ways Social Entrepreneurs Can Connect with SCORE

There is an inherent dance in social innovation—balancing social & environmental sensibilities while harnessing entrepreneurial drive. Coming up on the side of small business is a compelling organization that was created for the sole purpose of helping small businesses launch and thrive.

SCORE logo signThink SCORE.
If you have are negotiating success in entrepreneurship, the Service Corps Of Retired Executives (SCORE) may be able to help.  It is a 501(c)3 non-profit, is run by retired/semi-retired volunteers who have either owned & operated a small business or who held a senior position at a corporate level, and are passionate about making business ideas blossom.
After attending a workshop at the SCORE Silicon Valley office, I sat down with Membership Chair, Lido Scardigli to learn about the organization and how it can help budding social entrepreneurs.
Here are 3 ways social entrepreneurs can connect with SCORE:
1. Enlist a Mentor. With over 13,000 mentors in their database, there is likely one that is a good fit for you, your idea, and your company’s evolution. Lido mentioned that an idea is often enough to get the ball rolling with a mentor. And that all too often small businesses wait until they are in a tight spot to seek out help.  Most remarkable? The mentorship services are free! Imagine having an experienced mentor to guide you through the initial stages of building your big idea. The right help at the right time, is priceless.
2. Attend a Workshop. “Legal Issues for Startups“, “Simple Steps Startup Basics”, “Marketing on the Internet“, “The Business Plan” are a few of the types of workshops offered regularly by the office in Silicon Valley. And with over 360 SCORE chapters nationwide, you may find these and more offerings nearby.  The workshops usually call for a fee and can be useful, especially for first-time entrepreneurs trying to conceptualize the multitude of moving parts.
3. Use the Business Library. Whether you want to research which form of business you should  incorporate as, find templates for common business forms, or seek written inspiration from entrepreneurs who have succeeded—you can probably find a book or two of interest at a SCORE office. And the advantage of reading the books at SCORE is that you can talk to an experienced volunteer if you have any questions.
You can also peruse the SCORE website for webinars, free templates, how to register for an email mentor, upcoming events, and catching up on the latest headlines.
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Adeo Ressi Talks About the Founder Institute

Meet the Founder Institute

I have attended two workshops hosted by the Founder Institute–a kind of accelerated startup MBA program for promising entrepreneurs–both hosted by the Institute’s Founder Adeo Ressi. From the talks I walked away feeling the passion, energy, and vision that Ressi and his team have for new entrepreneurs and budding startups.

Meet Adeo

I had a chance to catch up with Adeo after his talk on Startup Legal Q&A for Silicon Valley. Watch the quick video below to hear him outline the concept of the Founder Institute, his vision for its reach, and what inspired him to launch this initiative.

In the realm of social innovation I can’t help but think that innovation comes first—without innovation or entrepreneurial spirit there may be little with which to balance social or environmental values.

You can find out much more about the Founder Institute, the CEO mentors, the schedule of course offerings, and the application process on the Founder Institute website.

Watch the Interview

 

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