Terminology relevant for this pathway
IMPORTANT TERM
SIMPLE DEFINITION
Social Entrepreneurship
Entrepreneurial ventures that focus on addressing social or environmental issues, aiming to create positive social change.
Sustainable Innovation
The process of developing new products, services, or business models that have a positive impact on the environment, society, and profitability.
Shared Value
Shared value is a concept that promotes aligning business strategies with societal needs to create both economic value for the organization and positive social impact.
Purpose-Driven Business
Companies that prioritize a clear, socially or environmentally oriented mission beyond profit, integrating it into their core business strategies.
Impact Investment
The allocation of capital to businesses or projects that are created to generate both financial returns and positive social or environmental impacts.
Impact Measurement
Impact measurement involves assessing and quantifying the social and environmental outcomes generated by a social enterprise to demonstrate its effectiveness and accountability.
Hybrid Business Models
Hybrid business models combine elements of traditional for-profit businesses and nonprofit organizations to achieve both financial sustainability and social impact.
B Corp Certification
B Corp certification is a designation for businesses that meet high standards of social and environmental performance, transparency, and legal accountability.
Base of the Pyramid (BoP)
The BoP concept focuses on developing products and services that cater to the needs of people living in low-income or marginalized communities, often emphasizing affordability and accessibility.
Inclusive Business
Inclusive business models aim to engage marginalized or underserved populations as employees, producers, suppliers, or customers, fostering economic empowerment and social inclusion.