It’s putting the cart before the horse to always assume that what is profitable is what’s best for society. Paradoxically, however, businesses which contribute social value are becoming significant economic contributors. We’re no stranger to championing social enterprise within the pages of Elite Business, which is why we’re always happy to hear of investment schemes helping social contributors to grow their businesses. And the Decide Now Act (DNA) Profit with Purpose Prize is a doozy.
Associated with the DNA Summit, the global social-change conference assembling the best and brightest innovators the world has to offer, and in collaboration with Bridges Ventures and the UN Office for Partnerships, the Profit with Purpose Prize is an opportunity for entrepreneurs building small businesses delivering profits and a significant social or environmental impact.
Once entries close on May 13, a judging panel featuring high profile figures and entrepreneurs, such as Innocent Smoothies co-founder Richard Reed and co-founder of Green & Black’s Jo Fairley, will award one lucky social enterprise with £100,000 of investment as well as access to expertise and mentoring from experienced entrepreneurs and the Bridges Ventures team. The winner will also potentially have access to further funding from the ventures team and have access to everything it needs to become a thriving social enterprise.
“Business and entrepreneurship can play a crucial role in addressing pressing societal challenges and there are talented entrepreneurs out there with the ideas and the passion to really make a difference,” said Michele Giddens, co-founder of Bridges Ventures. “The DNA Profit with Purpose Prize gives us a platform to identify this hidden talent, invest in it and make sure it gets the best chance to succeed.”
With this and other schemes, such as the Big Issue Invest’s Tech for Good initiative, it’s a very bright time for social enterprise. And this means it’s also a very bright time for the world at large.