[Challenge:Future] Alleviating poverty through social media and innovation

Alleviating poverty through social media and innovation

Ioana Benjamin, Lucian Croitoru, Robert Ciuchita

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

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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

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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

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

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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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