Do you have a mission to make the world a better place?
Do you need to make money?
Should your organization be non-profit or for-profit?
During last Wednesday’s Entrepreneurship 101 lecture, Allyson Hewitt and Kerri Golden approached these questions in a human-centred way, starting from the motivation of the entrepreneur.
Some entrepreneurs may be struggling to balance their social impact dreams with the realities of money. However, today’s entrepreneurs are luckier than ever because they can combine these two missions together via a new corporation structure called a B Corporation.
“B Corps use the power of business to solve social and environmental problems.”
— from B Lab
Of course, there are other types of organizations, and each type has its own characteristics, benefits and risk models. Accordingly, different financing models and resources are available to grow your business.
Watch the video below to learn about the different organization types from Kerri and Allyson, and to hear their vivid corporation examples.
Other resources that might be helpful:
MaRS white paper: “Structural Options for Social Enterprise in Canada”Legally Incorporating your Social Venture
Types of social venturesBalancing the Social/Environmental and Financial Returns in an exit
Financing Options for Social Enterprises (non-profit)
“Financing Options for Social-Purpose Businesses (for-profit)”
Forgot to take notes? Here is a sketch note shared by attendee Sachua Chua.