Social Venture - Explained
What is a Social Venture?
Written by J. Mance Gordon
Updated at April 21st, 2024
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What is a Social Venture?
A social venture can be described as a formal agreement, a contract, or an undertaking to solve social problems or effecting social change. So, a social venture can be better explained as the incorporation of business skills to solve social or societal problems.
Social ventures are commonly organized as non-profit ventures - but this is not mandatory.
There are many social ventures that are organized as for-profit business. They may be organized specifically as a B-Corporation or pursue a designation is a Certified B Corp (a designation issued by B Labs).
B-Corporations and B-Corps have a social mission that is perpetuated within the company's business model.