What defines an entrepreneur? Innovation, ambition and the insatiable drive to succeed are certainly amongst the qualities that set them apart from the rest, and make them such an asset to society.
While making improvements to ecosystems, education and policies within the entrepreneurial world, Global Entrepreneurship Week also aims to empower entrepreneurs to solve new problems by finding creative and practical solutions to emerging threats both to society and our planet.
The campaign, taking place between November 14-20 this year, has now become an all-encompassing effort involving over 10 million people amongst entrepreneurs, investors, support organisations and policymakers, creating and fostering environments of collaboration and development to help nascent entrepreneurs thrive.
Are we doing enough to empower entrepreneurs to change the world?
One of the themes Global Entrepreneurship Week focuses on this year is widening and improving ecosystems within entrepreneurship, and inspiring cooperation within entrepreneurs around the world.
Thanks to their ability to generate innovative solutions to address the problems faced by different communities, more and more individuals are becoming aware of how impactful entrepreneurs’ ideas can be.
With more and more support and recognition from the likes of reality shows such as Dragons’ Den and The Apprentice, entrepreneurs are becoming powerful driving forces in this new era.
However, the less known – and often not publicised – side of entrepreneurship is the hard work that goes behind creating a successful enterprise, and just how isolating embarking on such a life-changing adventure can be.
Data shows that over 90% of start-ups fail. And while the reasons for this are varied, creating long-lasting connections with a dedicated network of fellow entrepreneurs and supporters can make all the difference for budding entrepreneurs looking for the right opportunities.
Among those promoting a message of fellowship and cooperation for entrepreneurs is The Company of Entrepreneurs, whose efforts revolve around bringing like-minded individuals together to enact positive change for entrepreneurs.
Having developed The Entrepreneur’s Award in Social Innovation (EASI), which provides winners with financial aid, a package of support and fellowship and opens doors to new partnerships and opportunities, The Company of Entrepreneurs strives to honour purpose-led businesses that are committed to driving meaningful change in the world.
“When it comes to social innovation, increasing support for entrepreneurs can mean truly changing the world, by providing individuals with revolutionary ideas with the tools they need to turn these ideas into a reality,” says Judy Hadden, Master of The Company of Entrepreneurs.
“We could not be prouder of the support EASI has received so far. Seeing the work of so many talented entrepreneurs with a common mission to make a positive social and environmental impact on the world has been incredibly inspiring.
“And EASI’s success would simply not have been possible if it weren’t for our sponsors and supporters, some incredible individuals and organisations who played a pivotal role in helping EASI evolve and reach new heights, with the ultimate goal of building a better future for entrepreneurs.”
Overcoming shared challenges together
Having access to a network of passionate supporters and fellow entrepreneurs translates to more opportunities to receive peer support and mentorship, as well as to meet new clients and investors, all of which can make an enormous difference between failure and success.
Supporting those who are new to the entrepreneurial world is vital, especially when that support comes from fellow entrepreneurs who have faced and overcome similar challenges.
Entrepreneurship can be a lonely journey. It requires hard work, commitment and tenacity, and one of the reasons why so many start-ups fail in their early stages is because they simply aren’t offered the right resources and opportunities.
This is precisely why supporting initiatives like EASI can have such a strong impact. EASI sends the powerful message that entrepreneurs are the key to finding the solution to a variety of social and environmental issues, creating a better world for us all.
“We fully recognise that there are shared challenges in the entrepreneurial world, and we hope that by building a network of passionate entrepreneurs who are willing to support one another, these obstacles will seem much easier to overcome,” adds Judy.
Building a start-up with a socially responsible mission is an even more ambitious goal, but it has the potential to have an even deeper impact on individual communities and society as a whole, which is why supporting these talented innovators’ projects is a necessity.
Shaping a future of increased collaboration and inclusivity
After a successful launch for the EASI Award in April 2022, with some 200 high-quality applications from inspiring entrepreneurs with social innovation as part of their mission, The Company of Entrepreneurs plans to continue to grow EASI, making long-lasting connections with even more passionate entrepreneurs and sponsors.
“Global Entrepreneurship Week is the perfect occasion to celebrate those who are already making a difference, but it’s also a good time to highlight that there’s a long way ahead before all nascent entrepreneurs are offered equal opportunities,” adds Judy.
Inclusivity is a topic of utmost importance – and concern – in the world of entrepreneurs. Profitable businesses start from powerful ideas, though many lack the means to develop these ideas altogether, meaning there are potentially revolutionary projects that might never come to fruition.
Shaping a more equitable future for entrepreneurs means tackling systemic inequality, and overcoming existing barriers to business creation, such as access to networks, mentorship and relevant education.
“A significant part of why we decided to invest in EASI was to break down the barriers that prevent some voices from being heard. Many of our applicants this year had extraordinary, ground-breaking ideas, and we believe giving them a platform for exposure is essential,” says Judy.
“Ultimately, this goes hand in hand with our mission to help entrepreneurs with similar ideas and values come together. Increasing access to networks means increased likelihood to obtain the resources they need to create a successful business and thrive within their industry.”
Celebrating examples of excellence
Although all EASI finalists put forward truly inspiring projects, it was impact venture Pastoral, co-designed and incubated by the United Nations Development Programme (UNDP) and UK-based developmental innovation company Karakoram, to be selected as the winner.
Making use of AI to provide farming data to low-and-middle-income farmers in low-connectivity areas, Pastoral provides a reliable solution to help them farm more sustainably and minimise CO2 emissions, while also offering a platform for communication and collaboration.
Showcasing equal drive, determination and innovation were the four other finalists for EASI, each proposing an innovative solution to a significant social or environmental issue affecting the wellbeing of individuals or communities.
On a sustainability-focused mission to decarbonise food production – a sector responsible for a quarter of the world’s greenhouse gas emissions, LEAP Micro AD‘s SOURCE addresses the need for sustainable food production, greater food security as well as equitable green employment and training.
Charitable incorporated organisation Groundwater Relief, on the other hand, developed a prototype of a mobile phone app that allows countries to better manage their water resources, providing technical support to the humanitarian and development sector to ensure everyone has access to clean water.
With a focus on social innovation for the blind and visually impaired, Bristol Braille Technology, an award-winning not-for-profit organisation, was shortlisted as a finalist with its product Canute 360, the world’s only full-page Braille display, which drastically increases the availability of Braille texts of different kinds.
Also providing a solution for issues affecting the wellbeing of a specific group of individuals is the last finalist Where You At (“WYA”), an award-winning women’s app that uses Bluetooth and micro-location technology to allow users to find friends in the night-time economy, promoting safety for women.
Inspired by the passion and determination of the finalists of the first edition of EASI, The Company of Entrepreneurs looks forward to continuing to support more entrepreneurs in their social and environmental innovation development journey with future editions, as well as further programmes and initiatives.
