Social Entrepreneurs were First Responders to the COVID-19 Crisis, The Reason they Should be Supported
The COVID-19 pandemic has brought the impact of social entrepreneurs to the limelight. Being innovators on a social mission, they happen to be the first responders to the crisis created by the pandemic. With this, they are rightly placed as a representation of a newer standard for the governments and leaders today. For some time now social entrepreneurship has stood in the gap to solve failures at the market and have gone ahead to build a rather sustainable model that creates more inclusive economies.
With the strike of the COVID-19 pandemic to the economy, it is obvious that the most vulnerable members of the community are hit the hardest. With many countries getting into lockdown and many businesses closing down, many jobs have been lost exposing to these vulnerable people forfeiting the luxury of putting a simple meal at the table. The World Bank estimated more than 100 million people being pushed to an extreme level of poverty as a result of the pandemic.
Social entrepreneurs have been down on the ground trying to help settle this crisis. For instance, the Schwab Foundation demonstrated how its 400 social entrepreneurs and innovators network has raised the living stands of more than 622 million people across 190 countries in its 2020 Impact Report. However, social entrepreneurs still do not have access to the necessary resources they need to do this noble task. Also, rarely do they find an opportunity to participate in the global and even local decision-making forums.
The COVID Response Alliance for Social Entrepreneurs comprising of 60 members that represent more than 50,000 social entrepreneurs all over released an Action Agenda laying down 25 solid interventions that will go a long way to support social entrepreneurship specifically during this period of COVID-19.