As an escalating number of businesses being aware of the term Corporate Social Responsibility (CSR), some has already leap to the idea of Corporate Social Entrepreneurship (CSE). CSE is to utilize innovation in creating positive social impacts. It emphasizes social value and works toward the sustainable growth of the society as a whole.
Nowadays, large corporations such as H&M, L’Oreal, Lush, Warby Parker and Adobe, are adopting social entrepreneurship as a part of their business plan.Recently, H&M started a new promotion plan, in which it will donate 5% of the total gift card amount to the United Nations Children’s Fund (UNICEF) for every gift card purchased.
However, I think it is merely a marketing strategy for H&M to enhance its brand image. The new plan effectively promoted more customers to purchase gift cards, in which, H&M benefits financially in terms of long term profit.
But bridging between the rich and poor through a simple piece of gift card, has indeed raised awareness of inadequate education in developing countries. The fund raised for improving education in Myanmar can potentially improve the country’s economy. Unlike the one-for-one business plan, H&M does not simply “give the fish” but “teaches people how to fish”. Education implies higher productivity, since an employee’s intellectual ability is a valuable asset of the firm. It also encourages realization of social rights such as, freedom of speech and gender equality. So in the long term, H&M’s innovative approach will help Myanmar socially, economically and sustainability. This social business venture is a win-win strategy, where H&M earns profit and generates social returns.
