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A competition for social entrepreneurship in South Africa hopes to improve awareness and participation in this area.
The Social Entrepreneur Award has been established by a partnership between the Schwab Foundation for Social Entrepreneurship and Ernst & Young South Africa. The criteria for selection in this competition include innovation, with the ideal candidate demonstrating how they have brought about significant social change through an innovative business concept. Candidates are also judged on the sustainability of their idea, with the focus being on whether they have developed in practice the institutions or structures needed to sustain the project.
For nonprofit candidates, some degree of financial sustainability through fees or revenue generating activities is required. This can also be accomplished via partnerships with the for-profit or public sector. Finally, candidates will be judged on the direct social impact, reach and scope of their models.
