3 Examples of Corporate Social Entrepreneurship
1. Asian Corporate Social Entrepreneurship Awards
Malakoff Corporation Bhd, a Malaysian company based in Kuala Lumpur, was recognized for its pioneering corporate social entrepreneurship.
At the Asia Responsible Entrepreneurship Awards 2011, Malakoff won top honors in the social empowerment category. The win is a testimony to the successful collaboration between the company and its stakeholders, especially the local communities where they operate. According to CEO Zainal Abidin Jalil the award has reinforced their commitment to do even more in terms of their CSR initiatives going forward. The Asia Responsible Entrepreneurship Awards recognize and honor corporations that champion sustainable and responsible entrepreneurship in seven different categories.
These include social empowerment, green leadership, investment in people, corporate governance, health promotion, SME CSR and responsible business leadership. The 2011 competition featured a total of 28 corporations from six Southeast Asian countries competing for the top spots.
2. Corporate Social Entrepreneurship in Sport
When it comes to the area of youth sports, a popular approach by corporate sponsors is to provide funding for a single event with very little allocated to medium or long-term development. It can be argued that sponsorship from the business sector must progress from a notion of corporate social responsibility to corporate social entrepreneurship. This would maximize the relationship between company and community and ensure sustainable development in all aspects, including sport.
Most sponsors still look for high-profile branding opportunities and ignore those activities in remote communities with limited photo-ops. Funding should go beyond tokenism and facilitate a more sustainable approach to sport at the community level.
A well known community activist in Trinidad and Tobago, Muhammad Shabazz, has noted that the rising tide of gang violence in his community could be addressed through youth sports programs. Many of these youths are talented in sports, and if given the opportunities to develop would likely channel their energies away from crime.
3. Corporate Social Entrepreneurship in Tanzania
The National Bank of Commerce (NBC) in Tanzania has donated Sh 18.2 million to the Equal Opportunity to All Fund (EOTF) for the training of 250 women entrepreneurs from different regions of the country. This assistance is part of the bank’s corporate social entrepreneurship program.
The head of NBC Marketing and Corporate Affairs, Ms Mwinda Kiula-Mfugale, noted that many local women need only a small amount of capital for their businesses to be successful. By empowering them financially and economically, they will be able to face their life challenges and improve their communities as well.
She said that the investment would ultimately increase employment opportunities in the country, which is one of the pillars of the bank’s CSR policy. As part of the EOTF program, the 250 women would receive education on how to utilize loans, improve the quality of their products and market them effectively.