One of the main factors attracting me to the world of CSR was the potential to blend business practices with social good. One of the classes I am taking this semester, titled Social Entrepreneurship has further advanced my knowledge on this topic. There are several types of social enterprises, including nonprofits with ventures supporting the organization's social mission, or for-profit organizations that address social issues through its operations. During the course of the semester, I've learnt about social entrepreneurs such as Muhammad Yunus or facilitators of entrepreneurship such as the Ashoka Foundation.
While scoping the internet for inspiring individuals who have engaged in social entrepreneurship, I stumbled upon a 45 minute video on Manoj Bhargava, the founder of five hour energy. I've never been a consumer of five hour energy as I've resorted to coffee for those all nighters that are necessary from time to time in grad school. However, after viewing this video, my conception of five hour energy, its parent company, and the founder of the product has changed significantly.
Manoj Bhargava, while valued at $4 billion has chosen to give away over 90% of his income to address social issues. Through technological innovations, Bhargava has chosen to address three main areas: energy, water, and healthcare. According to Bhargava, individuals are often trapped in the cycle of poverty due to their inability to access basics such as energy or safe drinking water. To address this problem, Bhargava has established certain divisions of his organization that are dedicated to creating sustainable forms of energy and safe drinking water. One example is a bicycle that can generate electricity. In fact, one hour of peddling can provide 24 hours of clean energy that can be used for basic necessities such as lighting or charging appliances. Similarly, Bhargava also works with graphene, which is a fantastic heat conductor, for energy purposes.
To learn more about Bhargava and his entrepreneurial endeavors, I would highly recommend "Billions in Change", which can be found on YouTube.
Nehal,
ReplyDeleteI have been trying to come up with a business idea that would promote blending business practices and doing good in society as well. Its no secret that there is a shortage in the world of corporations that contribute to the greater good of all. It's always wonderful to hear how an entrepreneur is making significant strides in addition to major donations to help others. The sectors that really need attention such as water, energy, and healthcare are extremely important areas to support.