The Business of Good: News for Socially Conscious Entrepreneurs

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Socially responsible business practices -- including organic, fair trade, giving back and going green – are becoming the norm for for-profit, as well as nonprofit, businesses. We’re committed to covering this side of small business with our weekly wrap-up of news affecting businesses that have embraced this socially responsible model, combining a for-profit business with nonprofit sensibilities.

The New Economy

There has been much discussion recently regarding the need for a “new economy.” While how to change the system is up for debate, The Nation’s Gar Alperitz writes this week that certain key points are clear: The movement seeks an economy that is increasingly green and socially responsible.  In the coming years, Alperitz believes a greater emphasis will be placed on businesses that use profits for environmental, social or community-serving.

Green Funding

General Electric is giving eco-entrepreneurs the chance to take their ideas to the next level. A BusinessNewsDaily article this week looks at the GE Ecomagination contest and how it is encouraging socially responsible businesses to submit their ideas on how to accelerate clean air technology with the chance at receiving funding for their projects.  GE was so impressed with one company’s idea that they recently announced plans to acquire the   provider of real-time power line monitoring technology.

Teen Interest

Among those especially interested in socially responsible businesses, it seems, are students. This past weekend, hundreds of high school students from across the country participated in the ninth annual Students for the Advancement of Global Entrepreneurship USA tournament at the University of Illinois-Chicago. The Appeal Democrat in Northern California wrote this week about two local students competing to be crowned as the "best socially-responsible business" and "best social enterprise." The two Marysville High School students started their own socially conscious graphic arts and composting businesses.

Start spreading the news

The explosion of socially responsible businesses has created a huge demand for public relations professionals to help spread their message. BusinessNewsDaily this week detailed five burgeoning fields for entrepreneurs to start businesses in.  Among those is public relations for socially conscious ventures – careers focused on helping the businesses convey what sets them apart from mainstream businesses that are solely profit-focused.

Local obstacles

A key component of being a successful socially conscious venture is actually staying business. Looking to help small businesses – especially those with a socially responsible purpose – do just that, the Sustainable Business Network of Greater Philadelphia, is conducting research on city policies, procedures and mandates that are obstacles to their success. Diane Mastrull of the Philadelphia Inquirer writes this week about the initial results of the research, which shows that local city policies are just making life harder on small businesses.

Social media for social responsibility

Socially responsible businesses looking to better connect with their target audience should consider using more social media initiatives.  MSNBC’s Nidhi Subbaraman writes this week about a new study that found frequent users of social media sites like Facebook and Twitter were more likely to choose brands that embrace a socially conscious agenda when shopping.

We hear about a lot of socially responsible businesses each week.  Here are this week’s favorites:

GreenFunder: A global fundraising site for socially responsible projects and businesses. The ideas range from simple student field trips to complex green business startups. The site is designed to help anyone –entrepreneurs, nonprofits, teachers or kids – get the funding they need.
On Twitter @GreenFunder

Little Cupcake Bakeshop: A New York City cupcake shop that works to meet the highest standards of environmental responsibility. In addition, they consistently support and raise money for organizations promoting sustainability at the local, national and international levels – including FEED, SustainUS, The Climate Project and Carbon Fund.
On Twitter @LittleCupcakeNY

Tombolo: Offers Paperfeet – waterproof, pocketable sandals made from upcycled billboards. The brand, which manufactures its sandals in Michigan, embraces a mindset that champions creative reuse and conscious consumption.
On Twitter @Paperfeet

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