Today is D-Day, the first day of Global Social Business Summit 2017. After two days in the Young Pioneers Meeting, all the anticipation build up to this very day where I get to explore much more about social business with various influencers, academia, and people who are part of a social business.
The day kicked off with Professor Muhammad Yunus talking about main issues about our current economic system contributes to; wealth concentration to only several people in the world, unstable politics, and refugees. What was reassuring for me in that speech was him talking about youth as the new wave of hope, a light of optimism that could change the world for the better.
There are numerous sessions throughout the day such as panels and various workshops regarding social business on the topic of usage of plastic as an issue, solidarity in our daily lives and also about Olympic 2024 being the most inclusive and sustainable games ever.
I would like to summarize my learnings for the day with two key learnings:
1. We need to make sustainability sounds sexy
The general public is not buying in the fact that some cars like BMW are made with natural fibers or materials that are environmentally friendly. Therefore, companies need to create consumer awareness and demand for it so that more companies can impact on sustainability on a larger scale. This is very much needed and through collaboration that this could be sped up faster.
2. Being financially sustainable = being impact-driven in a social business model
I realized through the workshop about measuring the impact that in a social business model proposed by Prof. Yunus is that a social business is non-dividend and non-loss where all the profit goes to creating much more impact on the social business.
In this workshop, I was able to think more deeply into various important metrics to measure success in social business and that categorizes from short, too long-term metrics, and on what kind of methodology to measure it. Anyways, if we cannot measure it, it means we cannot affect it.
There are so many other social businesses as well that works on aging population such as one that was encouraging senior citizens to be healthy through the participation in sports. This makes me realized that the issue that we are tackling with Active60 is a global one, and everybody is doing their best to impact and transform the issue towards the betterment of our society. I also managed to get a few tips and tricks especially on how to create traction with these target group and I look forward to another intense yet fruitful discussion and inspiration on Day 2 of Global Social Business Summit 2017.