Creating successful business model: lessons for social entrepreneurship

Abstract

This paper draws on a particular case of social entrepreneurship, by which we have made an effort to outline context, dimensions and challenges for social entrepreneurship. While social entrepreneurship is not a new phenomenon, in the last 15 years, it is growing extensively with a new breed of entrepreneur developing solutions to social problems. This paper brings insight of creating a successful business model in social entrepreneurship with the help of the case. The case is about a European international company, Vestergaard Frandsen, which specialises in disease control along with complex emergency response products. This company is directed by a unique humanitarian entrepreneurship business model in which humanitarian responsibility is in its core business and their business model is based on ‘profit for purpose’. This organisation is involved in innovating products and concepts which are more useful for the developing world. This separates them from other companies who innovate for developed countries which are wealthier regions of the world and then adapt it for other developing countries. This paper focuses on how social entrepreneurship can extend boundaries and function in different countries. This paper concludes by identifying the needs for generating financially sustainable innovation and a continuously evolving business model for social entrepreneurship.