Social Innovation & Entrepreneurship

What is social entrepreneurship?:

Are you creative, passionate about social issues, and business savvy? Social entrepreneurship might be right for you!

“The brilliance of social entrepreneurship lies in its power to unleash the creativity of millions of private citizens in addressing seemingly intractable social problems. Just as entrepreneurship in business leads to innovative products, services, and business models that generate much of the world’s dynamism, growth, and economic opportunity, social entrepreneurship stimulates fresh thinking about deep-rooted social challenges whose solution has eluded government and traditional philanthropy.” –Jonathan Tisch

Social entrepreneurship is the application of business methods to social goals. It addresses problems related to poverty, education, healthcare, or other aspects of society. Like volunteering, social entrepreneurship requires passion and time, but it brings volunteering a step forward by integrating it with the for-profit world. Social entrepreneurs identify a social problem and use experimentation and business analysis to find a cure. They must locate and effectively utilize resources, articulate meaningful objectives, and express ideas that inspire others. To meet a social goal, they usually start by asking a question: “What if we tried X?” This is followed by an experiment, a response, some adjustment, and more experimentation until an effective process for solving a social issue is realized. “The result is a well-run, sustainable organization that produces measureable results” (Tisch). Social entrepreneurship “breaks down barriers between aspects of life usually viewed as separate and unconnected: business and charity, personal profit and social benefit, material gain and spiritual fulfillment” (Tisch). Social entrepreneurship combines the passion and idealism of a non-profit with the hard work and discipline of conventional business. It is more efficient, innovative, and effective than volunteering alone, making it possible to not only alleviate the symptoms of a social problem, but to address the problem at its root.

The Finstad Office for Entrepreneurial Studies:

This program is dedicated to the advancement of education, research and service in entrepreneurship within the St. Olaf Community by providing entrepreneurial grants, social innovation grants, and academic c ourses.

With the shifting economy and rapidly changing markets, entrepreneurial skills are more important than ever before. The Finstad Office works to provide the St. Olaf community with the expertise, experience, and entrepreneurial spirit they need to thrive, whether starting a new business or working within an established organization, whether for-profit or not-for-profit. This program provides an unparalleled learning experience in entrepreneurial practice.

The Finstad Office for Entrepreneurial Studies was established in 1992 with a major gift from the Paul and Anne Finstad and other St. Olaf alumni and, to date, has given more than $500,000 to over 180 students to begin new ventures.

The office also works closely with the student entrepreneurial club on campus, OASIS. Find out ways to get involved!

Resources:

Entrepreneurial Grants: The Grant program awards grants up to $3,000 to individual students or teams to launch sustainable enterprises that create value - commercial, social, artistic and/or scientific. Funds are awarded to students for entrepreneurial projects with social and economic potential.

Social Innovation Grants: The Grant program awards mini-grants of up to $500 for Social Innovation Projects.

Innovation Scholars Internship Program: The St Olaf Innovation ScholarsProgram equips the next generation of innovators and entrepreneurs with the knowledge, skills, and support necessary to work within the growing field of social innovation and entrepreneurship.

Academic Courses: The Finstad Program offers two entrepreneurial classes through the Management Studies Program in the Economics Department: Principles of Entrepreneurship and New Venture Formulation. Both courses include a large experiential component.

OASIS: OASIS is a student organization that promotes and supports social entrepreneurship and innovation on campus.

 

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