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Social entrepreneurship is today an imperative across the world. The scarcity of resources, the needs of the growing population, and the growing burden on the environment have made people realize a need for organizations that can be profitable while bringing positive change in society and the environment. Sustainable, out-of-the-box solutions are required for solving social challenges. The onus of providing these solutions are often taken by aspiring entrepreneurs, who see opportunity in the challenges and are willing to take risks to create innovative and effective solutions for society’s benefit. The chapter elucidates the meaning of social entrepreneurship, the difference between commercial and social entrepreneurship, the models of social enterprises in practice, and the recommended methodology to evaluate social impact. The chapter features international case studies (through secondary research) and cases about social entrepreneurs who have dramatically improved the lives of people while being financially sustainable – an organization like SELCO Solar Lights Private Ltd, ARMAAN, Yellow Leaf and Arvind Eye Hospital, and many others have provided solutions for the economically weaker section of society. Many of these new-age social entrepreneurs use Big Data and artificial intelligence to ensure that their initiatives create greater social change. Some of these initiatives are highlighted in the chapter.

Num Pages: 16