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A research study conducted by the HSBC banking group found that entrepreneurs under 35 that were surveyed, one in four expressed that they were motivated to start a business, more for social change than making a profit. This is a stark contrast to the one in 10 entrepreneurs over 55 who are more motivated by social impact than making a profit. These statistics suggest a generational shift in the right direction. Young entrepreneurs are concerned with values that directly affect their generation, including environmental and social challenges.
The social media era that these young entrepreneurs grew up in, and are now operating businesses in may have something to do with the generational shift. Social media has caused businesses to be more socially and environmentally responsible, because they are under greater scrutiny under the public eye. Several businesses interviewed their employees, customers, and communities, and many agree with the values of millennial entrepreneurs. Companies should but society's interests above making money.
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Social Entrepreneurship
Spotlight
This Social Innovation Helps Prevent Bed Sores in Wheelchair Users
Co-founders William Mann and David Mravyan devised the Sensimat during a mandatory project for their MBA at the Richard Ivey School of Business in Canada. Sensimat is a device that helps manage and assess pressure among wheelchair users.