So what is Social Business, who’s doing it, and why is it so important?

Net Prophet 2011 opened up with yet another bang this year, with Rob Gilmour covering the overall history and success of NetProphet to date. This year being no different, but with attendance exceeding the 1000 people mark.

The general theme of the event was that of Social Business, and why we should all be thinking about getting involved. Although the concept is a rather fresh one, it’s something that many businesses, to a large extent are already very actively involved in. The sad fact however, is that most businesses haven’t even considered the idea.

So what is Social Business?

Imagine if you will the impact of businesses working together not only for profit, but, in the process, creating a business model that adds immense value to the broader community that surrounds it. How many times have you found yourself frustrated by a number of things that just don’t work? How many times have you thought to yourself, if I had the means, I could fix this, and make it better?

Now take this example to the next level. Imagine, you were able to conceptualise the solution, get the right team of people together, employ a vast number of free technologies to support it, raise some funding along the way, and in the process, not only fix the initial problem, but make life better for all those impacted by the same problem, and while you’re at it, make a profit from your initiative.

This is Social Business.

Social business is not about running a charity, or a non-profit organization. It’s not even about doing things for free. On the contrary, social businesses make good profits, and all the while, they are aiding a greater cause, eliminating a problem, or just simply making life easier for all those around them.

While this might sound somewhat utopian, social businesses are already a reality in most parts of the world, delivering much needed relief from a wide variety of global challenges.

Two examples of such social businesses are:

Young Africa Live, a mobile-based community portal developed by the praekeltfoundation, where young people can openly discuss critical issues such as love, sex and relationships with each other, and mPedigree, a mobile service in Ghana and Nigeria that verifies via SMS the authenticity of medication prior to being taken. Saving millions of lives and recouping lost revenue to pharmaceutical companies.

Social businesses are sustainable, they deliver true value to their community, they build trust and most importantly, lasting customer relationships, and loyalty. Another great thing about social business is that, if set up correctly, they are a great source of ever increasing annuity revenue for the founding businesses.

Technology and Social Business

With the level of technology at our fingertips today, the possibility of social business also becomes that much more of a reality. The misconception of limited Internet access in places like Africa is now superseded by present day mobile phone penetration, allowing us to reach a much wider audience immediately. Social Media allows us to share and consume content and media much faster, while also collaborating on multiple projects in real time. And finally, the Internet provides the power of research right on our doorstep.

So, the next time you are faced with a situation that you find somewhat frustrating, chances are, you are not alone. The difference however is that you might be in a unique enough position to bring about a change that has a long-term benefit to your community, while making you a handsome profit in the process.