Entrepreneurship In The News
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Entrepreneurship in the news was an assignment completed while at RRU. The story was about Tom's Social Entrepreneurship path and the earned media they received as a result of that strategy.
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Entrepreneurship In The News
- 1. “Entrepreneurship in the news” . ENMN 398 Deborah Wickins Team 3
- 3. In The Beginning Founded in 2006 by Blake Mycoskie after he noticed polo players in Argentina were wearing canvas wrapped shoes called alpargatas1 and children in the streets of Buenos Aires running around barefoot.2 He decided that he wanted to develop a kind of alpargata for the North American market, with the caveat that for every pair sold he would provide a new pair of shoes free of charge to the shoeless youth of Argentina and other developing nations. Blake sold his online business for $500,000 to start TOMS.3 Called TOMS for “Tomorrow” original concept, "Shoes for Tomorrow Project”.4 1 Water Facts, Water.org, http://boss.blogs.nytimes.com/2013/03/19/questioning-the-toms-shoes-model-for-social-enterprise/?_php=true&_type=blogs&_r=0 2 Wikipedia, Toms Shoes, http://en.wikipedia.org/wiki/Toms_Shoes 3 Wikipedia 4 IBD ENMN 398 – Team 3
- 4. Business Model - Business model based on - Buy one, give one. - “One for One” has been trademarked by Toms and is integral to their philosophy. - This model is so unique, the phrase “caring capitalism” has also been used to describe Toms business model. 4 - To date Toms has donated 10 million pairs of shoes.5 4 IBID 5 Toms.com ENMN 398 – Team 3
- 5. ENMN 398 – Team 3
- 6. Blake Mycoskie - Founder is a social entrepreneur. - Using creative destruction in the shoe, eyeglass and now coffee industry to redefine how people look at these businesses. - Social Change- He is forcing people to make a choice when buying coffee….water is the necessity of life and he is willing to make a sacrifice (profit) to help people if you (consumer) are. - He also made the One for One model a priority before profit making. - The coffee for clean water idea confirms his commitment to social entrepreneurship, he is continually seeking new opportunities and innovative ways to provide. Starting in shoes and moving to a competitive coffee industry. ENMN 398 – Team 3
- 7. Social Entrepreneur A social entrepreneur is someone who recognizes a social problem and uses entrepreneurial principles to organize, create, and manage a venture to make social change (a social venture).
- 8. Social Entrepreneurship - Social entrepreneurship differs from commercial entrepreneurship in that social entrepreneurs prioritize non-financial returns over money - Central to the process of social entrepreneurship is SVP - a Social Value Proposition. - Capital - Opportunity - People ENMN 398 – Team 3 6 Overview of Social Entrepreneurship, RRU Moodle, Last accessed March 14, 2014, http://moodle.royalroads.ca/moodle/mod/book/view.php?id=49257&chapterid=20467 6
- 9. Capital Café Stores were Conceived as a retail outlet offering: - Yoga - Movie Nights - Craft Evenings - Selling shoes - Eye glasses - Toms Coffee *NEW - Bags of coffee are all ready for sale - Planning on opening more international cafés ENMN 398 – Team 3
- 10. Opportunity Provide clean water to help prevent diseases. Toms Coffee - The shoe company says it will donate a week's worth of clean water to a person in need for every bag of coffee sold. In the US it is estimated that 100 million people drink coffee every day. If Toms can sell to just one percent, they will provide one million day’s worth of clean drinking water.6 6 Statistics Brain, 2013 Statistics Brain Research Institute, January 1, 2014, http://www.statisticbrain.com/coffee-drinking-statistics/ ENMN 398 – Team 3
- 11. Why Water? Diseases from unsafe water and lack of basic sanitization kill more people every year than all forms of violence, including war.7 7 Causes of Death, World Health Organisation, http://www.who.int/healthinfo/global_burden_disease/GBD_report_2004update_part2.pdf
- 12. 780 Million People Lack Access to Clean Water8 8 Water Facts, Water.org, http://water.org/water-crisis/water-facts/water/
- 13. People Working with Water For People, a non profit group that works to develop sustainable water systems around the world. - Using finances from TOMS Coffee project they will collect rainwater or develop piping systems to get water from hard to reach places to the people who need it.9 - The water will be used for cooking, drinking, and sanitation to two billion people around the globe. 10 9 Turning Coffee Into Water, NYTimes.com, Last accessed, March 14, 2014, http://www.nytimes.com/2014/03/12/business/turning-coffee- into-water-to-expand-a-one-for-one-business-model.html?_r=0 10 Toms Shoes Wants to Sell You Coffee Now Too, Time.com, Last accessed, March 14, 2014, http://time.com/21499/toms-shoes-wants-to- sell-you-coffee-now-too/ ENMN 398 – Team 3
- 14. Entrepreneurship vs Social Entrepreneurship ENMN 398 – Team 3 Entrepreneurship vs Social Entrepreneurship
Notes de l'éditeur
- This week Toms the shoe company announced they’re now selling coffee and will donate a week’s worth of clean water to a person in need for every bag sold. As a result we researched how Toms a social entrepreneurship company has evolved and understand how the found Blake Mycoskie differs from traditional commercial entrepreneurs.
- Founded in 2006 by Blake Mycoskie after he noticed polo players in Argentina were wearing canvas wrapped shoes called alpargatas1 and children in the streets of Buenos Aires running around barefoot. He decided that he wanted to develop a kind of alpargata for the North American market, with the caveat that for every pair sold he would provide a new pair of shoes free of charge to the shoeless youth of Argentina and other developing nations. By selling his own online business, Blake demonstrates his ability to use existing resources to start his business. In this way he could retain control and avoid high cost financing enabling him to maintain his focus of “shoes for tomorrow.” With high cost financing he might have had to concentrate more on making a profit, losing his focus along the way. Called TOMS for “Tomorrow” original concept, "Shoes for Tomorrow Project”
- - Business model based on - Buy one, give one. - “One for One” has been trademarked by Toms and is integral to their philosophy. - This model is so unique, the phrase “caring capitalism” has also been used to describe Toms business model. 4 - To date Toms has donated 10 million pairs of shoes
- Toms next venture was to figure out how to help the 285 million people who are blind or visually impaired? Toms developed eyewear line to generate revenues that would help fund eye exams for people in impoverished countries. Parts of the proceeds from every pair of eyeglasses sold are donated to people in need for eyeglasses, sight-saving surgery or medical treatment. To date Toms has helped 150,000 restore their sight.
- You may be wondering why Toms has take on this mission? Blake Mycoskie, Tom’s found is a social entrepreneur – Using creative destruction in the shoe, eyeglass and now coffee industry to redefine how people look at these businesses. He’s forcing people to make a choice when buying products such as coffee. Water is a necessity of life, he is will to make the sacrifice of large profits to help people, if you the consumer are. He also made the One for One model a priority before profit making
- James Austin, Howard Stevenson and Jane Wei-Skillern (2006) modified the Sahlman model to describe the process of social entrepreneurship. According to their analysis of the related academic work, social entrepreneurship differs from commercial entrepreneurship in that social entrepreneurs prioritize non-financial returns over money. Non-financial returns could be any sort of positive impact on human quality of life - from higher educational attainment to better health or even exposure to the performing arts. In their model below you will see that what is central to the process of social entrepreneurship is SVP - a Social Value Proposition.
- TOMS founder Blake Mycoskie "conceived the cafe-stores as more than a retail outlet, similar to the first one that opened in 2012, in Venice, Calif., near his home, offering yoga classes, movie nights and crafts evenings in addition to sales of shoes, eyeglasses and now Toms coffee. These stores are used to not only sell the products offered by Toms but to acquire the capital for the projects outlined in their business model.
- Toms now has the opportunity to provide clean water to people around the world, which will help prevent diseases in poverty stricken areas. Toms Coffee - The shoe company says it will donate a week's worth of clean water to a person in need for every bag of coffee sold. In the US it is estimated that 100 million people drink coffee every day. If Toms can sell to just one percent, they will provide one million day’s worth of clean drinking water.
- Why water? Diseases from unsafe water and lack of basic sanitization kill more people every year than all forms of violence, including war
- We know many parts of the world face a water crisis. According to Water Facts, 780 Million People Lack Access to Clean Water
- Working with Water For People, a non profit group that works to develop sustainable water systems around the world. Toms founder sees opportunity and is building on it. Using the social trends toward more conscientious buying to help the people he sees with needs that are not being met by traditional means. Using finances from TOMS Coffee project they will collect rainwater or develop piping systems to get water from hard to reach places to the people who need it. - The water will be used for cooking, drinking, and sanitation to two billion people around the globe
- Entrepreneurship is no longer something as narrow as pure profits. It’s something bigger than the entrepreneur himself or herself. It’s something that represents the possibility of achievement for the benefit of all. The advancement of entrepreneurship gives the world a much better chance at solving some of the challenges facing the world. Such as Health care, energy demand and economic stability. In the past couple of decades, you’re more people trying to innovate and help society out of its challenges. The world needs more entrepreneurs. The world needs more social entrepreneurs.