Week 10

 Hybrids and Social Businesses

There seems to be a growing social consciousness in what consumers want from corporations. We want environmentally friendly practices. We are concerned about poverty and social issues. We want community support and decent wages with benefit packages. We want products that are responsible. Is this a lot to expect from businesses, or is it the wave of the future business model? For hybrid businesses, this is all part of their make-up. More than philanthropy, these social businesses integrate social impact into their models. They employ marginalized individuals,  invest in the communities they work in, create sustainable products and operating processes, and integrate social goals with their business practices. Every part of a hybrid's business model has social welfare combined with revenue generation.

Hot Bread Kitchen impressed me this week. They make more than bread, they make breadwinners. Their business model partners workforce development, small business development and food production to develop individuals' work skills and employability while creating a profitable product. This example of a hybrid business shows that profit married to impact can benefit individuals and communities while changing the trajectory for generations by lifting from poverty. They focus on economic mobility through training in the food service industry. Hot Bread Kitchen has found ways to innovate through their employment and training practices in ways that have social impact while being profitable. They estimate that they have had $100 million in regional economic impact over 10 years while creating 500+ job opportunities. 

WHAT IS IT THAT MAKES HYBRIDS SUCCESSFUL?
They understand societal needs and find ways to fill them. These businesses combine profit, which business stakeholders want to see, with social good, which communities want to see. This makes businesses attractive to investors and consumers. As our world becomes increasingly aware of societal inequities, many want to see changes but do not know how to be a part of those changes. Supporting hybrid businesses is an easy way to be an engaged consumer. Social consciousness has grown which means that hybrid businesses are attracting more attention and leading as examples in ways to run responsible business models.  




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