Professor Yunus promoted the concept of “social business enterprises” in his Nobel Lecture delivered after receiving the Nobel Peace Prize in Oslo yesterday.
The eloquent yet moving lecture portrayed the milestones of Grameen Bank and how microcredit has been lifting millions of people out of poverty. It also touches upon how technology is playing a major role (telephone ladies) in empowering people. Prof. Yunus in his continuing fight to make poverty history promotes a new type of enterprise which has as its objective to make a difference. These social business enterprises will be self sustainable, in his words “no loss, no dividend enterprises”. He refers to two types of such enterprises one having investors like the latest joint venture between Grameen and Danone, an enterprise providing fortified yoghurt to malnourished children. Investors will get their capital back, but, profits will be injected back to the company to continue to achieve its objective. The second type of social business enterprise is a for-profit model but owned by the poor such as Grameen Bank. The Lecture video is available on demand (the social business enterprise topic is covered between1:15 to 1:25).