Study: Social enterprises can improve while navigating the current crisis
Globally social enterprises have been playing a major role in addressing social problems exacerbated by the COVID-19 pandemic, but during pandemic, social enterprises have faced severe constraints or even bankruptcy placing their work and impact at stake.
– It is now really crucial that the social enterprise sector continues shaping the societal discourses that helps rebuilding a more positive emotional atmosphere in tackling the pandemic and cleaning out its aftermath, emphasizes Mohamed Farhoud from University of Turku’s School of Economics.
In their new study, Farhoud and his co-authors streamed together three strands of entrepreneurship research and suggested strategies to social enterprise crowdfunding platforms to thrive and effectively contribute to serving social enterprises in times of crisis.
– The social enterprise crowdfunding has taken a heavy hit. In this study we elaborate strategies to crowdfunding platforms as well as social enterprises to bounce back and forward during and post the pandemic. For instance, the nuances in language when pitching ideas on online crowdfunding campaigns, can make a change to better, Farhoud continues.
The study, Social enterprise crowdfunding in an acute crisis, reflects on the experiences of a UK-based crowdfunding platform, UpEffect, to develop understanding of the key challenges for social enterprise crowdfunding at the time of COVID-19. The Authors offer and synthesize three perspectives to illuminate key strategies that crowdfunding platforms can employ to support social enterprises in enacting solutions for COVID-19 affected people and communities.
Study information:
Farhoud, M., Shah, S., Stenholm, P., Kibler, E., Renko, M., & Terjesen, S. Social enterprise crowdfunding in an acute crisis. Journal of Business Venturing Insights, 15, e00211.
Open access: https://www.sciencedirect.com/science/article/pii/S2352673420300676
More information about the study: mohamed.farhoud@utu.fi; pekka.stenholm@utu.fi