A tool to create jobs, cut poverty

Social business has created hopes of eliminating poverty from the world by generating employment, speakers said at a discussion yesterday.
Many countries want to adopt the idea of social business, a brainchild of Nobel laureate Prof Muhammad Yunus, they said, while sharing their experiences of promoting social business in their countries such as the USA, China, France and Germany.
They spoke at a plenary session on “sharing experience -- social business movement around the world” as part of the programmes of the sixth Social Business Day at Bangabandhu International Conference Centre in Dhaka.
Grameen Danone, a social business venture established in 2007, is fighting malnutrition in Bangladesh through production and distribution of micronutrients-fortified and affordable yoghurt, said Corinne Bazina, general manager of Danone Communities.
Grameen Danone also offered jobs to local farmers and opened a new window for women by creating their own sources of income and thus contributing to poverty reduction, she told the session moderated by Yunus.
The main challenge in a social business venture is to achieve financial sustainability, she said, adding that the success of Grameen Danone has inspired her to promote social business.
Currently, 10 social businesses are supported by Danone Communities across seven countries, including Bangladesh, India, France and China.

“Many countries want to replicate the business model,” she said.