Seventeenth International Conference on Environmental, Cultural, Economic & Social Sustainability

Abstract

The world is facing extinction-level grand challenges (Pörtner et al., 2019; UN, 2015). The COVID-pandemic has shifted our economy dramatically in a matter of months. Moreover, there is an ever-growing awareness of significant societal challenges, and government and NGOs lack sufficient resources and capabilities to meet these challenges (Porter, 2012). Therefore, the imperative for entrepreneurship for sustainable development and innovative solutions is profound. Although research on sustainable entrepreneurship has increased in the last decades, little is known on the underlying motivations and mechanisms that lead to becoming an entrepreneur oriented to social impact, especially in South American countries. This study explores the key elements that make entrepreneurial ventures impactful in three dimensions: economic, environmental, and social. We use multiple case study analyzing the Shared Value Creation (Porter & Kramer, 2011), the Sustainable Development Goals (UN), and the Flourishing Business Canvas’ (Upward & Jones, 2016) dimensions and elements of nine entrepreneurial ventures with social emphasis operating Latinoamerica. Our results indicate that the founder’s proximity to the social/ecological problem is a trigger to start-up a business. The “purpose” is a motivational factor to both start up a business and keep the business during hard times, such as the pandemic. The purpose is the fuel, but it doesn´t guarantee the success of the company. The value proposition is the critical factor for success. These companies are continually re-inventing and changing their value-proposition while keeping the purpose of the organization as a keystone. We shed light on a model for social entrepreneurship in Latinoamerica.