New Alliance Launched at World Economic Forum to Help Social Entrepreneurs Overcome Impacts of COVID-19
May 8, 2020
Global Korean Post
Forty leading global organizations have united to launch the COVID Response Alliance for Social Entrepreneurs, pooling knowledge, experience and responses to alleviate suffering and advance new models of change for a more inclusive, equitable and sustainable world.
“Social entrepreneurs and their community partners have been working for years to solve market failures and demonstrate more sustainable and inclusive models. These front-line organizations now face bankruptcy and severe constraints while they also innovate and respond to this global pandemic. Through this alliance, members are committing support for social entrepreneurs to protect decades of work in the impact sector,” said François Bonnici, Director and Head of the Schwab Foundation for Social Entrepreneurship at the World Economic Forum.
Alliance members currently support more than 15,000 social entrepreneurs helping 1.5 billion people cumulatively in over 190 countries, working to serve the needs of excluded, marginalized and vulnerable groups – many of whom have been disproportionately impacted by the pandemic. The alliance also aims to coordinate between member organizations and amplify the support for social entrepreneurs under extreme stress by the pandemic.
Organizations in the alliance have already announced USD$75 million in response to the health and economic impacts of the pandemic. “The Skoll Foundation has committed to quadrupling our grant-making this year to respond to the COVID-19 crisis,” said Don Gips, Chief Executive Officer, Skoll Foundation. “We hope that this alliance will encourage others to join us in expanding support to social entrepreneurs and convincing governments of the critical leadership role that social entrepreneurs play in the response and recovery from this global pandemic.”
The COVID Response Alliance for Social Entrepreneurs will coordinate support for social entrepreneurs in four key ways:
- Assess and highlight needs across the members’ social enterprise portfolios
- Amplify and expand available financial support under a joint alliance dashboard and help social entrepreneurs to raise additional money to expand their work
- Coordinate non-financial support provided by companies and intermediaries, such as social procurement, legal services and technological support
- Advance joint communication efforts to advocate for appropriate fiscal and policy interventions relevant to social entrepreneurs