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The first-ever St. Louis Social Entrepreneurship and Innovation Competition kicked off Thursday night with a celebration and a conversation with University City Loop social entrepreneur Joe Edwards.
The competition, sponsored by the Skandalaris Center for Entrepreneurial Studies and the Youthbridge Association, revolves around the rising concept of social entrepreneurship, or the idea of taking innovations and success in the business world and applying them for the benefit of mankind.
Teams composed of undergraduates, graduate students and community members will submit project plans to be reviewed by a panel of experts for their merit. The best concepts will receive $65,000 in funding to implement their ideas.
Kenneth Harrington, managing director of the Skandalaris Center, hopes that this competition will help to recognize the efforts of such beneficial projects in ways that were previously impossible.
"One of the reasons that we're kicking off the competition is that we feel that not all of the current approaches to social problems have benefited from the level of innovation...the way the commercial industry has," said Harrington. He hopes to foster the pairing of successful open-market methods from the past with a social consciousness for aiding those in need.
Joe Edwards, owner and developer of Blueberry Hill, the Tivoli and the Pageant, exemplifies the concept of the social entrepreneur.
"One of [Edwards'] main goals is to rejuvenate the Loop," said Harrington, "We think that's an interesting story."
Some of Edwards' most recent projects can be seen in the Walk of Stars on the Loop-originally planned for display in a museum-and his latest role as president of the nonprofit Loop Trolley Company, whose mission is to restore trolley service between the Loop and the Missouri History Museum in Forest Park.
Edwards lives by the mantra, "In order for my business to get better, it's necessary for the neighborhood to get better."
Harrington also noted that the Washington University student body exhibits a strong desire for socially-minded business ventures, and he hopes that students will join the competition.
"When you look at the social consciousness of the undergraduate students, it is likely that not only will they participate, but [that they will] bring invaluable insight," said Harrington.
A recent example of success can be seen in last year's winner of the Olin Cup, the Blessing Basket project, which works with weavers in less affluent nations to bring their baskets to the U.S. market. The profits from the venture are then sent back to those countries to fund public works projects. Harrington hopes that a similarly successful project comes out of the competition.
A key aspect of the competition stems from the involvement of all the disciplines found in the University.
"It's a collaborative team sport that spans all disciplines, all ages, and different degree levels," said Harrington. "A lot of learning happens outside the classroom, between the people involved in the activity."
The Skandalaris Center works to foster an entrepreneurial spirit in all aspects of the University. It sees entrepreneurship as "the process of seeing novel opportunities, acting energetically, and using limited resources and collaboration to create new value for others."
The YouthBridge Association, a 135-year old organization, seeks to fund and support innovative, youth-based social ventures. YouthBridge's goal is to provide start-ups with the support they need to grow into self-sufficient organizations. The Skandalaris Center works to foster an entrepreneurial spirit in all aspects of the University. It sees entrepreneurship as "the process of seeing novel opportunities, acting energetically, and using limited resources and collaboration to create new value for others."
To read more about the growing involvement of University students in social entrepreneurship, see a follow-up article in next week's Student Life.
