Why EU|BICs & other BSOs should consider promoting & supporting social & inclusive entrepreneurship in their regional ecosystems
“The European Pillar of Social Rights is the European strategy dealing with fair and equal job conditions for people; the 20 principles at the basis of the Action Plan are a basis for entrepreneurs aiming at solving pressing societal challenges and make their workplace better to increase productivity and wellbeing of their workforce. Nonetheless, this strategy underlines the importance for entrepreneurs to be aware of the impacts they generate at territorial level and all the almost all the business environment is becoming more and more conscious of the importance of a systemic approach to face the current crisis.
The Pillar indicates the conditions under which the twin transition can be reached through the incorporation of social issues in companies’ strategy through enhancing and empowering the workforce.
The strategy request a full commitment by different organisations at territorial level and surely business support organisations have a role supporting territorial governments (at different levels) in designing
competitiveness and innovation policy which can ease the twin transition taking care of the social dimensions.
First, they are at the forefront in identifying promising solutions to solve social and environmental challenges through scouting and open innovation programmes they design and implement. Setting the scene for a new wave of incubation and acceleration programmes which are based on responsibility and integrity (see the preface) it’s a must have for the next generation of BSOs.
Second, they do support the next generations of entrepreneurs accessing capital market; the need to deal with the winds of changing in this market, more and more oriented to impact strategies than only profit-distributing billionaire exits and scalable but not sustainable startups (cfr. to the ongoing debate unicorn vs. zebras).
Third, and this is particularly important for publicfunded organisations, they have a duty on funds they receive to demonstrate that their activity generates not only revenue and profits, but a more distributed wellbeing in the territory they are invested.
As far as diversity management practices are concerned as way to ensure companies workforce to be more able to face societal challenges… the need to be capable to support new entrepreneurs with such competences is a must have for a BSO that wants to be in line with the recent trends of big corporation”