Social Entrepreneurship – Case Report
The Wateroam case clearly depicts the idea to continuously build, measure and learn from
the book “The Lean Startup” by Eric Ries. They develop a business idea and create several
prototypes, adjust the product, and constantly improve to finally become a successful
business. The importance of perseverance and repeatedly testing to improve a product in
accordance with the target group is clearly reflected. This highlights the significance of
continuous innovation and a solid business idea to succeed within social entrepreneurship.
Indeed, a rigid and feasible business idea is crucial for all entrepreneurs, including the ones
committed to social and sustainable entrepreneurship. Overreliance on donations or NGO
support is not a sustainable long-term solution. Only when a business achieves financial
viability can it expand its reach, significantly impact the world, and enhance the quality of
life for vast communities.
David Pong's quote about resisting the military and hiking markets left a strong impression.
The trade-off between financial and social incentives is clear in social entrepreneurship. It
underscores the importance of maintaining intrinsic drive and staying aligned with the
broader vision.
This can be tied to the Japanese concept “Ikigai” which means “reason for being” – rejecting
the military/hiking offer likely gives them a higher sense of purpose and greater long-term
satisfaction. Social entrepreneurship addresses solving challenging societal problems and
helping others, but ultimately, it might also lead to entrepreneurs themselves experiencing
more joy in life compared to choosing an alternative path.
Our team’s idea is to aid the elderly in using technology, allowing them to perform basic
smartphone functions with an instruction manual. One key insight from the Wateroam case
that can develop our idea is to continuously build, measure and learn. The initial product
does not have to be perfect – what matters most is to consistently test and enhance the
product until it effectively caters to the needs of the target group.
Our idea could develop from a simple booklet, which perhaps contains unnecessary
information or misses crucial steps, to an accurate and useful instruction manual.
Continuous innovation is also crucial because technology and society is constantly
developing, and the business must stay adaptable to not fall behind.
A solid business idea must function financially. To achieve this, the manual should be
produced at a low cost and have competitive advantage. The product can be sold directly to
end-users or though government organisations. Again, the trade-off between financial and
social incentives is present. Therefore, a team with the intrinsic drive to educate the elderly
is vital when determining pricing strategy. The goal to improve social inclusion and higher
quality of life is the priority, while meeting financial requirements.