In contrast, proponents of a new economy seek a fundamental shift away from the current system, directing resources towards enterprises that prioritize people and the planet. Within the current economic model, people keep on neglecting the elephant in the room, it being big capital and its distribution, believes Erinh Sahan, Head of Business & Enterpises at Doughnut Economics Action Lab. He argues that the dominant role of finance needs to be diminished: today it determines what smaller businesses can do and what they cannot. And the big capital does not particularly like the idea of financing solutions to social problems because those companies don’t know if the money will pay off. To change the situation, it is necessary to build enterprises and financial structures so as not to depend only on big capital and thus fight the ‘elephant’, Sahan believes.

“This dependence on finance is the main problem that holds businesses back. Turns out we actually are on the wrong train, one that’s been on the same track since the 20th century, prioritizing profit over all else, so our whole life and economy is at the service of finance. The 21st century demands a systemic change to realign our economic priorities and power balance. We need a new economic model that serves life, not just finance.” – says Sahan.

He advocates for fair trade, fair taxes, wages big enough to cover basic human needs, a circular economy, and sustainable resource use. Social enterprises which place people and the planet ahead of profit, are pivotal in driving this transition.

Stefan Panhuijsen, Director of Social Enterprise NL, asserts, “Significant changes are necessary. We must shift towards an economy that prioritizes the planet and its people. Social entrepreneurship is key in this transition, evidenced by steps like the UN resolution and the European action plan for social enterprises. The journey ahead involves building a robust social enterprise movement, central to the future economy.”

Participants at the forum highlighted several other key benefits and achievements of social entrepreneurs:

• Their response to global crises, including recovery efforts following natural disasters, military conflicts, and other emergencies.

• A strong commitment to the Sustainable Development Goals (SDGs), with a focused plan to build a sustainable world by 2030.

• Mutually beneficial collaborations with businesses – various support methods for social enterprises from corporations, including procurement, mentoring, volunteering, and pro bono services. Significant positive trends in social entrepreneurship include 1) internationalization, encompassing the engagement of international markets to amplify social and/or environmental impact, and 2) increasing consumer and potential employee interest in social enterprises. There’s a growing preference to patronize companies with social or environmental missions, and for young professionals to seek employment in organizations that reflect their values.

The primary challenge currently facing social entrepreneurs, as identified by forum experts, is to engage a broader spectrum of people in their activities. Jerry Higgins noted the COVID-19 pandemic as an example of successful global mobilization. While the coronavirus presented an immediate and direct threat to lives, environmental and social crises often appear distant and less tangible for current generations. Social entrepreneurs play a crucial role in changing this perception and motivating society to understand the urgency and magnitude of these issues.