In recent months, the COVID-19 pandemic has had a
significant impact globally. Who better to help the world respond to and
recover from the crisis than social innovators and entrepreneurs, who have been
working on overcoming challenges in low-income communities for years?
According to the UN University, the economic fallout
of the pandemic could push around half a billion people into poverty .
The International Labour Organization also shared its predictions earlier in
the month, announcing that the livelihoods of 1.6 billion workers in the
informal economy are being threatened due to the steep decline in the ability
to work and operate .
Therefore, the efforts of social innovators are vital
during this pandemic. From encouraging handwashing and providing hygiene products, to using digital technology to respond to the
health needs of low-income households, reaching the base of the pyramid is more
critical than ever.
Supporting social entrepreneurs
But just as the pandemic has affected millions across
sub-Saharan Africa and South Asia, it has also affected the social enterprises
themselves. For this reason, supporting these entrepreneurs is key to enable
them to continue their indispensable work.
Recently, 40 global organisations joined forces to
support more than 15,000 social entrepreneurs. The aim of the COVID Response Alliance for
Social Entrepreneurs is to share knowledge, experience and resources to
coordinate and amplify social entrepreneurs’ response to the pandemic.
Since its inception, TRANSFORM itself has been founded
on the power of collaboration. We are currently supporting our market-based enterprise portfolio with
resources to ensure they continue their efforts on the ground and meet the
needs of underserved communities as they face growing challenges due to the
For this reason, we will shortly be launching a new
platform called Survive & Thrive, which will
provide business continuity support for impact enterprises at risk of failure. Read
more about the projects supported by TRANSFORM in our Portfolio.