Welcome to the new age Philanthropy which stands on the footing of entrepreneurship. The term given to this kind of philanthropy is Philanthropreneurship.
Aman Mehndiratta’s name is noted as country’s one of the best philanthropist and entrepreneur. He procured the idea of carrying philanthropy merged with entrepreneurship.
Philanthropreneurship can be described as the emerging practice of bringing social change in new and creative ways. This practice includes the financial aspect as well as the social aspect. The core idea of philanthropreneurship is about the skills which enable people to make others fortunes by working with startups and giving back. These are often the ones required to solve almost all the intractable problems.
The persons who practice philanthropreneurship are called philanthropreneurs.
Philanthropreneurs are people who take a creative or entrepreneurial shot to philanthropy. They are interested in leveraging positive changes in the world and alleviating suffering. They are bound to do so in new and creative ways.
Aman Mehndiratta, serving the nation as per this new and creative altruism, is working really hard to achieve the goal of sustainable development. He believes this practice can be an easy ad-hoc for changing the society for the better. This kind of dual beneficial practice was not introduced before so it has become contagious for all the other businessmen who want to do good for the society as well as for them. The philanthropreneur applies practical and entrepreneurial approaches to the pursuit of philanthropy in practice.
Actually, these entrepreneur philanthropists are often called social entrepreneurs or nonprofit innovators. Basically, they innovate with new ideas and concepts to solve social problems and improve the community, environment, and society.
This is what Aman is urging for to root out the core causes of problems not merely solve them on a temporary basis.
The philanthropic sector has been emerged as an alternative for-profit business and for the government too. It has become a part of the nonprofit foundation for which organizations view profit as not only economic gain for individuals or countries but as visible improvements in the quality of life for communities and societies.
Increased access to economic opportunities is social profits that can be earned through entrepreneurial innovation in the field of philanthropy.
As an emerging field, there is no actual operating model or any strategic approach. But still, philanthropreneurship have marked the transitions from a grant-distributing model to a business-based model. This is changed with predefined objectives and constant focus on perceptible results.
This can be called as “commercial giving”. It demands measurable returns, which is why opportunities and approaches are assessed and evaluated according to different criteria.