A new concept is emerging across the business world that will change existing corporate dynamics. It’s called Social Business. It is not a synonym to corporate social responsibility or non-profit organizations, but is a whole new business model based on the concept of developing, managing and sustaining a business to fulfill a social responsibility rather than earn profit. Run parallel to the existing profit making businesses, the objective of Social Business can be any, ranging from eradicating poverty to providing business solutions to improve and maintain health standards, technology innovations, etc.

Currently, students at IIMs and other MBA colleges are taught about making a business profitable. They learn about the factors that drive the markets and corporate social responsibility as a means to give back to society and branding opportunity. But efforts are on to include subjects that will teach students more about the social role businesses can play in sustaining natural resources and uplifting society.

For example, in IIM Lucknow, the management is developing a subject whose curriculum will require students to closely work with villagers, gain firsthand knowledge of challenges faced by the rural population and then build business ideas to solve those problems rather than focus on profits.