Magnifying Impact: The Intersection of Entrepreneurship and Philanthropy
November 01, 2024
The OtterCares Foundation was founded with the purpose of instilling two principles in young people: entrepreneurship and philanthropy. These seemingly separate concepts are rooted in the same purpose - to create change.
Entrepreneurship is all about recognizing a need and taking initiative to create a solution. It's about innovation, problem-solving, and building something positive. Philanthropy, on the other hand, is about using your resources – time, money, or talent – to make a difference in the lives of others.
But here's the secret: these forces are not separate! Successful entrepreneurs often understand the power of giving back.
Business for Good
We have witnessed the power that both entrepreneurship and philanthropy have to create impact first-hand. In fact, our founders are what we call serial philanthropists and serial entrepreneurs! Curt and Nancy Richardson have a heart and a passion for making a difference in the lives of others. Curt started several businesses that eventually became what is now Otter Products - the creator of OtterBox. Through his tenacity and passion for creating, Curt rode the waves of success and failure several times before landing on the product idea that would fill a need for millions of consumers worldwide. He not only built a business that creates cool stuff. His businesses also created jobs for thousands of people, fueling economic development in communities around the world and giving individuals the opportunity to provide for their families.
His wife, Nancy, has been a driver of creating impact and giving back even before Otter Products became an established business. Nancy has a heart for community and creating positive change. She established the OtterCares Foundation in 2009 to help formalize giving for Otter Products, ensuring that their philanthropic work was measured and focused. Nancy believes in the transformative power that education has to create change in our world and the OtterCares Foundation focuses on investing in and supporting programs and projects that instill and inspire entrepreneurship and philanthropy in young people.
As a business, Otter Products wants employees to be a part of something bigger and know that their lives are much more than work. The company allows employees to experience the joy of giving by providing paid volunteer time off so that they can use their time and their talents to support a cause or nonprofit they care about.
Project Heart was created to fuse entrepreneurial principles with philanthropic passions for students to be tangible change-makers who use their time, talents and treasures to make a difference in the world.
Curt and Nancy Richardson are not the only entrepreneurs who understand the transformative power of giving back.
- Meta owners, Mark Zuckerberg and Priscilla Chan have pledged 99% of their Facebook shares to charity.
- Blake Mycoskie, founder of TOMS, business model literally includes giving away a pair of shoes for every pair purchased.
- Richard Branson, founder of Virgin Group (Virgin Atlantic, Virgin Records), is a vocal advocate for environmental causes and supports various initiatives through his foundation.
Oprah Winfrey, media mogul and philanthropist, has donated billions to education, healthcare, and leadership development programs. - Yvon Chouinard, founder of Patagonia, is a champion for environmental activism and donates a significant portion of Patagonia's profits to environmental causes.
- Eileen Fisher, founder of Eileen Fisher clothing line, is a leader in sustainable fashion and uses her business to promote environmental and social responsibility.
- Gary Hirshberg, founder of Stonyfield Farm yogurt, is a pioneer in organic farming and advocates for sustainable agriculture.
Why Entrepreneurship and Philanthropy Matter
By understanding entrepreneurship, students develop essential skills like creativity, critical thinking, and resourcefulness. They learn to see challenges as opportunities. Philanthropy, meanwhile, fosters empathy, compassion, and a sense of social responsibility. It teaches them the importance of giving back to their communities.
It is important to note that not every student will go on to be the next Richard Branson. And that's okay! Learning and exploring entrepreneurial principles is about more than just starting businesses. Integral soft skills like communication, collaboration, conflict resolution, critical thinking, and the ability to fail forward and be resilient are learned through experiencing entrepreneurial education. And all of those skills are important when learning how to grow into a philanthropist.
Bringing Entrepreneurship and Project Heart into Your Learning Environment
Bringing entrepreneurship and philanthropy into your class doesn't have to be complicated. Our Project Heart resources are a great way to spark the conversation with your students about philanthropy and giving them tools, resources and ideas for creating solutions to needs or problems they identify in their communities.
Here are some easy and fun ways your students can bring entrepreneurial ideas into their Project Heart service projects!
- Challenge students to develop a social enterprise. This could be a lemonade stand that donates profits to a local animal shelter, or a student-run website that raises awareness for an environmental cause.
- Host a "Shark Tank" style competition focused on social good. Students can pitch ideas for businesses that solve social or environmental problems.
- Plan a service learning project. Have students research a local need and then brainstorm ways to address it through volunteer work or fundraising. For example, every year a local elementary school hosts a luncheon to raise money for a nonprofit that helps children with disabilities. Watch this video to inspire your students!
Igniting Makers, Doers and Givers - Together
By fostering both the drive to create and the urge to give back, we equip our students to not just chase dreams, but chase dreams that leave the world a better place. Imagine a classroom buzzing with ideas – not just for the next big app, but for the next big solution to hunger, homelessness, or environmental challenges. Imagine young minds brimming with not just ambition, but compassion. That's the power you hold as an educator and we're excited to be on the journey of creating changemakers, together!
GO DEEPER WITH YOUR STUDENTS
Help your students be all-star givers with our full suite of Project Heart resources! Register to access all of our FREE materials and tools to inspire your students to be philanthropists who create a legacy of giving!