Issues pertaining to social entrepreneurship, a kind of activity that is relatively new to Cyprus, were discussed in the context of an event organized recently by the Limassol chapter of the Organization of Business and Professional Women (BPW), with support from the Limassol Chamber of Commerce and Industry (LCCI).

In an introductory address before the event, LCCI Vice President/Commerce Andreas Tsouloftas said the Chamber’s support was self-explanatory, not only because BPW is a distinguished member of the Limassol Chamber but also because this was an event on entrepreneurship and promoting entrepreneurship in all its facets represents a major objective of the Chamber community.

Mr. Tsouloftas expressed the firm belief of the Chamber that entrepreneurship is the key to economic development and, by extension, to social prosperity. This, he continued, is a fact, increasingly recognized as such not just in Cyprus but also internationally, as states, either because of problematic public finances or inadequate flexibility, have to acknowledge, that entrepreneurship is indeed what it takes to achieve the best economy-wise. 

Commenting on the subject matter of the event, the LCCI Vice President said social entrepreneurship is defined by some thinkers as the employment of entrepreneurial tools and techniques in resolving social problems, while others define it as the kind of entrepreneurship which is fundamentally orientated towards rendering service to society rather than towards the achievement of personal profit. To that extent, a social enterprise may be viewed as something of a middle stage between the state and the private sector.

But is this really so, Mr. Tsouloftas asked. Or is social entrepreneurship the natural development of classical private entrepreneurship adapted to the needs of the contemporary era? We look forward to hearing the experts’ learned opinion on this, the LCCI Vice President said, concluding his address.

Also addressing the event were the President of BPW Limassol and the Labour Director on behalf of the Minister of Labour & Social Insurance. The event featured, moreover, brief presentations of the award winners of the European Wise programme, as well as detailed presentations on “Cyprus’ Need for a Legal Framework for Social Entrepreneurship, with International References” and on “Standards for Professional Excellence”.