Free daily newspapers can be found at subways in most major cities around the world. At the same time, there is also a magazine that sells for about NT$100 and has been sold for 20 years outside subways in a dozen countries. It is a magazine sold by people who live on the streets.
The Big Issue was started in London by John Bird, who had been homeless and lived on the streets himself. However, he dislikes charities and unrealistic well-meaning people. He saw charity groups providing those sleeping rough with alms rather than what they really need: opportunities. When The Big Issue was founded in 1991, Bird did not want to hand out fish to the homeless, but give them fishing rods. He wanted to give them power instead of money. He knew that homeless people need jobs, because jobs give people a chance to have a social life, form friendships and gain a sense of responsibility, as well as the chance to make money to look after themselves.
Apart from jobs, the economic opportunities people need to have include education, training and access to loans, technology and business opportunities. These are key to spurring the development of communities and prosperous societies.
The book Profits With Principles: Seven Strategies for Delivering Value with Values by Ira Jackson and Jane Nelson lists many large businesses that have created economic opportunities, such as Avon, the Marriott Hotel group, Coca-Cola, Starbucks, Nokia and FleetBoston Financial Corp. These businesses all know that assisting people in accessing economic opportunities is a win-win strategy.
Apart from large businesses, an increasing number of social enterprises are taking part in the creation of economic opportunities. In Taiwan, the Children Are Us Foundation has given mentally challenged people the opportunity to take part in baking, gardening, music and theater. In Shanghai, Shokay has used Tibetan yak down to create a fashion brand. Japan’s Motherhouse has used jute and leather from Bengal to create a brand specializing in fashion bags.
Companies engaged in venture philanthropy — also known as philanthrocapitalism — use their own unique esthetics and creative marketing to help poor people climb out of poverty and give disadvantaged people the opportunity to join the mainstream economy.
To ensure sustainable management, venture philanthropy focuses on performance. Although being environmentally friendly and socially responsible cannot be measured by objective numbers like financial performance, the new generation of charity organizations now view themselves as investors who try to make the best use of their financial resources to maximize social return on investment.
For example, more than a decade ago, Berkshire Hathaway chairman Warren Buffett announced he would donate most of his personal wealth to charity, but it was not until 2006 that he gave US$37 billion to the Gates Foundation. Buffett believes philanthropy is an investment and that good intentions alone are not enough to guarantee success. Buffett has said he is always thinking about how to create the greatest benefit possible with his donations. Ever since it was established, the Gates Foundation’s performance in various venture philanthropy events has made Buffett, a person who attaches much importance to returns on the investments he makes, believe the foundation is an organization worthy of his massive donations because of its ability, character and passion.
In this age, with its emphasis on performance, traditional modes of philanthropy are outdated. Giving out money is not as good as empowering people. The most successful and competitive model for future development should involve using innovative ways to allow manpower and funds to be put to their best use while creating opportunities for people and increasing public interest, as well as assuring the goals of sustainable management are met. By doing so, those helping others also benefit in the process.
The Chinese-language edition of The Big Issue was founded in Taiwan on April Fool’s Day last year. Since then, dozens of homeless people selling the magazine at major train and bus stations and at MRT station exits have made NT$10,000 to NT$20,000 per month for themselves. They have done this rain, hale or shine.
When a customer gives them NT$100 for a copy of the magazine, they are not just buying a magazine, but a great story based on creativity, humanity and achievement, and a very powerful story about empowerment.
Jason Yeh is an associate professor of finance at the Chinese University of Hong Kong and a visiting associate professor in the College of Social Sciences at National Chengchi University.
Translated by Drew Cameron
Recently, China launched another diplomatic offensive against Taiwan, improperly linking its “one China principle” with UN General Assembly Resolution 2758 to constrain Taiwan’s diplomatic space. After Taiwan’s presidential election on Jan. 13, China persuaded Nauru to sever diplomatic ties with Taiwan. Nauru cited Resolution 2758 in its declaration of the diplomatic break. Subsequently, during the WHO Executive Board meeting that month, Beijing rallied countries including Venezuela, Zimbabwe, Belarus, Egypt, Nicaragua, Sri Lanka, Laos, Russia, Syria and Pakistan to reiterate the “one China principle” in their statements, and assert that “Resolution 2758 has settled the status of Taiwan” to hinder Taiwan’s
Singaporean Prime Minister Lee Hsien Loong’s (李顯龍) decision to step down after 19 years and hand power to his deputy, Lawrence Wong (黃循財), on May 15 was expected — though, perhaps, not so soon. Most political analysts had been eyeing an end-of-year handover, to ensure more time for Wong to study and shadow the role, ahead of general elections that must be called by November next year. Wong — who is currently both deputy prime minister and minister of finance — would need a combination of fresh ideas, wisdom and experience as he writes the nation’s next chapter. The world that
The past few months have seen tremendous strides in India’s journey to develop a vibrant semiconductor and electronics ecosystem. The nation’s established prowess in information technology (IT) has earned it much-needed revenue and prestige across the globe. Now, through the convergence of engineering talent, supportive government policies, an expanding market and technologically adaptive entrepreneurship, India is striving to become part of global electronics and semiconductor supply chains. Indian Prime Minister Narendra Modi’s Vision of “Make in India” and “Design in India” has been the guiding force behind the government’s incentive schemes that span skilling, design, fabrication, assembly, testing and packaging, and
Can US dialogue and cooperation with the communist dictatorship in Beijing help avert a Taiwan Strait crisis? Or is US President Joe Biden playing into Chinese President Xi Jinping’s (習近平) hands? With America preoccupied with the wars in Europe and the Middle East, Biden is seeking better relations with Xi’s regime. The goal is to responsibly manage US-China competition and prevent unintended conflict, thereby hoping to create greater space for the two countries to work together in areas where their interests align. The existing wars have already stretched US military resources thin, and the last thing Biden wants is yet another war.