Professor Muhammad Yunus speaking at a function marking the 'Social Business Day' at Sonargaon Hotel in the city Tuesday

Staff Correspondent: Social business can solve all kinds of social problems through innovation and creative ideas, Nobel Laureate Professor Muhammad Yunus said Tuesday.

His remark came at the observance of “Second Social Business Day- 2011” with the theme of achieving the millennium development goals through social business held in the city.

The aim of the social business day is to encourage the participants to discuss the critical features of social business, merits, achievements and challenges of social business and discuss the plans for upcoming social businesses, explore future social business opportunities and inspire individuals, entrepreneurs, students, foundations and companies to create their own social business.

The day has been observed since 2010 and serves as a reminder of the idea of social business and brings forward best practices in social businesses that are working toward the greater goal of alleviating poverty.

About 400 participants from 15 countries participated in the programme to learn the development in social business around the world.

The concept of social business is new and innovative as it pursues a social objective within a business structure, Dr Yunus said, adding this is a non loss and non dividend company dedicated to solving social problems by bringing business concepts in the sector.

Money and investments are not the main concern for social business if people have innovative ideas to solve the problems, he said.

“Social business is a vast idea which can be done in any areas like poverty reduction, education, health, and environment and young people can come up with their innovative business ideas,” he told the function.

The founder of Grameen Bank noted that micro-credit is part of social business and it is not dependent on any certification by any group, he said.

“If people get benefit from microfinance, it will continue.”

Regarding the role of social business in poverty reduction, he said the government is playing its role and entrepreneurs and citizens do their part.

A few companies are doing social business in the country while many are ready to come to Bangladesh shortly, the Nobel Laureate said.

Thomas Stelzer, assistant secretary general for Policy Coordination and Inter-Agency Affairs at the UN, Saori Duborg, president of Regional Functions and Country Management, Asia Pacific, BASF, Eric Lesueur, chief executive officer of Veolia Water and Corinne Bazina, executive director of Grameen Danone, among others, shared their experience in developing social businesses at the programme.