â€œOur social business joint venture is intended to empower people to take part successfully in business life,â€ said Hambrecht. â€œThe more people who do so â€“ be they business partners, customers or employees â€“ the better the economic and social development of a country and its population. Investing in peopleâ€™s entrepreneurial skills is therefore part of corporate responsibility.â€ Social business is a new business model for BASF. The idea is for a business venture to serve a social purpose, cover its own costs and recoup the partnersâ€™ initial investment. Any additional profits are reinvested fully in the company. â€œBASF Grameen Ltd. is not a charity. It combines business sense with social needs,â€ stressed Yunus. According to the WHO World Malaria Report 2008, Bangladesh had an estimated 2.9 million cases of malaria in 2006 and 72 percent of the population is at risk of the disease. Bangladesh also has some of the highest child and maternal malnutrition rates according to the UNICEF State of the Worldâ€™s Children Report 2008. Approximately 8 million children under the age of 5 years are malnourished. â€œIn the long term, we can better help these people through a business model that offers them beneficial products and services at affordable prices rather than through charitable donations,â€ said Yunus.
by Jesus Joy