NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Janet Longmore, Jonathan Jackson, Carolien de Bruin, & Amy Goldman

Just as the COVID-19 healthcare worker is at the front line for the protection of human life, so the social entrepreneur is at the front line for the protection of socio-economic wellbeing. As such, they have their work cut out for them. The COVID-19 pandemic has exposed critical flaws in our social and economic systems, with particularly devastating consequences for the billions who are marginalized.

Global goals to reduce poverty and curb climate change have stalled or gone backwards in the face of COVID-19. Even before the global pandemic, few countries were even close to achieving the United Nations’ Sustainable Development Goals (SDGs) by the target date of 2030, with the Social Progress Index estimating last year that this date had been pushed back to 2073. The pandemic is likely to set progress back even further, unless drastic action is taken. The World Bank projects that the global economy will shrink by 5-8% predicting that over 100 million people are at immediate risk of slipping into poverty. Already, education inequality and food insecurity are rising due to the lack of resources and widespread school closures. And glaringly, healthcare systems are being overwhelmed, erasing the hard-fought gains in public health. Now is the time to do things differently.