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Yunus on social business, helping Haiti

World-renowned economist and Nobel Peace Prize winner shares how his business model can be utilized for academics and crisis relief.

Muhummad Yunus is changing the world and challenging the status quo one person at a time. Yunus, a 2006 Nobel Peace Prize winner, created the Grameen Bank in 1983 to eradicate poverty through micro-lending in his native Bangladesh.

The premise? Give money to poor women to start their own businesses and emerge from poverty by their own hands. Yunus calls this new way of thinking the social business model.

Through this model, the goal of a business is to help others, not to gain profit. The idea has been so successful that thousands of Grameen Bank branches now exist beyond Bangladesh's borders.

Yunus spoke at Syracuse University Tuesday evening and sat down with The NewsHouse to talk about opening the Institute of Social Business at California State University Channel Islands this month and how social business can help the Haitian earthquake recovery efforts.

See coverage of Muhammad Yunus' talk at Hendricks Chapel.

Social Business is a Great Concept to Eradicate Poverty

The concept of Social Business is a novel idea to deal with the ills of society. For it to work broadly and more expediently, however, we must develop consciousness leaders, which everyone has the capability to become. It requires a certain mind-set and unselfish character to be able to embrace this highly "human" and "passionate" endeavor.

I applaud Mr. Yunus for his commitment to helping others less fortunate, and for thinking of my native country, Haiti.

We, at Kylti, are looking at his ideas to help Haitians help themselves.

Thank you for your leadership, care, and humanity.

Marcel Wah
Cultural Executive Director

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