Three Key Factors for M&E of Social Ventures
Why do we need M&E (monitoring and evaluation)?
Because M&E is necessary for us to make bigger impacts, while making profits for sustainable operation.
To perform M&E, we need some criteria. When it comes to social ventures, 3 key factors should be emphasized. These include financial feasibility, sustainability, and scalability.
First, financial feasibility means that the value obtained by consuming a product (V) should be bigger than the price to buy the product (P). Second, sustainability means that the business has core competences to survive from the competition. Third, scalability means that the social business models can be used to solve similar social problems in other geographical regions, and/or in other areas.
In other words, these three key factors should be taken into consideration when we perform M&E to generate relevant information for social ventures (and other stakeholders in impact ecosystem).
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