Understanding Key Success Factors for Starting Social Enterprises – A Case Study on IMPCT, the 2015 Hult Prize winner

IMPCT, the 2015 Hult Prize winner, is a successful starting social enterprise. Primary and secondary data were collected and analyzed. The data analysis reveals that IMPCT’s success factors as a starting social enterprise are condensed in four clusters related to each other, influencing and influenced by an ever-changing macro-environment. • Team’s success factors: teamwork, dedication, resilience. • Social business model’s success factors: a holistic and sustainable long-term approach, making realistic assumptions, setting ambitious objectives and achieving them thanks to replicability, a resilient social business model. • Network management’s success factors: having a praiseworthy purpose, honesty, integrity and sense of responsibilities, proactivity, friendliness, one-to-one communication. • Social business development’s success factors: seizing opportunities timely, participating in a social business case competition and a social business accelerator, running a crowdfunding campaign, a convincing pitch, a global marketing strategy, implementing the project