Worcester Business Journal

wbjournal.com | September 4, 2017 | Worcester Business Journal 21 Successful sports teams will build Worcester's brand The Worcester Business Journal welcomes letters to the editor and commentary submissions. Please send submissions to Brad Kane, editor, at bkane@wbjournal.com. S ocial problems, across the street and around the globe, become more pressing and widespread as our world grows larger with a projection of more than 9 billion inhabitants by 2050, and Worcester is experi- encing this type of impact as its population increases. Businesses can lead the charge for improving the quality of life and eco- nomic opportunities in this great city. Indeed, businesses can help solve Worcester's social issues while still maintaining profits by adopting the concept known as social business. Nobel Peace Prize laureate Muhammad Yunus championed the concept of social business and offi- cially sanctioned the first-ever Yunus Social Business Centre in the U.S. at Becker College in 2015. We adopted Yunus' definition of social business as a financially sustain- able organization solving social problems in the communi- ty or in the world at large. Original investments may be returned to the company, but all profits are re-invested to further social dividends and to create new value. Businesses already conduct social-minded activities such as philanthropic donations, typically known as corporate social responsibility. By aligning business principles with social objectives, businesses can reap myriad rewards for their own organizations and for the greater good of Worcester. Using their skills, resources and networking to address a social problem impacting their stakeholders to create results lasting well beyond the initial investment. Firms should engage in social business for four reasons: 1. To increase reputational value and trust. Companies can elevate their positive reputation as a responsible firms. 2. To impact economic performance. Businesses can cre- ate new product lines and services supporting social issues, drive sales and expand market share. 3. To elevate employee morale and engagement. To attract and retain top talent, companies can showcase their social values by engaging employees to support chosen social issues. By living the brand's values, employees can feel an increased sense of loyalty and pride. 4. To improve the quality of life and community devel- opment, uplifting those most in need in Worcester. Worcester business leaders can conduct social business in a number of ways, including: • Level the financial playing field. Banks can offer low interest or interest-free loans for groups of entrepreneurs. • Donate intellectual capital. Employees can volunteer as pro-bono consultants for nonprofits. • Solve food insecurity and poverty. Restaurants can offer free culinary arts training to unemployed persons with the potential for full-time employment, while teaching them how to provide healthy meals to their families. By applying business principles to social problems, busi- nesses can still increase an organization's efficiency, effec- tiveness and financial sustainability. Pallatto-Fontaine is the executive director for global initia- tives for the Yunus Social Business Centre at Becker College. Reach her at debra.pallatto-fontaine@becker.edu. Be a social business V I E W P O I N T E D I T O R I A L BY DR. DEBRA PALLATTO-FONTAINE Special to the Worcester Business Journal Dr. Debra Pallatto- Fontaine WO R D F R O M T H E W E B Comment of the issue "This would be a HUGE win for Worcester and would further boost the level of economic activity in this area of the city (which is already experiencing tremendous growth and development)." - Anonymous commenter, Aug. 23, on a WBJ poll asking readers if the public should offer subsidies to draw the Pawtucket Red Sox to Worcester. WBJ Tweet of the week "Betting the @WBJournal cleans up when it comes to awards time. The #40Under40 editorial/layout was outstanding." - Jenn O'Meara (@JennOM), Aug. 28 W Facebook feedback "We're happy to recognize these lead- ers and work with the diverse profes- sionals that make our city great." - The Worcester Regional Chamber of Commerce, Aug. 24, on honoring three business leaders with a diversity award "This data needs to be scrubbed – I would guess it may be impacted by the lack of funding for Community Colleges in MA. MA is 37th in funding for public high education." - Sally Mailman, Aug. 23, on a report ranking Quinsigamond Community College and Mount Wachusett Community College in the bottom half of the country's community colleges I n just over a month, the Worcester Railers will drop the puck on their first home game at the DCU Center in Worcester, becoming the city's third professional hockey team since 1994. The anticipation for the team's debut has been building since it was first announced in 2015. In the interim, the Railers have sold 1,500 season tickets and more corporate sponsorship dollars than any other ECHL franchise to date. While their planning and preseason sales are off to a strong start, the energy from their debut will settle down and the Railers must crack the code to create a truly sustainable franchise. Their predeces- sors, the Sharks and the IceCats, had their best attendance in their first three years, slowly losing ticket sales until they left town. Led by Owner Cliff Rucker, the Railers believe the winning formula for sustainability is having strong and deep ties to the community, weaving a web of paid sponsors, part- ner organizations and some of their own branding efforts, including the opening a Railers-themed tavern next to the DCU Center. On the baseball diamond, the Worcester Bravehearts have developed their own formula for franchise success in the city. The Futures Collegiate Baseball League team has set league records for season attendance, offering a family-friendly out- ing for a low price, while creating those communi- ty ties the Railers are to build. Although the Bravehearts currently rank seventh in attendance of out nine teams in the league, the franchise by all other appearances appears to be on solid footing. Hopefully, both the Railers and the Bravehearts can deliver on their goal of long-term sustainabili- ty, boding well for the city and the region. Having these entertainment options raises the profile of the city and its brand, brings out more people and engages them in a community event, which can spur more spending. One-time events like high- profile concerts and sports tournaments turn Worcester into a destination, but having a season- long option like baseball all summer and hockey games throughout the winter gives fans a reason to keep coming over and over again. Worcester is seeking to take its pursuit of sports franchises up a notch by enticing the Pawtucket Red Sox to move the Triple A minor league base- ball team north of the border. Although this effort, if successful, would have a negative impact on the Bravehearts, city and business officials see the move of such a high-profile team as a way to prove Worcester and the region have reached a new level. The effort is still in the early stages, and Rhode Island and Pawtucket are crafting their best efforts to meet the team's demands for public funding to build a new stadium. If Worcester ultimately wants to have a competitive hand at the table, it will like- ly need to fund $30-$40 million of the cost of any new stadium, and it seems that most of that money would have to come mostly from state coffers. Do Worcester officials have the leverage to get the state to play ball? It's too early to say whether such a move would be wise as publicly funded sports facilities have a very dicey ROI. But sports have great appeal, and pushing for more entertainment options in the city can only make it a more vibrant hub for the region. With no public investment at risk in our current franchises, supporting the Railers and the Bravehearts operations is clearly a smart play. W

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