The UW Business School's third-annual Global Social Entrepreneurship Competition (GSEC) begins today, with teams hailing from universities in India and Morocco, and back to the UW.

The competition is comprised of 11 teams that have brainstormed environmentally conscious business ideas to benefit the developing world by raising awareness about global social issues surrounding poverty.

The teams will be judged on the impact on quality of life in the developing world, implementation viability and financial sustainability.

The innovative ideas include FarmersJoy.com, a Web site meant to "provide direct sales from private farmers to urban communities to alleviate rural poverty through economic improvements" and Muskaan, a venture to help provide dental care services to rural India using mobile clinics.

"This is the third year that we've been operational," said Jane George-Falvy, GSEC faculty coordinator. "There are numerous ways for [the] UW to be a more global centered program. There have been people who have had a great interest in social entrepreneurship. We are trying to promote business development ... we're encouraging students to design an product to alleviate a social problem."

According to the GSEC Web site, social entrepreneurship is defined as "a business activity that has a double bottom line — a social return on investment as well as a financial return. The UW competition focuses specifically on for-profit businesses in the developing world."

The 11 participating teams this year range from six countries, including India, China, Kazakhstan, Morocco, Ghana and the United States.

"We offer travel scholarships for the teams that wouldn't otherwise have the opportunity to leave their countries," George-Falvy said.

"We connect them with those who are active in social entrepreneurship. After their plans are submitted, they are matched with a mentor who gives them feedback. When students are surveyed, they are interested in the concept of sustainability, a component that they have a social benefit, and a positive environmental impact."

Groups have a three-fold focus, George-Falvy said.

"We're onboard with a triple bottom line, meaning we are focused on the profit, planet and people," she said. "We have to ask ourselves, 'what are we doing to socially benefit our company? Are we stewarding our environment? What is the social impact of our activities and decision?' Our competition is part of that goal and perspective."

The Global Business Center is organizing and hosting the event and will be collaborating with the Business School's Center for Innovation and Entrepreneurship. The grand prize is $5,000 and the second place team will receive $2,500.

"Participants are given a rare, unique learning experience about how to create a business and sharpen their ideas," George-Falvy said. "We try to keep them connected with people who might help them make their plans come into fruition."

The UW Business School is internationally focused and hopes to connect people within the greater Seattle community and globally.

"We're well connected with the community in the Seattle area," George-Falvy said. "People who support us include mentors, reviewers, judges and others who serve in the community. We want people to know that a business can not only be profitable, but can help society."

Reach reporter Vicky Yan at news@thedaily.washington.edu.