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One of the consequences of demographic change is a possible decrease in the European supply of graduates. Europe has to fill the gap in young talented workers. The best way to attract young workers from developing countries (which do not have the infrastructure to provide all their qualified youngsters with the needed human capital) is through the internationalization of higher education in Europe. This challenge is intimately related to that of increasing intra-European mobility. Internationalization is necessary because of the requirements of European labour market and the need to increase European innovation capacity. However, Europe is not doing enough well with respect to internationalization. Policy conclusions are drawn.

The purpose of the paper is to provide a theoretical reflection on existing and emerging literature on social entrepreneurship as it applies to the developing country experience, and specifically to the informal economy in Senegal, West Africa.

The paper adopts an exploratory, multi‐disciplinary approach grounded in economic and social theory, including open‐ended interviews and focus groups. The data are complemented by field observations and analysis.

Socio‐religious networks in West Africa like Mouridism, with its strong emphasis on work and giving of one's personal financial gains back to the Muslim brotherhood, has actually created a non‐capitalist spirit of commerce, and to some degree entrepreneurialism, among Senegalese Mourids who are majority Wolof.

As an initial exploration into this topic, the paper lacks sufficient empirical data and therefore the research results may lack generalizability.

The paper helps draw comparisons between what we know and what we do not know about social entrepreneurship in the informal economy, moving beyond the conventional neo‐liberal notions of competitive markets to explore entrepreneurial activities at the “Bottom of the pyramid” that establish economic exchange value which is socially embedded.

The paper seeks to address a perceived gap in the theoretical and empirical literature on the emerging phenomenon of social entrepreneurship. By analytically framing the debate on the role of markets in the social sector through a developing country lens, we are looking at social entrepreneurship as the intersection of embedded social and economic realities of the majority of workers who operate in the informal economy in Senegal.