The business model (BM) – a representation of a venture’s core logic for creating value – is an emergent construct of interest in social entrepreneurship research. While the BM concept is normally associated with financial objectives, socio-entrepreneurial BMs are uniquely identifiable by their social value propositions, by their intended target markets and by the projected social change. Drawing from a longitudinal case study of a Colombian foundation, we outline the characteristics of socio-entrepreneurial BMs. We analyse the entrepreneurial process behind the implementation of a BM that draws on communitarian innovative solutions that benefit the excluded and, ultimately, society at large. Focusing on the question of how socio-entrepreneurial BMs progressively evolve to produce social change, we examine the BM of a successful socio-entrepreneurial venture that exhibits the conditions of social change. Our findings show that the social value proposition, the entrepreneur’s passion for social change and a community-based network are decisive factors.