The purpose of this paper is to find out what studies of the African context can offer to enhance theories of social entrepreneurship. Current theorization lacks clarity on initiatives that use for-profit ventures to create value to members only and those that create value to the general society. Although both of these initiatives are commonly portrayed as characterizing social entrepreneurship, the venture matrix developed in this paper demonstrates otherwise. The matrix is then applied to a homogenous case of 145 African burial societies in which data was gathered from Ethiopia and Zimbabwe in 2009 and 2007/11 respectively. The data provides support for the matrix. Using extant literature on social capital in collective-based initiatives and findings from a qualitative study of 13 burial societies that have for-profit ventures, the paper then presents a model of social entrepreneurship development in CBIs and discusses implications for practice.