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WHAT IS A social enterprise?
Social Enterprises (or socially impactful businesses, social start-ups, social purpose organisastions) are typically SMEs – often start-ups – who solve social or environmental issues in their communities through the sale of products and services, thus generating commercial revenue to carry out their impactful activities. These activities can be hiring people who struggle to find employment (providing additional training and support), manufacturing a product and sourcing ethically throughout the supply chain, through to supporting disadvantaged communities to improve their situation in some way. The main difference is that because they exist to solve their identified social or environmental issue, and they typically re-invest the majority of their profits back into delivering their mission instead of lining shareholders pockets. Often community organisations, they are not solely relliant on grants or funding (like charities and non profits are) and so they offer a more sustainable way of doing business ‘for good’ and we believe they are the solution to the UK funding crisis.
Useful resources and courses:
UnLtd – the foundation for social entrepreneurs in the UK with grants to support you along the way
EY Foundation – Accelerate programme for social entrepreneurs 18-30 years old
Acumen – free courses in Design Thinking and Social Impact
British Council – resources for aspriring social entrepreneurs
Expert Impact – free mentor support from successful entrepreneurs
Year Here – post-graduate year long programme for aspiring social entrepreneurs
On Purpose – supporting those who feel stuck in a corporate career who want to transition into a career in social enterprise
Allia Serious Impact – additional business support for enterprises based in east London, Cambridge & Peterborough (United Kingdom)