By now you have heard or read the call to action from Jack Layton in his last words to Canadians: "My friends, love is better than anger. Hope is better than fear. Optimism is better than despair. So let us be loving, hopeful and optimistic. And we will change the world.”
This blog post is the third in a series curated by Al Etmanski on the topic of what leading thinkers would like to see become 'more visible' in 2011. You can download the complete collection of responses to Becoming Visible here: Download Becoming Visible. SocialFinance.ca will be cross-posting the contributions to Al's project that refer to social finance. Enjoy.
I have spent my life in the not-for-profit sector; it is core to who I am. It is through the social services sector that I have worked to create change and help those in need. From volunteering at the age of 12 with my home economics teacher to make breakfast (white bread and Cheez Whiz, no less) for kids coming to school hungry; to running shelters for homeless youth or battered women; from launching an innovative program to allow people to access human service information; to advocating for children’s health – the not-for profit sector has been my home.
Sir Ronald Cohen tells Harvard Grads Social Finance is the "next big thing in the business world."
In a recent article in the Telegraph.co.uk (June 26, 2010) Sir Ronald Cohen, the "father of private equity" in the UK and founder of Apax Partners, is quoted as saying "an important part of the capitalist system is having a powerful social sector to address social issues".
Those of us interested in social finance in Canada have long looked to the UK in general, and the work of Sir Ronald Cohen in particular, for advice and direction. Sir Ronald (as he is affectionately called) recently addressed student at Harvard Business School telling the students about the next big thing in the business world – social finance.
TD Financial Literacy Grant Fund calls for applications from community groups for millions in grants. Co-founded by TD and SEDI, the Fund will provide grants ranging from $25,000 to $100,000 to qualified community groups for financial education.
This white paper was prepared by MaRS and Ogilvy Renault LLP with the primary objective to increase capital directed at the community for delivering social and/or environmental benefits and two secondary objectives, to simplify and clarify the legal structures and permitted activities by creating a new form of legal vehicle and to provide a brand for social enterprise, social finance and community benefit, thus providing legitimacy and enhanced profile for such activities.
A new £10m fund that will invest in social enterprise is being launched by Big Issue Invest, the investment arm of the Big Issue. The fund, which will take money from charities, institutional investors and high net-worth individuals, is aiming to invest in social enterprises in the health and social care, environment, and employment and skills sectors. It will invest between £100,000 and £500,000 in each business.