Are you a budding entrepreneur ready to launch your next innovative project? Then you’ll definitely be interested in a new initiative designed to bring a community of support and knowledge to social entrepreneurs.
The School of Social Entrepreneurs has pledged to raise $1.5 million to help young entrepreneurs start up and grow businesses aimed at driving social change. The Partnering for Scale and Impact program adopts core features from the Silicon-Valley business model, which led to the success of giants Google and Instagram.
Against the Australian entrepreneurial landscape, the PSI will be a fitting addition, as Australia was named among the top five countries for entrepreneurs in EY’s 2013 G20 Entrepreneurship Barometer, along with the US, UK, Canada and South Korea.
The PSI program fills a structural gap in the social capital market for higher risk, early stage ventures. Paul Bide, SSE Australia Chair, said investors generally find it easier to donate money to more “established” and less risky ventures that are less likely to fail, which makes it difficult for very small ventures to get off the ground.
“Innovative infrastructures such as PSI are required to enable early stage social and corporate entrepreneurs to benefit from the resources of the wider community to reach scale and make a significant impact,” added Hodson.
There has already been an overwhelmingly positive response from like-minded individuals and organisations in the impact investment sector. CIO of QBE, Garry Brader, plans to invest $100 million into the asset class, as he is passionate about its potential for bringing about social change while still providing a quality option for his investment portfolio.
Bide explained that partnerships such as this will be a key to building capacity, mitigating risk and attracting philanthropic capital; and he is confident the SSE’s track record and success of early stage ventures will attract leading organisations.