Impact: A Social Enterprise Strategy for Ontario

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Speaker: Ryan Lock …

Speaker: Ryan Lock
Session: Slow Money Financing: Building our Capacity for Capital

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  • 1. Bring Food Home Conference – November 2013 • Ontario’s strategy to become North America’s leading jurisdiction for social enterprise • A $25M investment in Ontario’s social enterprise ecosystem • Support the creation of 1,600+ new jobs in the sector • Part of Ontario's Plan for Jobs and Growth to support a dynamic and innovative business climate 1
  • 2. There are around 10,000 social enterprises in Ontario. Source: Social Economy Centre, University of Toronto 2
  • 3. What Do Social Enterprises Look Like? Social Enterprise Sector Charitable and Not-for-Profit Organizations Social (Charitable) For Profit, Social Purpose Business Revenue Generating, Not-for-Profits Outcomes Traditional Business Applying Corporate Social Responsibility Financial (Commercial) 3
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  • 5. Ontario’s social enterprises employ more than 160,000 people serving 3.4 million customers per year. They create opportunities for the people they work with and the communities they serve. 5
  • 6. An Ontario Social Enterprise Chronology 2011 Expansion of Ontario Network of Entrepreneurs (ONE) 2007 SiG@MaRS formed 2011 Partnership Project releases report 2008 Ontario Innovation Agenda 2011 Social Innovation Summit and Wiki 2012 Office for Social Enterprise formed 2009 Social Finance Task Force releases report 2013 Launch of Impact - A Social Enterprise Strategy for Ontario 2008 Poverty Reduction Strategy 6
  • 7. Ontario's New Office for Social Enterprise Created in November 2012 Part of the Ministry of Economic Development, Trade & Employment Connect and promote Ontario’s social entrepreneurs. Work in and out of government to support social enterprises. Attract more businesses to deliver social good while generating revenue for Ontario. Impact: A Social Enterprise Strategy for Ontario Launched in September 2013 7
  • 8. Impact Strategy: The 4 Pillars 2. BUILDING THE SOCIAL ENTERPRISE BRAND 1. CONNECTING, COORDINATING AND COMMUNICATING Office For Social Enterprise 3. CREATING A VIBRANT SOCIAL FINANCE MARKETPLACE 4. DELIVERING INNOVATIVE SUPPORTS AND SOLUTIONS 8
  • 9. Pillar 1: Connecting, Coordinating, Communicating • Collect baseline data on the sector, including job creation and economic impact. • Introduce legislation to enable the creation of “hybrid corporations.” • Publish an annual report to track progress and identify areas for learning. • Launch an Open for Business Roundtable process to identify and resolve administrative and regulatory burdens. 9
  • 10. Pillar 2: Building the Social Enterprise Brand • Host Impact Ontario in March 2014, in partnership with MaRS, SOCAP and RBC to give international investors opportunities to connect with Ontario's best and brightest social entrepreneurs. • Launch SEOntario.org – a one stop information web portal where entrepreneurs can access services and supports. • Increase the reach of ONE, the Ontario Network of Entrepreneurs, to support and promote social enterprises. 10
  • 11. Pillar 3: Enabling a Vibrant Social Finance Marketplace • Promoting the new Social Venture Connexion (SVX), an online investment platform and the first of its kind in North America. • Pilot at least one Social Impact Bond (SIB) in partnership with innovative service providers and impact investors. • Launch the $4M Social Enterprise Demonstration Fund to pilot social finance projects across the province. • Make new social finance tools available, including crowdfunding. 11
  • 12. The Ontario Catapult Microloan Fund for Social Entrepreneurs • In January 2013, the Minister of Economic Development and Innovation approved a grant of $250,000 to the Centre for Social Innovation (CSI) to establish a pilot-scale Social Enterprise Microloan Fund. • CSI leveraged $350,000 from private investors to implement and fully administer a $600,000 microloan fund (provides low-interest loans plus services and supports) to eligible Ontario-based social enterprises. • Partners include: 12
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  • 14. Pillar 4: Delivering Services, Supports and Solutions • Open government procurement processes to social enterprises through a pilot program for the 2015 Pan Am/Parapan Am Games. • Invest in Aboriginal social entrepreneurship. • Work with impact investors and social finance experts to address data gaps. 14
  • 15. Potential Social Enterprise Linkages Entrepreneurs in agricultural sector may face similar challenges as other social entrepreneurs. These issues may include: o Access to capital o Branding and awareness o The need for flexible business models We are working on two key initiatives to address these issues: o Hybrid Legislation o Marketing initiatives o New Social Finance Tools
  • 16. Find out more: ontario.ca/socialenterprise social.enterprise@ontario.ca @OntarioSE 16