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COMMON CAPITALMutual and social enterpriseFunding and financePolicy and practice                SOCIAL INVESTMENT PROMISE ...
PERSPECTIVE              Social investment                    vs.              Access to finance
DEFINITION             •   Impact investment vs. social investment                 (Zweck / Wert)             •   Funding ...
UNDERCAPITALISED?                    •   Unequal distribution of                        capital                    •   Rel...
INVESTMENT READINESS               •   Almost half simply not interested               •   Those who already have investme...
BARRIERS?            “little evidence that social            enterprises are either riskier or less            well unders...
JUST TURN ON THE TAPS!?                          Business models in                          areas of market and          ...
INNOVATION / TRADITIONIf innovation is the application of old ideas in     a new context•   Stock exchange•   Investment b...
METRICS          Instrumentalist / McKinsey / Blairite ‘what works’ /              deterministic / evidence Taliban (Zweck...
RHETORIC AND REALITY                       “There aren’t actually any                       social investors are there?”
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Dan gregory, social investment, tsrc esrc nesta, nov 2012

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Dan gregory, social investment, tsrc esrc nesta, nov 2012

  1. 1. COMMON CAPITALMutual and social enterpriseFunding and financePolicy and practice SOCIAL INVESTMENT PROMISE AND POSSIBILITY Dan Gregory, November 2012
  2. 2. PERSPECTIVE Social investment vs. Access to finance
  3. 3. DEFINITION • Impact investment vs. social investment (Zweck / Wert) • Funding (revenue / income) vs. finance (capital / investment) • Repayable vs. non repayable • By socially minded or in socially minded • Tens of millions or billions? • Equity, debt + hybrids • Social considerations? • Sub-commercial?
  4. 4. UNDERCAPITALISED? • Unequal distribution of capital • Relatively underleveraged
  5. 5. INVESTMENT READINESS • Almost half simply not interested • Those who already have investment mainly have asset backed loans • Appetite for <£100k long-term sub- commercial risk capital
  6. 6. BARRIERS? “little evidence that social enterprises are either riskier or less well understood ... no significant difference between social enterprises and mainstream businesses in the number that had been rejected.” “4% of social enterprises sought to issue equity… less than 3% of SMEs seek equity finance”
  7. 7. JUST TURN ON THE TAPS!? Business models in areas of market and government failure
  8. 8. INNOVATION / TRADITIONIf innovation is the application of old ideas in a new context• Stock exchange• Investment bank• Private finance initiative (PFI)Or old ideas coming back into fashion• Community shares• Old-fashioned banking• Disintermediation
  9. 9. METRICS Instrumentalist / McKinsey / Blairite ‘what works’ / deterministic / evidence Taliban (Zweck?) vs. Trust / governance / ownership / participative capitalism / engagement (Wert?)
  10. 10. RHETORIC AND REALITY “There aren’t actually any social investors are there?”

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