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Cool Communities: Innovations in how we live, work & play helping communities thrive

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Hosted by Shelly Saczynski, Director - Economic & Community Development, UIL Holdings
Come network with and learn over breakfast from a great line-up of regional experts, entrepreneurs, business owners and leaders who are shaping the "cool" communities where we live, work and play.

Published in: Economy & Finance
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Cool Communities: Innovations in how we live, work & play helping communities thrive

  1. 1. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org What’s Social Enterprise got to do with It? James E. Woulfe 860.560.9120 | jwoulfe@socialenterprisetrust.org Sept. 30th, 2015
  2. 2. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org James E. Woulfe 860.560.9120 | jwoulfe@socialenterprisetrust.org Sept. 30th, 2015
  3. 3. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org 3 Take-aways • What is Social Enterprise? • What is a Benefit Corporation? • What is reSET?
  4. 4. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org What is Social Enterprise? • A question that has still yet to be definitively answered. • Has different definitions depending upon who you speak to.
  5. 5. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org What is Social Enterprise? Social Enterprise is: • A business structured to solve a social or environmental problem. Social Entrepreneurs are: • In business for profit, but profits are not the end goal. • People who use the power of business to create a positive social or environmental impact in their communities.
  6. 6. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org What Makes Social Entrepreneurs Different? Social Entrepreneurs balance a triple-bottom line.
  7. 7. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org Four Models of Social Enterprise • Revenue/Profit % Model • Beneficial Product/Service Model • Hiring Model • Blended Model
  8. 8. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org Four Models of Social Enterprise • Revenue/Profit % Model • Beneficial Product/Service Model • Hiring Model • Blended Model
  9. 9. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org Revenue/Profit % Model A business that donates a percentage of its revenue or profits to a 501(c)3 organization. There is a broad spectrum: • Patagonia donates 1% of revenues • The Walker Group donates one third of profits • Happy Life Coffee donates 100% of net profits
  10. 10. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org Beneficial Product/Service The product or service offered by the social enterprise creates an inherent positive social or environmental impact.  Soccket
  11. 11. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org Employment Model Social enterprises that hire from underserved communities, and/or communities with high levels of unemployment.  Billings Forge
  12. 12. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org Blended Model Almost all social enterprises employ blended models to maximize their social and/or environmental impact:  Greyston Bakery
  13. 13. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org From Concept to Concrete What is a benefit corporation? How is it different from a social enterprise?
  14. 14. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org What is a Benefit Corporation? A new type of corporation crafted specifically for social entrepreneurs
  15. 15. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org A Trend Sweeping the Country
  16. 16. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org How It works • Directors must consider stakeholders besides shareholders. • Benefit corps must use a third-party standard to assess their social & environmental impact. • Benefit corps must issue an annual benefit report describing their social & environmental impact. • In CT only, a business is allowed to lock in its status as a benefit corp in perpetuity using a “Legacy Preservation Provision.”
  17. 17. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org Connecticut Benefit Corp FAQ • Is it a Corporation? YES. • Can an LLC be a benefit corporation? NO. • Does electing to be a Benefit Corp affect tax status? NO. • Do Benefit Corporations have to be certified? NO.
  18. 18. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org Examples of Benefit Corporations
  19. 19. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org reSET is… • Social Enterprise Trust Inc. (reSET for short), a 501(c)3 nonprofit organization • Mission: to advance the social enterprise sector • Strategic goals: to be the “go-to” place for impact entrepreneurs, to make Hartford the impact city, and Connecticut the social enterprise state.
  20. 20. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org What we do. Programs, Services & Resources Community Investment Advocacy
  21. 21. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org What we have accomplished • Directly supported the development of 73 early- stage businesses, associated with 50 jobs since Jan. 2013. • Provided programs, resources or services to 150+ entrepreneurs, including 850 hours of mentoring since Jan. 2013 • Successfully advocated for passage of the new CT Benefit Corporation statute.
  22. 22. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org What’s Next? • Making CT “The Social Enterprise State!”  Building ties between social enterprises, helping to build a support network  Assisting & educating key stakeholders and businesses about social enterprise  Developing new policies to help social enterprise flourish in Connecticut
  23. 23. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org What does this mean for you? • Social enterprise means new pathways to help drive economic development in your cities & towns  A new ally and resource for your team.  Alternatives to non-profit organizations.  New entry point for “encore entrepreneurs.”
  24. 24. reSET Social Enterprise Trust | 99 Pratt Street | Hartford | 06103 | www.socialenterprisetrust.org Questions?

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