Social Enterprises are businesses that compete in the market like any other business, but also:-
• Trade for social and/or environmental purposes;
• Reinvest profit back into their business or community; and
• Adopt ownership structures based on participation rather than personal gain.
Familiar examples of social enterprises include The Big Issue, Cafedirect and Jamie Oliver's restaurant ‘fifteen'.
Support for sustainable social enterprise is a key element of Advantage West Midlands overall approach to encourage new business creation and improve competitiveness of existing business throughout the region. The Agency mainstreams sustainable social enterprise development and support within our broader enterprise agenda by:-
• Funding Social Enterprise West Midlands - the regional social enterprise network - to act as the West Midlands first ever Centre of Expertise for Social Enterprise advising West Midlands Business Link and promoting the value of social enterprise throughout the region;
• Including social enterprise as a key element of our region-wide suite of business support products; and
• Ensuring Agency investment in Regeneration Zone and Market Town Initiatives encourages partners to include social enterprise in their plans and programmes.
Regional priorities for investment in sustainable social enterprise development can be found in the West Midlands Social Enterprise Framework ‘A Point to Prove’ located in the Related Documents.
Social Enterprise and the West Midlands Economy
A recent study (2008) funded by Advantage West Midlands found that the West Midlands’ 5½ thousand social enterprises make a significant contribution to the regions economy by providing in excess of 156 thousand jobs and generating over £5.7 billion per year in traded income.
Additional information can be found in the West Midlands Social Enterprise Mapping Executive Summary Report located in the Related Documents. The new Advantage West Midlands Social Enterprise Brochure will also be available shortly.
Your Advantage West Midlands Contact:
Alison Lawson
Regeneration Policy Manager
alisonlawson@advantagewm.co.uk
T: 0121 380 3504