Raising finance through social innovation

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Joanna Hunt
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1 Raising finance through social innovation Using local resources to increase social impact Charles Oham MA.RES.,MBA,PGCE,FHEA,FRSA. Senior Lecturer Social Enterprise Psychology, Social Work and Counselling Department Faculty of Education and Health & Business School University of Greenwich

Senior Lecturer Social Enterprise Psychology, Social Work and

2 Objective To consider some case studies on innovation in raising finance directly or indirectly To discuss some tools that will assist the social entrepreneur to raise capital To explore capital literacy resources

some tools that will assist the social entrepreneur

3 The big question Do we need money to run our social enterprises or capital?

4 Resource environment 39% of social entrepreneurs questioned said that access to finance is the single greatest barrier to their growth and sustainability (SEUK, 2013) Resources are becoming ever more finite, therefore, we need to be innovative in the way we source for and manage our resources

sustainability (SEUK, 2013) Resources are becoming ever more finite,

5 New ways of thinking about money A broader view on money or capital will open up more opportunities and resources for the social entrepreneur The capital literacy projects aims to build the capacity of the social entrepreneur to navigate the capital landscape

social entrepreneur The capital literacy projects aims to build

6 Capital is more than money Capital exist in several forms they include economic (money), social, human environmental, symbolic, cultural and spiritual capital

7 How can we identify the different forms of capital? The forms of capital assist us to deduce some ways of identifying capital (Bourdieu, 1986). The are by: Knowing their characteristics(produced, reproduction, controlled) Knowing where they occur, and; Knowing how to use them

8 Sources of capitals Social capital: networks, communities and families Human capital: skills, knowledge, expertise, training Economic: banks, government, regional authority, donors, sponsors, savings and loans Environmental: fauna and flora (natural environment) Cultural capital: skills, knowledge, qualifications Symbolic capital: legends, hero's, celebrities Spiritual capital: faith institutions e.g. Churches, Synagogues, Temples and Mosques

Environmental: fauna and flora (natural environment) Cultural capital: skills, knowledge, qualifications

9 How can we use technology to enhance capital? Creating learning cultures and opportunities for capital literacy Creating apps for capital acquisition and use through technology e.g. crowd funding and the sharing economy Using technology to remove barriers to entry in funding and financing

10 Some steps in conducting a capital audit 1. Conduct an internal audit of capital in your enterprise 2. Walk around the area you want to operate in, observe and identify all the capitals that are available 3. Identify the gatekeepers of each capital and plan how you will engage with them in creative and innovative ways. 4. Seek collaborations with different interest groups that are based in the locality

3. Identify the gatekeepers of each capital and plan how you will engage with them in creative and

11 Conclusion By having a broader view on capital we can become innovative in raising finance A simple capital audit can add value to our social objectives Capital literacy can enable a social entrepreneur to meet their objectives by gaining access to resources

value to our social objectives Capital literacy can enable a

12 Any questions? Questions

13 Group activity How many types of capital are you currently using for your projects? Are skilled in using all forms of capital? Do you have a system in place that considers all capitals available to you before you buy goods and services?

14 References Durkin, C. and Oham, C. (forthcoming) Social Innovation Management and Capital Literacy, in C. Oham and D. Macdonald (ed.) Leading and Managing a Social Enterprise in Health and Social Care Community Training Partners Oham CAC (2015) More than money: capital literacy for social entrepreneurs, Capital Literacy Project Social Enterprise UK (2013) The Peoples Business, State of the Social Enterprise Survey 2013, social Enterprise UK accessed August 3rd 2015 online at

literacy for social entrepreneurs, Capital Literacy Project Social Enterprise UK (2013) The Peoples Business, State of the Social Enterprise

TERMS OF REFERENCE. Consultancy on Transformation Process from NGO to Company

TERMS OF REFERENCE. Consultancy on Transformation Process from NGO to Company TERMS OF REFERENCE Consultancy on Transformation Process from NGO to Company 1. Background Chin MFI celebrated its 20th anniversary in 2015. This local institution provides credit for the rural population