Social Enterprise
Social enterprises deliver targeted social or community benefits using traditional business principles. They can take a number of forms and deliver outcomes as diverse as employment for the disadvantaged, important goods and services or fundraising for other charitable activities and community projects.
Social enterprises often fill critical gaps in service provision in communities and can offer a solution which is tailored to the needs of the community.
The social enterprise sector is an emerging one in Australia. International experience has demonstrated that it is an innovative and effective means of addressing social challenges in a sustainable way.
To date, the Government has supported the social enterprise sector in Australia through the Innovation Fund and the Jobs Fund. A total of 105 social enterprise projects, including intermediate labour markets and social enterprise support projects, have been funded to the total value of $73.6 million.
The Social Enterprise Development and Investment Fund (SEDIF)
The Social Enterprise Development and Investment Fund (SEDIF) is a specialised investment fund providing financial products and encouraging capacity building for social enterprises in Australia.
The Government’s $20 million investment will be used to leverage matched funding from the private and philanthropic sectors to enable new systems, achieve greater impact and innovation in service delivery to support highly disadvantaged Australians.
The Government will be consulting widely with the sector to garner views on the financial and business support needs of the social enterprise sector in Australia and to further scope the market for investment. The consultation aims to gather expert advice from the social, legal, financial and philanthropic sectors to inform the design and proposed structure of the SEDIF. This process will employ multiple forums, such as online and face-to-face information sessions.
The consultative approach to design and delivery of the SEDIF will encourage new partnerships between the finance, social and corporate sectors, demonstrating the new and better ways of working together to deliver services to disadvantaged communities and individuals.
This initiative demonstrates a transformative approach to effecting real innovation; building connections between organisations on the ground and larger institutions that together can leverage and utilise the resources and incentives to bring about improvements in service provision and new approaches to social change.
Due to the Government being in ‘Caretaker mode’, the consultation process will be conducted slightly later than planned. Please check this website for further details of upcoming sessions and registration information. To register your interest in being part of the consultation process email socialinnovation@deewr.gov.au.
A link to the consultation paper will be available here soon.
To read the media release visit the Ministers' Media Centre.
The Professional Partnership Project (PPP)
The Professional Partnership Project matches corporate business assistance to social enterprises that aim to help disadvantaged Australians find training and jobs.
The project will trial a new partnership between four key professional services firms – Deloitte, Ernst and Young, KPMG and PricewaterhouseCoopers – and the Government’s Department of Education, Employment and Workplace Relations.
Support has been generously provided by the four firms in the form of pro-bono assistance to the value of $1 million. Business expertise will be tailored to meet the needs and priorities of up to 30 individual social enterprises funded under Round 1 of the Government’s Jobs Fund.
This initiative will build working relationships between Government, social enterprises and the four professional services firms, and allow them to share professional expertise well into the future.
To read the media release visit the Ministers' Media Centre.
Senator Stephen's speaks on SKY News' 'Social Business'
On Tuesday 13 July 2010 Senator the Hon Ursula Stephens, Parliamentary Secretary for Social Inclusion and the Voluntary Sector, spoke to Professor Peter Shergold from the Centre for Social Impact, and Sky News presenter Brooke Corte, on SKY News’ 'Social Business' program about both the Professional Partnership Project and the Social Enterprise Development and Investment Fund.
Senator Stephen's speaks on SKY News' 'Social Business'.