About the Social Impact Economy
The Social Impact Economy is a collective term for all ‘not for personal profit’ organisations that exist to improve disadvantaged communities, support disadvantaged people and address social or environmental issues but do so using a trading (business) model to generate the majority or all the funds they need.
This includes Social Enterprise, Co-operatives, Mutual Benefit Societies, Community owned businesses, Charity trading arms and more.
The Social Economy in the WMCA area:
- Comprises 9,314 organisations
- They employ almost 103,000 people.
- They have a combined turnover of around £14 billion.
Growing the Social Impact Economy
Recognising the contribution these organisations make to creating an inclusive economy, the West Midlands Combined Authority set itself the goal of doubling the size of this economic sector within 10 years.
The approach to achieving this was to engage individuals working in the social impact economy to develop a plan for growth.
A Social Impact Economy taskforce was established. This group produced a Framework for Growth document which described a 10-point Ecosystem that needed to be built to support this growth.
Work has now started and investments made to start to build this ecosystem. See links below.
Get Involved
An opportunity for front line social economy organisations to talk about the barriers and opportunities for growth. This forum is managed on our behalf by BSSEC. Find out more and get added to the invitation list
Where support and infrastructure organisations gather to develop solutions to barriers or to help realise opportunities. Email charles.rapson@wmca.org.uk to find out more.
A forum where key decision makers, commissioners, funders & investors listen to the proposed solutions from the Round Tables and have an opportunity to offer resources. Attendance is by invitation.
Click on the links below for more information
Business and Place Support
Access to Finance & Contracts
