Senator Ursula Stephens announces new investment into Social Enterprise by the Australian Government.
- $20 million to be invested in new and innovative social ventures and enterprises
- $20 million matched by financial institutions
- $40 million minimum total commitment
- Move away from traditional grants to a No Interest Loan or Venture Capital system
- Consultations to start next month and Launch to be start of 2011 (same time as WA government 12 million commitment)
- Professional Partnership program to begin with KPMG, PWC, Deloitte and E&Y
- Comes down to Government empowering communities to deliver outcomes
I think something that needs to be looked at in parallel to these two initiatives is actual infrastructure such as innovation hubs and incubators where these startups, entrepreneurs, innovators and developed social enterprises can go to get ongoing mentoring and support throughout their business development.
Something like the HUB where people can go to go through the full business planning process and connect with people working towards similar goals. Still this is a big move forward and this space will have far more potential for change in the coming year.
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