The potential of the social economy

Seamus O’Prey

Potential for the social economy:

• NI Social economy:

– 1000+ social enterprises– £350million in economic activity– 5% of NI activity.– 20,000+ employees

• The potential is endless, if we lead and get it right.

• Will/should the social economy be the saviour of the community and voluntary sector?• Is just being a social enterprise enough – What about commerciality? • Are there businesses acting as charities?• Is the sector willing to take calculated risks? Can it be supported to do so?• Are we willing to consider alternative sources/types of funding/finance?• Is collaboration and partnership the way forward? How do we break the procurement barrier?• Can it create jobs and not just displace them? • The sector needs to lead not be led.

What needs to happen:• Employment:

– Need to pay wages like the other sectors in order to entice quality into the sector.– Have good employment practices.– Allow staff to be innovative, challenging and creative.

• Strategy:– Plan/strategise for growth (don't wait for it to happen).– Get diversifying (apples in the basket).– Sweat your assets (create your own destiny).

• Look at the ‘macro economic level’ – look for trends; areas of growth; exploit potential.

• Get busy with the other sectors.• Be careful of anything for free (asset transfer etc should always be thought

about).• Get a visionary board who can open doors. Consider paying them.• Think BIG – and be willing and allowed to make mistakes.• Re-invest your surpluses – make an actual difference.