Brisbane Social Enterprises
I had the privilege of listening to and speaking with some inspirational businesses and social enterprises at this event, notably Orange Sky and Good Beer Co. Both have foundations in Brisbane and both are creating a social impact in the world. Orange Sky provide laundry services to the homeless along the east coast of Australia. Good Beer Co donate over 50% of their profits to charities and worthwhile causes.
Small Business Week
The event is part of Advancing Queensland’s Chief Entrepreneur’s pop up entrepreneur events. These are happening all over Queensland in the lead up to Small Business Week from the 15th to 20th May. Mark Sowerby, Queensland’s Chief Entrepreneur and Cat Matson, Brisbane Chief Digital Officer, were both present on the night as MC’s.
Start Up Co Working Spaces in Brisbane
This Pop Up Entrepeneurs event was held in the Brisbane CBD at The Capital, a co working space run by Little Tokyo Two. This is part of a set of co working spaces in the building. The other is Fishburners, who focus on co working spaces for tech startups.
What is Social Enterprise?
Social Enterprise is a very trendy term being used by many businesses. Probably even more so then the term ‘entrepreneur’. But what is a social enterprise? There really isn’t a clear definition that has been agreed to. So let’s look at some.
Social Traders defines social enterprise as ‘businesses that trade to intentionally tackle social problems, improve communities, provide people access to employment and training, or help the environment.’
Queensland Social Enterprise Council (QSEC) defines social enterprise as ‘a business operating for a social purpose.’ This includes ‘Limited distribution of profits and/or distribution of profits with the purpose of maximising social impact – the majority of profits are reinvested in the enterprise and/or an associated social entity and are used to maximise social impact.’
The Not For Profit Law information hub then throws in another question of whether social enterprise is not for profit or for profit when setting up.
What has given rise to Social Enterprise?
Social Enterprise has become an alternate means to
- Address social issues from a business angle.
- Address the issue of reduced government and corporate funding to the not for profit sector.
Unfortunately in Australia there were some changes to funding not for profit organisations by governments at both federal and state level. This resulted in many who were dependent on government funding having to wind up over night. They had little or no revenue from alternate sources other then government.
Social enterprise is not new to Australia. Many not for profit organisations have sourced revenue through for profit arms. For example, Lifeline and St Vincent de Paul have op shops where people donate goods to be sold through the store. The stores are predominantly staffed by volunteers. The biggest social enterprise in Australia would possibly be Sanitarium, the makers of Weet Bix, who are owned by the Seventh Day Adventist Church.
Millennials are now taking a much greater interest in enterprise and its social impact. They are wanting to know what impact their employer is having in society and the social impact that will be had when they make purchases.
Is Foley Business Management a social enterprise?
Well, our purpose is to build sustainable communities. We assist not for profit, social enterprise and small businesses to make more informed decisions in their financial management. As an Indigenous owned business, we specialise in the Indigenous or Aboriginal and Torres Strait Islander sector. So, we intentionally tackle social problems, improve communities, indirectly and directly provide people access to employment and training. But we are an Indigenous owned business that operates as a for profit where much of our profit is returned into the business.
The Challenge for Social Enterprise
The biggest hurdle for social enterprise is the same for any start up- Cash flow. Many start ventures with good intentions, but do not understand the full implications. Having someone who can manage your finances and be able to provide advice to assist you to make more informed decisions is critical to the success of your social enterprise.
As discussed in the Not For Profit Law Information hub, knowing what type of setup is critical in establishing your social enterprise. Understanding both the for profit and not for profit sides of your social enterprise is a great advantage to any social enterprise.