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The potential of the social economy

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.

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The potential of the social economy

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  1. The potential of the social economy Seamus O’Prey

  2. 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.

  3. 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.

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