The potential of the social economy Seamus O’Prey

Potential for the social economy: NI Social economy: – 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.