In 2018, the Social Innovation and Social Finance Strategy Co-Creation Steering Group released its report, Inclusive Innovation: New Ideas and New Partnerships for Stronger Communities. This comprehensive report contains 12 key recommendations that would help communities tackle their toughest social and environmental challenges through skill development, unlocking private capital, increasing market access, and regulatory changes. In other words – it would be a game changer!
The federal government has committed to developing a Social Innovation and Social Finance Strategy (SISF Strategy) and, in 2018, announced a $755M Social Finance Fund and $50M Investment Readiness Program. BUT, the Social Finance Fund has yet to be rolled out, after a very successful 2-year pilot, the Investment Readiness Program is set to expire in March 2021, and there has been little action on the remaining recommendations.
The game has not changed….YET.
We have a window of opportunity to push the government to implement a comprehensive strategy, expand the Investment Readiness Program, and accelerate the Social Finance Fund. Over the spring and summer, several mobilizing efforts, including by the People-Centred Economy Group, Impact Response, the National Impact Investment Practitioners table, former members of the SISF Steering Group, and others, have urged the federal government to accelerate SISF as part of COVID recovery. This is a critical moment for a concerted push for continued action by the federal government to ensure that SISF is part of budget 2021.
On November 2 we heard from social innovators about how SISF supports their work, why they’re pushing for action now, and how you can be part of a campaign that will help you have your voice heard on this strategic issue!
- Béatrice Alain, Executive Director, Chantier de l’économie sociale
- Victor Beausoleil, Co-founder & Executive Director, Social Economy Through Social Inclusion
- Rosalind Lockyer, Founder & Executive Director, PARO Centre for Women’s Enterprise
- Wendy Keats, Executive Director, Co-operative Enterprise Council of NB
- Raissa Marks, Government Relations Director, Canadian Community Economic Development Network