Celebrating the Impact of Social Enterprises: A Journey of Growth and Transformation

In a world where social impact is more crucial than ever, we recently had the privilege of being the host of our ASSETS 2024 Cohort Celebration event, where we witnessed the remarkable achievements of social enterprises dedicated to creating positive change.

This gathering not only highlighted the resilience and innovation of these enterprises but also showcased the power of collaboration and support from organisations like Impact Hub and Wates, who successfully delivered the largest ASSETS programme to date, supported by The People’s Postcode Lottery and an industry partnership with Travis Perkins.

The Journey of Social Enterprises

The evening began with a warm welcome, setting the tone for a celebration of dedication and hard work. Given by Virginia Vergara, Impact Hub Senior Programmes Manager and Su Pickerill, Head of Social Value, Wates Group.

As participants shared their journeys, it became evident that the path of social entrepreneurship is not just about profit but about purpose. Many of these enterprises have faced significant challenges, yet they have emerged stronger, demonstrating unwavering commitment to their missions.

For instance, social enterprises like Ksquared, which focuses on sustainable property improvements, emphasised the importance of retrofitting to meet the UK’s ambitious net-zero targets. With over 40% of carbon emissions stemming from the construction sector, their work is not only vital for environmental sustainability but also for social equity, as they assist social landlords in enhancing their properties for the benefit of communities.

Transformative Partnerships

One of the key themes of the event was the importance of partnerships in amplifying impact. Impact Hub, a global network supporting social entrepreneurs, emphasises creating synergies to drive greater change. With over 110 impact hubs in more than 60 countries, their commitment to fostering inclusive entrepreneurship is commendable.

The collaboration with Wates has allowed participants to access invaluable resources, mentorship, and funding opportunities, enabling them to scale their operations and increase their social impact.

Stories helped bring the work to life

The stories shared by the participants were inspiring. For example, NGB CLEAN, a social enterprise created to support ex-offenders, has been successfully employing individuals previously incarcerated, thereby reducing recidivism and offering them a pathway to a stable future. This approach not only transforms lives but also addresses broader societal issues.

Rose Hill from Co-Creative Connection (CCC) discusses her organisation, which focuses on creating vibrant and joyful community spaces through co-design workshops and public art. She highlights the issues of social isolation, lack of connection within communities, and limited opportunities for creative expression.

One short story shared involved a participant named Joy, who felt disconnected from her community and was unhappy. Through the projects organised by the social enterprise, she managed to find lifelong friends and became connected to her community. Joy shared her life stories and participated in various events, including doing hopscotch at the age of 85 during an international team track event. Her transformation highlighted the positive impact of community engagement and the workshops provided.

She shared three stories of individuals who participated in her projects, demonstrating how these initiatives have positively impacted their lives by fostering connections, improving mental health, and promoting community pride. Overall, her talk emphasises the importance of community engagement and the role of public art in addressing social challenges.

Metrics of Success

The Assets Program has been pivotal in helping these enterprises refine their business models and enhance their operational efficiencies. With tailored workshops, mentoring sessions, and access to networks, participants have reported significant growth in their confidence and capabilities. One participant noted that their business has increased revenue from £120,000 to £190,000 within just seven months, showcasing the tangible results of the program.

Moreover, the economic impact of social enterprises is substantial. In the UK, there are over 130,000 social enterprises employing more than 2.5 million people, highlighting their role in driving economic growth while addressing social issues.

What did the mentors say about being part of the programme?

The mentors spoke positively about the program and highlighted several benefits they gained from their participation:

1. Insight into Social Enterprises: Mentors like Tom shared that working with social enterprises provided them with a new perspective on how these businesses operate. They found it enlightening to see the challenges and dynamics of a startup social enterprise, which was different from their usual experiences in larger organisations.
2. Skills Development: Adam, another mentor, mentioned that working with a new company helped him refresh his business skills, particularly during sessions where they reviewed financial statements together.
3. Building Relationships: Mentors noted the importance of building relationships with their mentees and among themselves. They found that the connections made during the program were valuable and led to ongoing communications and support after the program ended.
4. Contribution to Growth: Mentors expressed satisfaction in seeing the growth of the social enterprises they worked with. They felt a sense of achievement as they witnessed their mentees winning contracts and expanding their businesses.
5. Enjoyment and Fulfillment: Many mentors conveyed that they enjoyed the process and found it fulfilling to support and guide social enterprises. They felt they were part of something meaningful and impactful

Overall, the mentors appreciated the learning experience, the opportunity to contribute to social enterprises, and the relationships formed during the program.

Closing Speech

In the final speech of the event, Jonny Wates (Wates Group Director) emphasised the importance of genuine collaboration and the significant impact of social enterprises. He expressed admiration for the growth and achievements of the participating social enterprises and praised the program’s structure, which fosters these collaborations.

He noted, “Every single one of those stories, every one of those enterprises is doing incredible things, and you deserve massive kudos for them.” He highlighted the urgency of transforming the industry to prioritise social and environmental impacts alongside profit, stating, “The impact beyond profit is so crucial, and that’s the environmental impact and social impact that all of you are thinking about.” He concluded by thanking the mentors and underscoring the groundbreaking work being done, saying, “We’re really stepping up, and I’m really proud of that”.

Conclusion

The Assets 2024 Cohort Celebration was a testament to the power of resilience, collaboration, and social entrepreneurship. As we celebrate these successes, let us also commit to nurturing and supporting the next generation of social enterprises that are transforming lives and communities. Together, we can make a significant difference.

We extend our heartfelt thanks to all the mentors, partners, and supporters who have played a vital role in this journey. Your dedication to social impact is truly inspiring, and we look forward to what the future holds for all of us.