Deloitte offers £1m support package to social enterprises
The business advisory firm, Deloitte has pledged £1m of in-kind support for 16 social enterprises. This is the second wave of the company’s Social Innovation Pioneers programme. It has already helped 30 social enterprises to grow their business and social impact and hopes to continue this success.
Since the programme began in May 2012, over 3,000 volunteer hours and 4,000 hours of pro-bono support have been delivered by Deloitte staff. This includes strategy support, financial modelling, corporate property advice, website development and impact measurement. A year into the programme, “Pioneers” have reported an average growth in turnover of 45%. In addition, 85% have increased employment; equating to 80 full-time and 41 part-time roles.
The 16 new pioneers have been selected from across the UK and have revenues ranging from £16,000 to £3.8 million. They are involved in a variety of sectors, including; education, property, healthcare, hospitality and consumer business.
Deloitte’s director for responsible business Bob Thust says: “So far it’s been an exciting and hugely rewarding experience with steep learning curves on all sides. By using the full capabilities and networks we have at Deloitte, we’ll be able to support the growth of this highly dynamic sector, as well as develop new partnership and procurement opportunities that bring real innovation into the business.”
One of the new Pioneers is REDS10, an independent social enterprise, offering apprenticeship opportunities in construction across London. The enterprise aims to help young people get qualified and employed in a specific trade. Founding director, Tom Storey says: “We have already placed 180 young people in long-term employment within the construction industry and want to build on this success. We believe that working with Deloitte will enable us to scale and replicate this across other sectors, and bring about a shift in the way the issue of youth unemployment is addressed, both in the UK and globally.”