More Nova Scotia social enterprises will be able to start, grow, expand into new markets and strengthen communities as a result of support from the Invest Nova Scotia fund.
The fund’s board of directors is investing $1.5 million over three years in the Social Enterprise Network of Nova Scotia to create an incubator that will help entrepreneurs build their business abilities.
“Increasingly business leaders want to look beyond profit and make a difference by addressing complex issues,” said board chair Kenneth Deveau. “Nova Scotia has a history of successful values-based businesses that create opportunities, especially for young people, and this investment will help make the most of that potential.”
A social enterprise is a business operated for the purpose of addressing social, environmental or economic challenges. The majority of profits are reinvested to support that purpose.
The Social Enterprise Network of Nova Scotia will work with Common Good Solutions to develop the incubator. Their goal is to support dozens of new and existing businesses over the next four years.
“We are proud to partner with Invest Nova Scotia and Common Good Solutions to build a strong network of community-based social enterprises that contribute to the social, cultural, environmental and economic prosperity of every Nova Scotia citizen,” said Social Enterprise Network of Nova Scotia president Cathy Deagle-Gammon.
“We are excited to partner with the Social Enterprise Network of Nova Scotia to deliver the impact incubator, providing the tools, technical resources and networking opportunities social entrepreneurs need to build sustainable, prosperous businesses across Nova Scotia,” said Common Good Solutions co-founder David Upton.
The Invest Nova Scotia Fund fosters innovation and collaboration to advance Nova Scotia’s economy and create jobs. Investments support projects that benefit sectors or regions, not individual businesses. Projects must be measureable, sustainable and support the ONE Nova Scotia Coalition goals. Decisions are made by a board of directors independent of government.
For more information, or to apply online, visit: http://novascotia.ca/business/invest/ .