Westpac Foundation
What is Social Enterprise?
Since 2006 The Westpac Foundation has given funding priority to programs that aim to create and sustain social enterprise in disadvantaged communities.
There are several definitions of social enterprise but 2 key dimensions emerge. The first relates to revenue generation - social enterprises may generate a proportion of their income from running a commercial operation, supplementing traditional not-for-profit funding. The second relates to the entrepreneurial nature of social enterprises and their fresh approach to social problems.
In essence social enterprise is about tackling old problems in new ways - through innovation, entrepreneurial flair and financial self-sufficiency. It is about borrowing the best from business and traditional not-for-profit organisations to achieve maximum social impact. For example an organisation may generate revenue through a training and employment program for disadvantaged youth to build and sell recycled furniture.
