Co-creating Prosperity through Social Innovation: The Role of Social Finance in Newfoundland and Labrador’s Community Sector
Keywords:
social innovation, social finance, social enterprise, community sector, impact investing, social impact, revenue diversification, sustainability, social entrepreneur, community leaderAbstract
Newfoundland and Labrador (NL), a Canadian province on the northeast tip of North America, has a unique culture characterized by a small, yet resilient population spread across a vast land. To date, NL has had limited opportunities to access social finance opportunities right-sized to the province’s needs. This article describes an innovative and collaborative approach undertaken by four partnering organizations – the Centre for Social Enterprise at Memorial University, the Community Sector Council of NL, the Community Foundation of NL, and Propel Impact – to address NL’s challenges and unleash the potential of social enterprise and social finance in NL.
Through community-based research, the partners embarked on a journey to map social finance activities, educate leaders of social purpose organizations (SPOs), and quantify the demand for social finance in the province. Their approach was deeply rooted in community engagement and involved partnerships with local networks, interviews with SPOs, and the development of comprehensive case studies to fill the dearth of data in the sector. This article underscores the importance of trust-based alliances, community engagement, and data-informed solutions to drive change.
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Copyright (c) 2024 Erin Oldford, Gillian Morrissey, Cheralyn Chok, Keshiv Kaushal, Nicole Dawe, Mariana Jimenez Ojeda (Author)
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