Big Venture Challenge survey shows 16.6m ready to be involved in social entrepreneurship

published by nick on Fri, 06/17/2011 - 00:01

Research shows the time is right for social entrepreneurs to take the lead with 16.6 million ready to get involved

  • A third (33 per cent) of the UK public would consider becoming social entrepreneurs if they could get help to do so

  • More than three quarters (78 per cent) believe businesses should give back to society and do more than just make profits

  • Big Issue wins the highest accolade as public ranks it as having the most positive impact of existing social ventures

 17 June 2011:· As social entrepreneurship competition Big Venture Challenge gets underway, a new survey demonstrates that the time is right for social entrepreneurs.  New research reveals that not only do 78 per cent of the UK public believe that businesses should do more to help society rather than just make profits, but 33 per cent would be prepared to become social entrepreneurs themselves if they were supported to do so – the equivalent of 16.6 million UK adults.

Putting ‘selfish’ corporations on notice, 76 per cent also said that it would be more rewarding to work for a company that did good work, with only 9 per cent saying it would be more rewarding to work in a company whose prime focus was making profit.

Of those companies which already do good work for society, The Big Issue was identified as having the most positive impact, with 23 per cent of respondents ranking it first.  Jamie Oliver’s Fifteen followed with 17 per cent, and The Body Shop with 9 per cent.

Cliff Prior, CEO of UnLtd said:

“While we are not surprised that people are keen to see business play a stronger role in solving social problems, this research shows that the UK public is prepared to go further than simply waiting for it to happen on its own accord.  If only a fraction of the 16.6 million people who would consider becoming a social entrepreneur took advantage of the help we offer to get such ventures up and running, we could make an incredible, lasting change to the lives of people in the UK.

“For social entrepreneurs who are already out there making a difference, these results must be doubly encouraging.  People are ready not only to listen but to take part, and with funding available through grants, investors and competitions like Big Venture Challenge, they should be looking to scale up their ventures to the next level.”

Nigel Kershaw, Group Chairman of The Big Issue Company said:

“Twenty years ago The Big Issue pioneered business solutions to create social impact through the simple business model of vendors buying a magazine for £1 and selling it on to the public for £2. We are so proud to receive this recognition from the public and to be part of finding the next 25 Big Issues through the Big Venture Challenge.”

Other findings from the report included:

·       If given £175,000 to spend, more than one fifth (22 per cent) would use that money to make a positive change - with the rest choosing to buy a house, save or go travelling

·       Almost 60 per cent of people think that businesses already make a positive impact on society (with Londoners twenty per cent more likely to believe this than average)

The survey was commissioned by UnLtd, the Foundation for Social Entrepreneurs, in partnership with market research firm Opinion Matters to investigate attitudes around social entrepreneurship in the UK.  It is timed to run alongside the launch of Big Venture Challenge, a new competition to find the next generation of social ventures, backed by the Big Lottery Fund as part of its People Powered Change platform.

Dharmendra Kanani, England Director for Big Lottery Fund, said:

“People powered change happens when ideas emerge from people and communities in need and opportunities are provided for them to take charge, use their assets and determine services and responses to their circumstances.  That’s why we are delighted to be a partner in the Big Venture Challenge.”

Big Venture Challenge runs until 30 June, looking for 25 winning entrepreneurs to receive up to £175,000 each in grants if they can attract matched funding. Winners will also receive intensive business support, including support from the competition’s corporate partners, including Accenture, Deutsche Bank, Hogan Lovells, Coutts and The Supper Club.

The competition runs in three stages, with 25 receiving £25,000 in grants, the best ten of those receiving a second round of £50,000 in matched funding, and a final two receiving an additional £100,000, if applicants can match it with loans or equity from co-investors. This mix of investment capital and grants is unusual in such a competition and reflects one of the competition’s main ambitions to attract new investors to the social capital market place.

Shortlisted entrants are invited to a business pitch in front of a panel of experts – including Prêt A Manger co-founder Sinclair Beecham, social investors and successful entrepreneurs and business leaders – and will be chosen on the basis of their venture’s potential and their personal ability to scale it up to the next level at speed. 

The competition is already proving extremely popular – with more than 1,000 people registering their intent to enter before applications opened in May.  Ambitious social entrepreneurs aged 16+ in England should visit www.bigventurechallenge.com to apply.

-ENDS-

Notes to Editors

For media enquires and interview requests, please email unltd@fourcommunications.com or call Isobel Spaven-Donn or Ruth Clifford on 020 3023 9059/9921.

Social entrepreneur case studies and imagery available on request.

Survey was carried out by Opinion Matters between 1 June 2011 and 6 June 2011.  They surveyed 1249 UK adults.  Figure of 16.6 million people who would consider becoming social entrepreneurs was reached by taking 32.6 per cent of the UK adult population (50.9 million) as defined by population estimates from the Office for National Statistics at http://www.statistics.gov.uk/statbase/Product.asp?vlnk=15106

>> Download full press release (pdf) here, including further quotes from Big Venture Challenge judges and partners.