Social enterprise is an innovative sector
The introduction of new products or services is often regarded as a proxy for business innovation. Over 78% of social enterprises responding to our survey reported introducing a new service or product in the preceding twelve months.
Social enterprises combine trading, social purpose and voluntary effort to deliver a unique blend of social and economic impact. The measure of Gross Value Added (GVA), frequently used to indicate the value of goods and services produced in an area, does not fully capture the contribution of social enterprise because it does not reflect the sector’s social value. While there is no single, definitive measure of social value, the survey helps illustrate what makes the social enterprise business model different and the social value such enterprises can unlock. For example, social enterprises in the GBSLEP area:
» Invest over £36m a year in achieving their social mission.
» And are supported by over 2,100 volunteers who donate about 450,000 person-hours a year –- time which is worth another £4.73m a year valued at the average West Midlands hourly wage.
* * *
Read more elsewhere on the website:
→ Follow the links under ‘About Social Enterprise’ on the BSSEC website for more information about social enterprises in Birmingham, social enterprise case studies, and the Digbeth Social Enterprise Qtr.