PHASE 3. EXPANDING BUSINESS OPPORTUNITIES Insights from the case study
Suggested actions
Self-assessment questions
MAIN ACTORS In the implementation phase, which coincided with a substantial production growth, Quid social cooperative saw a rapid human capital growth: the number of employees rapidly grew to around 60. Moreover, at this stage, Quid managed to begin fulfilling its social mission by employing more and more people with fragilities, not only people belonging to those socially disadvantaged categories recognized by the national law, but also to a wide range of difficult backgrounds (victims of domestic violence and abuse, psychological abuse, etc.). In this phase, the Italian important multi-brand clothing company continued to be a crucial partner which opened to further strategic collaborations and partnerships. Also, the two philanthropic foundations remain important, one of which eventually became member of the social enterprise. Other big economic players (i.e., big international companies belonging to various market sector) became Quid’s business partners. Quid also managed to engage local public administrators (both municipal and provincial level) making them aware of its impact on the local territory and obtaining their endorsement.
If the business is at a growth stage, this is a good time to invest in human resources and employ more people also belonging to fragile and vulnerable social categories, hence starting to increase your social impact.
Continue to build on the relationship with initial supporters/sponsors/ investors.
Quid engaged with the territorial third sector networks and social service providers in order to reach people with fragilities and to become a partner in job re-insertion training programs. Quid continued to manage the tailoring laboratory program within the local district prison. Quid also began its dialogue with the European Union which provides larger-scale project opportunities. Quid also received support from an impact investment fund willing to invest in its strategy.
Enlarge your business opportunities by opening up to partnerships with other local, national or international companies not necessarily belonging to the same market sector. Make local public administrations and institution aware of your social/environmental territorial impact and pursue their endorsement. When employing people belonging to disadvantaged social categories, search and reach out to third sector networks and service providers which can provide their deeper knowledge, expertise and network access regarding the same social issues you are addressing.
Expand your business opportunities also looking for larger-scale international organizations (i.e., EU, UN, World Bank).
Expand your funding opportunities also towards more innovative instruments such as impact investment funds (i.e., social impact bonds, green bonds, development bonds, …).
Can the business growth allow for the employment of more people other than the initial group of founders? Can the business begin to provide job opportunities also to people belonging to fragile and vulnerable social categories?
Can the business count on the support of its initial supporters/sponsors/ investors?
Can the business manage to engage and partner with other relevant and well known national and international companies not necessarily belonging to the same market sector?
Are local public administrators aware of the social mission and impact which the business idea is achieving? Can the business count on their endorsement?
Can the business idea connect with territorial third sector networks and service providers in order to access their territorial knowledge of social/environmental issues and fragility and, hence, scale its social impact?
Can the business idea benefit from larger international opportunities (i.e., social economy competitions, projects, networks, …)?
Are there impact investment funds available for new social enterprises willing to generate an impact on the territory?
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