Make a Wave PI 2011 Portfolio

A journey towards investment for women social entrepreneurs

Make a Wave is an OguntĂŞ support programme www.ogunte.com

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seeing women social innovators be more influential and better connected.

love

But in order to make an impact, I found that they sometimes want different resources and learning environments.

That is why I founded Oguntê, the company, and Make a Wave, the pre-incubator that is showcased in this portfolio.

All our programmes support sustainable development and positive social impact through a woman’s perspective.

Servane Mouazan FRSA Founder and Director of Oguntê

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Contents OguntĂŞ p. 4 Why Make a Wave?

p. 6

The hosts

p. 8

The women social entrepreneurs p. 16 Learning and what’s next? p. 30

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a better world. powered by women

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Oguntê is a Social Innovations Development company focused on women-led social ventures.

We believe that women have practical answers to pressing social and environmental issues.

Since 2001, the Oguntê team have developed thousands of passionate women leading social ventures and helped them align their social and commercial objectives, to make a better impact.

We coach and develop high achievers in the social enterprise sector.

We provide social impact measurement protocols, preparation to impact investment, leadership awards, market places development, and development tools for social businesses.

More info on w: www.ogunte.com @ogunte t: +447932982379

The resources that the Oguntê team co-produce with members of our network through events and collaborative working groups enable thousands of women to harness their skills, share their learning and in turn have a positive impact on their stakeholders and their environment.

We have created the Women’s Social Leadership Awards, that promote impactful women social entrepreneurs and campaigners, and we curate an exclusive directory of global outstanding women social innovators.

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Why Make a Wave ?

A few facts

Multiple issues

If we want to solve systemic social and environmental issues and create lasting change, we cannot discard the enormous resource that women social entrepreneurs represent, and the associated ripple effect in society and the economy.

> Impact investors are having a hard time finding mature social entrepreneurs with viable propositions to support.

Passed the initial start-up grants phase, women tend to find it difficult to access risk-capital of £50,000£100,000, necessary to scale up.

> Low number of (equity) investments in women-led social enterprise. > Some women assume that their social venture is not suitable for investment. > There are no seed-stage “mentor-capital” programmes on offer to social entrepreneurs and particularly women, where they can hear from the investors themselves how diverse their industry is. > Investors (a majority led

by men) are not aware of these women-led social ventures.

This results in a lack of reliable pipeline of deals.

Solution?

OguntĂŞ created Make a Wave, a unique pre-incubator for Women Social Entrepreneurs, to give a gendered lens on impact investment, and required knowledge and competences to pitch to investment and funding panels.

12 participants are first selected based on a business proposal diagnostic.

Over 6 months, participants access women angels and VC’s, impact investors, philanthropists and accelerators, who give invaluable insights on the diversity of their industry and their expectations, during monthly 1-hour visits.

In addition, Make a Wave offers a series of conference calls with global women social innovators and mentors, who offer practical operational advice, insights and feedback on the participant’s ventures.

Between sessions, participants get coached and mentored, access real funding opportunities and up-to-date information about the industry.

The impact of a pre-incubator? > grown confidence in pitching and approaching the right investors or funders > expanded competence

in running a social venture, and promoting its impact > better stakeholders and

peers connections > successful enrolment in accelerators or business incubators programmes > passed screening process and increased probability of being funded > the ability and the confidence to partner with or fund other social entrepreneurs.

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The hosts | 2011

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Sally Goodsell

ceo

FSE Group

www.financesoutheast.com @FinanceSE

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grew the award-winning FSE Group from 1 to 35 employees with £45m funds under management. Sally started her career in investment banking in the City, latterly at Guinness Mahon where she was a Director. An entrepreneur herself, she has advised national and regional governments on SME finance and female entrepreneurship for which she won the “Prowess award” for Outstanding Contribution to Women’s Enterprise Development. In 2010 Sally established Incito Ventures, the UK’s first female business angel network/VC focused on women-led businesses. In 2011, she launched The Social Impact Co-Investment Fund, the UK’s first business angel co-investment fund for social enterprises. ally

FSE Group FSE helps growth businesses achieve their potential through direct investment alongside a range of professional support and advice. The companies FSE has invested in have grown almost five times faster than the national average.

Whilst FSE’s funds are managed on a commercial basis, group profits are recycled to provide further investment and support to high growth companies.

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Sally is a board member of the British Business Angels Association (BBAA) and the European Business Angel Network (EBAN).

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have got a chance of a lifetime and the opportunities to make a difference in this market place.

Seize it! Bring the discipline and the proof that your model makes a difference. ou

Daniela Barone Soares

ceo

Impetus Trust

www.impetus.org.uk @ImpetusTrust

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in Belo Horizonte, Brazil, Daniela has long been committed to finding innovative ways to break the cycle of poverty and create new opportunities for the economically disadvantaged.

Daniela joined Impetus Trust as Chief Executive in June 2006. Previously she worked in private equity and venture capital, with BancBoston Capital in the U.S., Europe and in the U.K. She also worked for Citigroup in Brazil and Goldman Sachs in New York. Prior to joining Impetus, Daniela was Head of Institutional Support at Save the Children, where she was responsible for strategic development and fundraising.

She has a Bsc in Economics from Universidade Estadual de Campinas (UNICAMP), Brazil, and an MBA from Harvard Business School. orn

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alone is not enough, discipline and focus are essential. assion

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ÂŤprivate equity industryÂť is full of knowledge on human resources, finance and negotiations, and it has a very disciplined way of improving the way social ventures operate and increase their scale. he

Impetus Impetus trust works to break the cycle of poverty by investing in ambitious charities and social enterprises that fight economic disadvantage. They use their highly effective pioneer venture philanthropy model to accelerate the growth of carefully selected charities and social enterprises so they can help many more people living in poverty.

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Sarah Ryan

Astia Europe Board Member www.astia.org @AstiaEurope

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active business angel, Sarah sits on the Board of two portfolio companies and manages a multifamily property investment portfolio.

An associate Director at London Business School, and active with Duke and Wharton, she has taught investment banking analyst training programs, as well as MBA-level accounting and marketing courses n

Previously, she was Director of International M&A for LexisNexis and Thomson Financial, where she led transaction due diligence and structured complex deal terms globally.

Sarah is a business mentor in the Prince’s Trust Enterprise Scheme, and an advisor for Pioneers of Prosperity and Astia.

Astia Astia’s network of over 1,100 advisors -investors, entrepreneurs, C-level executives- are committed to accelerating the growth and success of companies with female co-founders or executives.

Since 2003, over 60% of Astia Portfolio companies have received funding, totally over $1 billion raised with 21 exits and 2 IPOs. The on-ramp to the Astia ecosystem is the entrepreneur program held several times a year in Silicon Valley, New York and London, topped with customized advisor matching, leadership training, investor connections and a strong peer-to-peer network.

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the words «innovative» & «social enterprise» from the pitch, just say WHAT you deliver. rop

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one bottom line: how good is your company for your community, your employees, your customers, your shareholders, and importantly, is it viable? here’s

Adele Blakebrough mbe

ceo

The Social Business Trust

www.socialbusinesstrust.org @SBT_UK

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the co-founder and CEO of CAN, a leading organisation for the development and promotion of social entrepreneurs, Adele also led Kaleidoscope, a Kingston-UponThames based voluntary organisation working with 350 heroin users daily. In 2005, Adele was awarded the prestigious BITC Sieff Award for engaging business for social benefit and received an MBE in 2006 for services to social enterprises. She sits on the Welsh Assembly Social Enterprise Ministerial Advisory Group. She is a non-executive Board Member of Impact International and a trustee of the Welsh Refugee Council. nce

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wait to turnover £1 million pound to start nurturing relationships with investors. on’t

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Enterprises need more household brands, be the next one. ocial

The Social Business Trust The Social Business Trust, launched in 2010, is an independent charity wholly dedicated to helping established social enterprises with an asset lock scale-up their operations regionally and nationally. Six investors (Bain & Company, Thomson Reuters, Credit Suisse, Permira, Ernst and Young, Clifford Chance) are contributing £10m of cash and in-kind support over a 3-5 year period.

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Stephen Rockman

ceo Merism Capital partner Hub Venture

Labs

www.merismcapital.com @merismcapital @HubVentures

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tephen founded Merism Capital in 2010 to provide seed funding for early stage social businesses: supporting entrepreneurs with intellectual capital and equity investments of £50k to £150k for both financial and social returns.

Previously Stephen spent twenty years in IT in various commercial roles with global software and services companies before becoming an advisor to an angel investor in startup web and mobile companies.

Hub Venture Labs HVL run short incubator programmes, some with investment prizes. They provide customised non-financial support on behalf of investors and foundations, encourage impact investing and new forms of hybrid finance, and champion social entrepreneurs across Europe.

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I give you money, I really want to see you invest it in areas that give you more traction. f

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Stephen was a judge for the Big Venture Challenge and for Tech City Launchpad. He is a guest lecturer in social investment at Goldsmiths College where he chairs their Advisory Group for the new MA in Social Entrepreneurship. He holds a number of non-exec roles in early stage companies.

In 2011, he co-founded Hub Venture Labs, with Hub Westminster in London, the only incubator in Europe dedicated to social entrepreneurs.

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me a good business model, rather than a forecast (prospects change all the time). how

Victoria Anderson

board director

Venture Partnership Foundation www.vpf.org.uk

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ictoria is passionate about organisations with a social purpose.

She is an advisor to the Young Achievers Trust and a UK Committee Member at Voluntary Services Overseas.

She is a Non-Profit Panel Member at Knowledge Peers, a founder of Philanthropy Professionals Network, an RSA Fellow, and she also serves as an advisory board member at Philanthropy UK. She has worked for Charities Aid Foundation as Head of Advisory services, UnLtd, the Foundation for Social Entrepreneurs, as Director of Programmes and Operations, Big Lottery Fund’s International Programme, Save the Children Fund and HelpAge International on international statutory funding.

Andrea Soccorso (ceo VPF) Formerly at Absolute Return for Kids (ARK) and a Harvard alumna, Andrea has extensive international experience in Europe, the US, Asia and Latin America. She has extensive programme, fundraising, developing and brokering strategic cross sector partnerships and advising high impact social enterprises.

VPF VPF is a mutual foundation collaborating with individuals, private and institutional funders backing social entrepreneurs and the ventures they run.

VPF provides social entrepreneurs with a package of support, including flexible financial help.

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be afraid to show weaknesses and your failures in the past and talk about how you have learned from them. If you don’t, your pitch will sound unrealistic… And do a due diligence on your donors too! on’t

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The women social entrepreneurs Fellows 2011

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you know where your cut flowers come from?

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Lauren Craig is the founder of Thinking Flowers?, a social venture that questions social and environmental sustainability within the cut flower industry.

Most cut flowers have a negative impact on the environment and the workers, mostly women, are subject to disastrous working conditions.

Thinking Flowers? delivers ethical floral design, consultancy and training to corporations, sme’s and people in disadvantaged communities, to promote sustainable floral products and better working conditions.

Clients include: Eden Project, Guardian, Times Eureka, PricewaterhouseCoopers, Tate Modern, Westminster Cathedral, the Met Police and the House of Commons.

Lauren Craig

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Thinking Flowers? www.thinkingflowers.org.uk @thinkingflowers

am more focused on condensing and consolidating what we do, communicating that better, and totally more aware of what kind of money is available and what we need, where and when.

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Wave creates a safe space to explore the future of projects in different funding/ investment contexts. I have learned from my peers’ actual experience. ake a

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o Manuel is the Founder and Executive Director of The Special Yoga Centre, committed to making yoga as a therapy available to all children especially children with special needs. There are at least over 1.7 million of them in the UK.

They are working to bring yoga to classrooms as an early morning routine across the UK and ultimately introduce it to the National Curriculum.

The Special Yoga Centre currently supports 550 children with special needs.

Jo’s impact to date: classrooms are calm and organised, children progress at a higher rate across many areas of their learning, development and home lives; carers and teachers have a better environment to provide their support.

Jo Manuel

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The Special Yoga Centre www.specialyoga.org.uk @sycyoga

is helping me to see the need for solid business plan and structure to roll out any of the ambitious projects that we are developing. he programme

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was very clear about what drives her to make decisions about what charities to support‌ ur host

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is the CEO and co-founder of Buzzbnk, an online marketplace that connects social ventures from all walks of life with backers, supporters and fans. Buzzbnk backers support the initiatives they like by pledging money, time, or both, and carry the message to their own social networks and communities. We call this crowd-funding. heresa

Before Buzzbnk, Theresa spent 16 years in the private sector, delivering e-business, internet and internal business solutions for two large international corporations, the most recent with Swiss Re. In 2008 She completed a Sloan Fellowship MBA/ MSC at London Business School.

Theresa Burton

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Buzzbnk www.buzzbnk.org @buzzbnk

learned to reach out and build relationships with potential investors for the medium to longer term (those investors who we are not yet ready to formally apply to because of our current stage of development…).

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eer-led learning at regular intervals with people who are more or less at the same stage as you is an invaluable way to support your business and personal development.

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do you tell the difference between child abuse and nonabuse? ow

My name is Rioch Edwards-Brown, founder of MLC London a consultancy offering brokerage, data and advice to Legal teams and Child Health professionals.

To date I have helped 4,000 families who state that they have been wrongly accused of child abuse.

150 legal teams have used my service and 9 other causes that mimic child abuse have been identified.

The information gathered will form a subscription service for medical, legal and Child Health professionals and families better represented in court.

Rioch Edwards-Brown

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MLC London www.mlclondon.com @MLCLondon

found the host to be clear, concise and warm.

I got to ask questions that have been at the back of my mind for a while. I always felt strongly that my model may not be

to everyone’s taste in terms of what is or how a social enterprise should operate but that it is right for my stakeholders and market. [The mentor’s] feedback was timely, honest and encouraging!

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and educated in Sutton, Amanda overcame early difficulties in life caused by family poverty and her dyslexia. orn

But she has proven to be a true social entrepreneur and a campaigner for social justice.

Amanda took Eco-Actif away from her Local Authority in 2006 and turned it into a CIC. Her leadership has been the driving force in the success of Eco-Actif Services.

The company offers practical help and support to disadvantaged people across Surrey & South East London, specialising in working with offenders and substance misusers.

Services CIC Amanda Eco-Actif www.ecoactifservicescic.co.uk Palmer-Roye @AmandaEcoActif

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his programme has completely changed and challenged my focus on my business. I am in a much better place than I was 3 months ago. It has given me the opportunity to step back from my normal business and look at what I want to achieve and how to get there.Â

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further along with investment challenges than I ever did before and I have had a successful meeting with Social Business Trust, something that would never have happened without the programme. have moved

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has over 20 years experience in the education sector in the public, private and now third sectors.

She was recruited to Learning Plus Uk to oversee the next stage of its development and in particular to lead the move from an organisation funded by grant aid from central government to one with a diversified model of income generation. ate

Learning Plus UK supports education leaders to make an impact on young peoples lives by improving educational performance, through easily accessible performance data analysis, benchmarking and support.

Dr Kate Reynolds

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Learning Plus UK www.learningplusuk.org @learningplusuk

Wave helps you understand what you do and explain it succinctly. Decide what type of organisation you are – otherwise you’ll spend a lot of time finding funders that won’t back you! And of course, understand your big numbers. ake a

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he benefits? The experience and talent of the women in the group, the interconnections between what different organisations do and the access to funders!

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haron Cannings , FRSA, is the founder of Ermine Street Project CIC, committed to social mobility in Arts and Media.

Did you know that graduates in this sector are being told to expect to work unpaid for the first three years of their career? How can this be good for diversity?

ESPTV, a new internet channel, is creating paid work using emerging talent and ideas. They are attractive to advertisers and larger networks as they offer a direct route to growing online audiences.

They hope graduates, who currently work with them, will be able to do the same when they start their own ventures, and create sustainable financial returns!

Sharon Cannings

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Ermine Street Project CIC www.erminestreetproject.co.uk @erminestproject

y progress has been to think much more on a practical level. Ideas for change are one thing, but putting them into practice is the real justice you can do them.

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what I wish to achieve in a clear and quick manner has made my business plan evolve into something much clearer too. I am much more confident when it comes to the financial side. Some of it used to go over my head- now most of it actually makes sense! ommunicating

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spent the last eight years leading the creation of the alternative financing sector in the UK (and taking it to a value of ÂŁ1bn), I have now set up my own business to deliver a virtual banking product to the 10 million people in the UK who are underbanked. aving

Wizzmoni will provide them with a simple and safe way to hold money, purchase goods online and at retail outlets.

Because it saves money, Wizzmoni will increase users spending power and help move them out of entrenched poverty. Wizzmoni will also save its users time, as they will no longer have to queue in banks and Post Offices to pay bills by cash.

Bernie Morgan

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Wizzmoni Ltd www.wizzmoni.com @BBerniemorgan

great to meet other women entrepreneurs, and share and support each other. All the discussions have made me revisit my plan - which has now changed completely. t is

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the way challenges drop into our inbox while we are on the sessions. really like

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is working with master upholsterer Alex Law to create a new kind of upholstery business.

Providing long-term apprenticeships to young people, ex-offenders and those who would not have experienced the industry, they are hoping to plug the skills gap in this important and traditional craft. aura

The business will break out of the traditional mould of an upholsterer, taking a lead in supporting and encouraging reuse and recycle, working with small textiles producers and providing opportunities for businesses and the general public to engage with its work.

The project has a great deal of support within the industry and will show that apprenticeships and training can work hand-in-hand with a successful business.

Laura Willoughby mbe

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Sprung www.sprungupholstery.com @sprung

here are different models of funding. That can make a big difference to the structure and the model of the business you are developing.

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is developing and changing now I have found a business partner, I need to bring together both our aspirations into a coherent plan. y model

microcredit for women entrepreneurs and to raise awareness about how empowering microcredit can be.

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o-Anne

Godden is a swimwear/ lingerie designer with 20 years experience.

In 2011 Jo established RubyMoon to sell swimwear to provide funds for

Jo-Anne Godden

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here are more philanthropic investors out there than I thought!

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eep asking

In the past, she has produced Fairtrade underwear and was the Lingerie & Swimwear Product Development Manager for GapBody, USA. Prior to that she developed swimwear and lingerie for Victoria’s Secret, Marks & Spencer, & many others. She has also coordinated social & media events around raising Human Rights awareness for Amnesty International USA and is a passionate campaigner for an ethical and sustainable clothing industry including workers welfare and a living wage.

RubyMoon Design CIC Ltd www.rubymoon.org.uk @rubymoonbikini

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y learning: I need a pack of information prepared to include all legal documentation for my company.

until someone

says yes!

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he Settlement is a social enterprise that responds to the needs of unpaid interns by providing affordable, short-term housing solutions across the UK, starting with London.

Milena thought of creating the Settlement because of her personal experience as an intern. After a 6 month unpaid internship within an environmental NGO in London, she decided it was time rectify this socially unjust issue, which prevents many individuals from achieving their full potential; unpaid internships restrict access to those who are either from a wealthy background, or have accommodation freely available in London and are therefore able to live and work for no pay.

Her vision is to ultimately make unpaid internship illegal and provide an affordable housing service to graduates and young professionals.

Milena Bottero

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The Settlement www.thesettlement.org.uk @thesettlementuk

Wave definitely changed the way I’m approaching things, underlining the importance of becoming a selfsustaining venture and moving away from grants. ake a

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lot like there are opportunities for funding and investment at every stage of development of a social enterprise and that is reassuring. feel a

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designs and delivers sustainable social change. From issue to impact we work with clients and communities to identify the purpose, create the project, find the people and coordinate the process. andu

We use our knowledge and networks to inform, influence, support and connect cross-sector policy agenda, service design and investment choice.

Our building blocks are: A arts, culture, creativity, innovation B business and different ways of delivering social change C community engagement to identify grass-roots, real issues and needs D development of capacity building, resource-raising, policy and investment E enterprise and entrepreneurial approaches to learning F future thinking now

Sian Slater

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Kandu www.ukanduit.com @kanduinnovation

his programme has definitely had an impact on my thinking – just by the very fact that it has “forced” me to try and clarify what it is I do as a social enterprise.

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’ve been able to articulate, challenge, interrogate and explore issues and activities in a creative and safe environment. I’ve also been able to see what else is out there and connections that are possible, and learn more about the social enterprise sector.

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Learning and what’s next?

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he pre-incubator has been instrumental in moving a cohort of women social entrepreneurs of various skills, competences, and industries, to a further stage of development. The participants felt they made progress through this programme, because they:

> have made sense of the diversity of the funding, philanthropic and investing landscape. > have heard the finance organisations give in-depth explanations about their motivations, and the type of returns they are seeking (which ratio for financial or social returns). > understand the consequences of setting a particular legal

structure. > have had the opportunity to be introduced to investors, without killing the novelty of their product. > are more disciplined thanks to the challenges, the mentoring and the feedback given by peers and finance professionals, over 6 months. > have had the opportunity to look at their teams and beha-

viour, and what needed to change.

> made sense of their own usp and values and are now

able to communicate them in a package that anyone can understand. > have a peer group that can openly challenge their busi-

ness model. > feel more confident and credible and have a clearer vision on what they want to achieve in the next 12 months.

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rom the participants’ perspective, we know there is a need for:

patient finance opportunity and on-going coaching.

More info on the next Make a Wave here:

> support to establish proof of concept, enhance confi-

http://prezi.com/pfalh8w1jyo/make-a-wave-ii/

> a peer-led learning programme for women attached to a

dence and ability to engage with relevant stakeholders and maximise networks and impact. > a process by which women social entrepreneurs become “investors ready�: ready to ask relevant and challenging questions and give focused answers, ready to fail, succeed, and amend business models, ready to make critical business choices. > a network of women business angels/mentors to closely support high potential women social entrepreneurs, and likely to increase a reliable pipeline of deals.

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Thanks We would like to thank the hosting investors and the 2011 fellows, showcased in this booklet, but also the professional women, associates and mentors who advised the women social entrepreneurs, made the programme possible from inception to development, and who are currently advising on the next steps:

Simone Brummelhuis (Astia Europe, the NextWomen) Sherine Mahmoud (Oguntê, Agora Microfinance) Natalia Oberti Noguera (Pipeline Fellowship, US) Andrea Marmolejo (Worldbank, Ashoka, Absolute Capital) Kate Welch OBE (Acumen Development Trust) Pemo Theodore (Ezebis) Bonnie O-Wong (Vancity, Ca) Cassie Robinson (Point People, Agency) Hayley Collen (Epiphron Limited) Jane Swift (GM - TV Media & Content - BT plc) Thanks to the Hub Westminster, SVG Capital and Nesta for providing additional venues.

This programme is an investment from the RSA Catalyst Award and OGUNTE Ltd.

Photos credits: Cover: ©Yarik Mishin QUTE All credits own except: p.1 ©Oguntê, p.8 ©Jody Kingzett, p.11 ©Ben Langdon, p.12 ©Oguntê, p.15 ©Oguntê, p.16 ©Jody Kingzett, p.21 ©Jody Kingzett.

Graphic design: elenn.mouazan@free.fr