Research Directions
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Access to “funding and resources” is considered amongst the most important issues impacting on the social economy in Australia.
This situation is now exacerbated by the growing financial crisis which both restricts the flow of financing and increases the demand for the services of social economy organisations.
Adding to this mix is the view that, in comparison to our OECD counterparts, the type of access to financing by social economy organisations in Australia is limited. And finally, our understanding of this system is fragmented and often reliant on anecdotal and outdated “data”.
Through a portfolio of investigation, APCSIP aims to help transform the social economy in Australia by enabling greater access - through understanding - to a variety of investment instruments. In pursuit of this, APCSIP is developing a vibrant research culture and capacity, which fosters research teams able to compete globally.
APCSIP is currently conducting investigations into two streams:
Mapping Australia’s Social Investment Landscape
As with mainstream financial markets, the landscape of social investment is highly differentiated, ranging from those needing grants or loans to those requiring access to venture capital.
In countries such as the UK, Canada, France and the US, great attention has been given to portraying their individual social investment landscapes. In the UK, this has involved a partnership between the government’s Office of the Third Sector and Oxford Said Business School (Skoll Centre for Social Entrepreneurship). The Canadian experience involves Government project initiation with execution by business and academia. Such efforts have yielded information that has since been used to inform local policy.
In contrast, the social investment terrain in Australia remains largely uncharted.
This presents significant barriers to devising strategies that assist local social economy organisations - as the lessons of other countries are relevant only to a certain extent.
What is now needed is an understanding of the “state of play in the emerging field of social investment” in Australia that captures both the issue of access to finance as well as the underpinning power relations. This understanding must be built upon an appreciation of the entire event – spanning supply, intermediation and demand with the aim that, over time, a new blended value discourse can be established.
APCSIP is now conducting foundation research into mapping Australia’s Social Investment Landscape. Contact Dr Janette Corcoran for more information.
Financing for Social Innovation
While securing funding for social economy organisations is often challenging, the financing of social innovation is especially problematic.
This is because, as with business, the “new and untried” presents a double edged sword. On the one hand, it is lauded for the advances that it can bring. On the other, it is often avoided by investors due to the risk it presents. The net result is that these new ventures typically experience systematic financial stress and so often fail to deliver their potential socio-economic returns. Yet, as with the business sector, failure to support innovation and entrepreneurship has serious long term consequences for Australia’s wellbeing.
In terms of addressing this situation, currently there is a paucity of information regarding the specific challenges encountered by the various institutions / actors that engage in this exchange, with most accounts tending towards anecdotal experiences.
What is now needed is an understanding of social innovation – including social entrepreneurship - in relation the challenge of financial sustainability. This understanding must be built upon an appreciation of the nature of social innovation and its particular challenges.
APCSIP is currently conducting research into this problematic area of sustainable financing for social innovation.
For more information regarding APCSIP’s research agenda, contact Dr Janette Corcoran.
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