A social enterprise, by dictionary definition, is an organization whose main goal is promoting social or environmental welfare rather than making or maximizing profits. They focus on generating a majority of their income through trade, and are transparent with their audiences. Whilst there are over 70,000 social enterprises throughout the country (contributing to £24 billion to the economy) a very recognisable one to young people would be Children's University, which closes the gap between children and high-end universities. The UK’s social enterprises have diverse missions. Madlug, a luggage company founded in 2015, uses funds from bags it sells to provide free bags for children in care. Change Please sells coffee, but uses its profits to support homeless people by offering them jobs, housing, and training. As companies, social enterprises tend to be younger and more diverse than big businesses. Nearly half are under five years old, and nearly half of social enterprises are led by women. According to Social Enterprise UK, “women and people from racialised communities are more likely to be running start-ups now” compared to previous years.
The Big Issue exists to offer homeless and vulnerably housed people the opportunity to earn a legitimate income by selling a entertainment and current affairs magazine to the general public. Vendors of The Big Issue buy the magazine for £1.25 and sell it for £2.50, meaning each seller is a micro-entrepreneur who is working, not begging. Therefore it is vitally important that buyers take their copy of the magazine when they pay for it. By selling products and services on the open market, social enterprises create employment and investment in their chosen sector or local communities. They use the money generated to tackle social problems or provide training and employment opportunities for people who are unable to access work. All the profits made by the Big Issue Group are reinvested back into helping vendors with a ‘hand up, not a hand out’. Like many social enterprises, they tackle social problems, improve people’s life chances and support communities across the country, whether through social investment with Big Issue Invest, or by vendors selling the magazine or receiving support through The Big Issue Foundation, their charitable arm. The Big Issue has over 30 years of experience changing lives through enterprise by supporting Big Issue magazine vendors to earn an income through selling the Big Issue magazine; they have invested £400 million into over 500 social enterprises since 2005.
The Big Issue is aiming to improve the lives of one million people through its lobbying and influencing work over the next five years. The strategy report says the group’s charitable arm, the Big Issue Foundation, helped 230 homeless vendors secure their own safe accommodation in 2020/21, and provided debt and other financial advice to more than 500 people. It also hopes to attract 60,000 supporters for its campaigning on social justice and create 1.5 million customers for products created through its social investment arm, Big Issue Invest. BII, which manages social investment worth £39.7m, will open “multiple new funds” between now and 2027, the strategy document says. This will expand BII’s investment in businesses and charities that work with people living in poverty, the most vulnerable young people, people who are unemployed or homeless, and those experiencing mental health crises.
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