Goodstart Rated in Global Philanthropy Top Ten
14 October 2014 at 10:32 am
The landmark Not for Profit GoodStart initiative facilitated by Social Ventures Australia to run more than 600 child care centres around Australia has been recognised as one of 10 top innovations, in a new report on global philanthropy.
The report, 10 innovations in global philanthropy, was published by UK-based New Philanthropy Capital (NPC) and highlights innovations as concepts worth spreading to maximise social impact.
In 2009 678 ABC Learning centres were purchased from receivers by the GoodStart consortium, a Not for Profit company established by Mission Australia, Social Ventures Australia, the Benevolent Society and the Brotherhood of St Laurence.
The UK list said the GoodStart innovations exemplify nine trends that make for better philanthropy – either by bringing in more money or by ensuring resources are used more effectively.
The GoodStart deal is used to demonstrate ‘layered funding’ which enabled the syndicate of multiple investors to convert a bankrupt for-profit business into one of Australia’s largest social purpose enterprises.
NPC reported that this approach of using different sources of capital with varying risk requirements could be adopted more extensively to bring together government, corporates, and individual investors.
“We worked with the world’s leading philanthropy experts to identify and select these ground-breaking approaches which we believe have the potential to make the biggest difference to how the philanthropy sector works,” Chief Executive, NPC Dan Corry said.
“This is not just about private capital going into Not for Profits – but turning for-profit businesses into social enterprises,” Duncan Peppercorn, Executive Director of Consulting at SVA said.
Other key trends identified in the report centre around transparency, sharing information and learning from failure, all which enable capital for social purpose to be more effective.
The innovations were identified through research and interviews with 18 leading philanthropy experts from around the world and focus on giving or investing from foundations and individuals.
In the report, NPC also calls for “greater openness, bolder leadership and a more confident approach to trying new approaches.”
Read the full list and report here.