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What Americans increasingly refer to as social enterprise to refer to companies that are guided by a mission of doing good as well as pursuing profit, our Canadian neighbors call social purpose business.
The infographic below published on Visual.ly by the Canadian Youth Business Foundation steps through the various components of what makes a venture a social purpose business.Though there is no official legal structure to support social purpose businesses in Canada currently, there is movement to create new types of legal entities to capture the for-profit + for-good model.The current entity structures available in Canada are: for-profit corporations, co-operatives, not-for-profits, and charities.
There are some great online resources to deepen an understanding of Canada’s social enterprise climate. Here are a few we came across:
- Social purpose business (SPB) models [MaRS–not an acronym–is a great resource for social innovation in Canada]
- Financing Options for Social-Purpose Businesses (for-profit) [MaRS]
- How to Start a Social Purpose Business [CYBF]
- CYBF Resources for Social Purpose Businesses [CYBF]
Innov8social
Innov8social
Innov8social
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