Got a great idea but don't know how to get it off the ground? Getting funding for a new social or non for profit enterprise can be difficult but new ways are emerging that can help budding entrepreneurs. Add your ideas to this guide.
Things you'll need
- Energy, passion, commitment and the ability to demonstrate that you have done something about your idea.
Look for tax relief from HMRC
The Social Investment Tax Relief (SITR) is designed to support social enterprises seeking external finance by offering a range of tax reliefs to individual investors who invest in new shares. SITR applies for investments made on or after 6 April 2014.
The legislation governing SITR will not become law until the Finance Bill receives Royal Assent, expected to be in July 2014.
Try UnLtd - to get your idea off the ground
For those at the pure idea stage UnLtd is a great start, providing grants to aspiring and deserving social entrepreneurs who want to make a difference.
Explore available Government advice
The Government's new start up initiative Start Up Britain has a lot of useful information and links for social entrepreneurs.
Look at social enterprise 'incubators' - to refine business plans
And several social entrepreneurial incubators are emerging that foster entrepreneurial teams and work with them intensively for several months to refine their business plans and next steps.
These include the London based Social Innovation Camp which also runs Bethnal Green Ventures.
The social entrepreneurial scene in the UK is growing rapidly and it has never been a better time to get involved.
Take a look at the Setting up a social enterprise
course on KnowHow's StudyZone.