Investment readiness Throughout March, April and May the fifteen Spark finalists will work with Eastside Consulting to develop their pitch and prepare for the Spark pitch event on Thursday, May 29. Eastside, which specialises in advising organisations with social objectives, will take representatives from the fifteen social enterprises through the company’s unique investment readiness programme. The programme includes one-on-one coaching with Eastside consultants, two investment readiness workshops and support for the fifteen to develop their materials and the pitch they will use in May. Senior consultant Matt Knopp, who will run the programme, said: “We are very excited by the prospect of working with such a diverse range of businesses of all shapes and sizes from all over the country. “Getting the finalists investment ready for the panel will provide both them and us with a unique challenge. This will be a valuable learning process for all the finalists and whether they win prize money or not, they will be in the perfect position to raise funds and start scaling their operations.” On Thursday, May 29, representatives from the fifteen finalists will pitch their business case to a panel of experienced social entrepreneurs including several major names from the homelessness sector. At stakes is £500,000 of prize money, provided by Communities and Local Government, and thousands of pounds of in-kind support provided by Spark’s partners. Spark is an innovative project developed by Communities and Local Government, The TREES Group, Big Issue Invest (part of The Big Issue group) and Eastside Consulting to build and inspire social enterprise to prevent homelessness. It aims to champion the 15 best examples of social enterprise ideas in England where organisations are dealing with the prevention of homelessness, moving people towards independent or stabilised living, or otherwise working to address the issue. Applicants were asked to seek investment for a specific enterprise aimed at addressing the root causes of homelessness and/or increasing people's move into independent or stabilised living. The panel will rank the organisations against the project’s preferred criteria; how they: 1. Articulate the business case for the enterprise, for which they are seeking investment. 2. Demonstrate they have the capacity to deliver on this proposal. 3. Prove they can perform by showing good progress towards social and financial goals. 4. Clearly assess the finance required to achieve their proposed outcomes. 5. Show their proposal has the potential to scale, and how investment will catalyse growth in impact, and increase possibility of reaching larger number of beneficiaries. 6. Evidence they have made preparation for investment by pulling together the above information into a coherent 'story' for potential investors. “These six criteria are frequently found on social financiers’ wish lists as they look for both financial and social return on investment,” explains Matt. “The most common barrier to enterprises accessing the right type of financial support is a lack of knowledge of how to put an investment story together professionally. Time and again financiers tell us the same story: they liked the team and the idea but there were too many holes in the proposition. Our mission is to work with inspired social entrepreneurs and make sure they have the right plan to raise finance and successfully deliver on their mission.”
Eastside is a dynamic advisory firm founded in 2004 by former corporate financiers who wanted to apply the best management techniques and practise from business to the real life situations experienced by people working in the third sector. Since formation, the Eastside team has worked with a wide range of social enterprises including The Big Issue group and Computer Aid International. Eastside has extensive experience working with organisations in the areas of homelessness, housing, environmental, arts and community finance, and has raised more than £13m for our clients. To find out more, visit www.eastsideconsulting.co.uk. |
|
