Today marks the launch of a seminal report entitled, Mobilizing Private Capital for Public Good from the Canadian Task Force on Social Finance. The report calls on institutional investors, corporations, philanthropists, foundations and governments to work together to build a robust impact investing marketplace in Canada.
The Task Force, which was conceived by the national partnership Social Innovation Generation (SiG) and builds on two years of background work, is comprised of social finance pioneers and leaders from business, finance as well as the community sector across Canada.
Members of the Task Force include:
The Task Force set out to identify and document national and international best practices and relevant experiences in social finance, which then formed the foundation for a suite of evidence based, catalytic recommendations that will forge a new partnership between the public, private and community sectors.
The report sets out seven key actions that Canada needs to undertake, in parallel, to mobilize new sources of capital, develop an enabling tax and regulatory environment and provide social entrepreneurs with the needed business support to launch, operate and scale their innovative ideas.
The report recommendations include:
The work of the Task Force is raising awareness of the tremendous momentum building globally in this arena of “blended value” investing. There is growing recognition, both here and abroad, that we need to rethink the binary model in which businesses focus on generating profits (making money), while charities, non-profits and governments are responsible for delivering social services (doing good).
Governments are cash constrained and will be for some years to come. At the same time, we are facing escalating challenges in our communities and as custodians of the environment. These challenges demand a new approach – one in which our investments deliver more than financial returns, precisely because we select these investments thoughtfully and deliberately to also make a positive contribution to society or to the health of our planet.
Mobilizing Private Capital for Public Good reflects the input of many leading practitioners and experts from across Canada and around the world. Over the past few months, our work has been met with keen interest and enthusiasm from all the relevant players – from governments across the country, to investors of all types and social enterprises hungry to make a bigger difference.
However, the launch of this report is only the first stop on a much longer journey. We hope that it will not only inform our national conversation about the way we invest in our collective future, but will also galvanize collective action to build that future.