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Latest lecture sets out power of social innovation.

Nick O'Donohoe, chief executive of Big Society Capital, gave a powerful lecture at the latest "Tomorrow's Value" event at leading City law firm Morrison Foerster recently.

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Big Society Capital will play a critical role in speeding up the growth of the social investment market, and so boost the ability of social enterprises, charities, voluntary and community organisations (collectively "the social sector") to deal with social issues. The organisation is being capitalised with up to [pounds sterling]400m from dormant bank accounts. An additional [pounds sterling]200m will be provided by the four largest UK high street banks.

O'Donohoe said that the theories of market economics that have driven growth, employment, unprecedented technological progress and rampant globalisation over the past 30 years are being altered in a fundamental and far-reaching way; and that the model of market economics, based largely on self-interest, has neglected to deal with its own social consequences.

He argued instead for "a model that embraces the financial disciplines of market capitalism, but also provides opportunity and support for the vulnerable, the dispossessed and the downright unfortunate ... harnessing the power of social innovation must be front and centre in the transformative process under way. We need to unleash a whole new wave of social entrepreneurs and help existing models with proven impact grow to scale much more effectively."

PRESIDENTIAL ENGAGEMENTS

6-12 May Visit to Malaysia and Singapore

26 May N. Ireland CIMA Dinner and Awards
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Title Annotation:The Institute
Publication:Financial Management (UK)
Date:May 1, 2012
Words:239
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