The Ian Potter Foundation has awarded a 50th Anniversary Commemorative Grant of $500,000 to Social Traders for their Social Enterprise Procurement Exchange.
Social Traders is a specialist social enterprise development organisation dedicated to supporting the development of sustainable social enterprises, organisations that exist to solve social, economic and environmental problems.
It is often the case that social enterprises, especially small ones, do not have the capacity to attract significant contracts. Similarly, companies that want to explore social procurement are often not aware of good social enterprises. Social Traders has a registry of over 5000 social enterprises and will be able to match companies with adequate providers.
The Social Enterprise Procurement Exchange will initially establish a network of 30 employment-based social enterprises and develop market opportunities that will increase their economic and social impact by brokering $10 million in new social procurement contracts from leading Australian companies.
Chief executive officer of The Ian Potter Foundation, Janet Hirst paid tribute to the project: “The Social Enterprise Procurement Exchange holds great potential to connect the worlds of social enterprises and big business with benefits for both parties. This is a program with truly transformative potential.”