‘Investment in Social Enterprises key to solving society’s problems’ says Rethink Ireland

From 2018 to 2023, 130 Social Enterprises nationwide created 219 jobs, supported 514 people into employment and provided services to 407,827 people in communities around Ireland, according to a recent Rethink Ireland and IPB Insurance impact report for the €4.4 million Social Enterprise Development (SED) Fund. The report puts a spotlight on the key role played by social enterprises that are solving problems in communities and innovating to drive positive change.

The SED fund provided cash grants, designated business supports, and placements on Ireland’s leading national Accelerator Programme. These supports were specifically designed to assist social enterprises in growing their social impact, developing their business models and scaling their innovations.

This six-year €4.4 Million fund​ awarded 130 Social Enterprises from all 31 Local Authorities, awarded 72 cash grants; provided 72 business supports; ran 6 Accelerator Programmes​; and mobilised 16,641 volunteers.

Read the full Impact Report.

The Social Enterprise Development Fund, created by Rethink Ireland in partnership with Local Authorities Ireland, IPB Insurance, and the Department of Rural and Community Development (DRCD), aimed to accelerate the local impact of social enterprises.

Commenting on the report findings, Deirdre Mortell, CEO of Rethink Ireland, said: “Our goal for the Social Enterprise Development (SED) Fund was to strengthen social enterprises, enabling them to create a greater impact in their communities. At Rethink Ireland, we believe that social enterprises are a critical component of Ireland’s social fabric, both nationally and locally, solving problems in communities and responding directly to urgent needs. IPB Insurance’s investment in the sector has resulted in long-term impact by creating immediate and enduring change for social enterprises across Ireland who work primarily to improve the lives of people and communities, which directly translates to the communities they serve. 

We want to express immense gratitude for the partnerships that made this possible, particularly the unprecedented investment from IPB Insurance, Local Authorities Ireland and the Department of Rural and Community Development. Their commitment and determination to support Ireland’s social enterprise sector is unwavering.”

John Kearns, CEO, IPB Insurance, commented: “Through our partnership with Rethink Ireland on the Social Enterprise Development Fund, we have invested in 130 social enterprises who are addressing their communities’ distinct challenges. Reflecting on the past six years of the fund, we are incredibly proud of our unique partnership alongside our Local Authority Members, Rethink Ireland and the Department of Rural and Community Development. In particular, I want to acknowledge the social innovation and ambition of all the awardees in making a real difference in their communities.

At Rethink Ireland, their vision is to create a more inclusive, equal and sustainable Ireland because of social innovation. At IPB, we share this vision for a better Ireland and believe in backing social entrepreneurship to achieve real change in communities.”

Following the success of the Social Enterprise Development Fund and looking to the future, IPB Insurance’s next round of investment with Rethink Ireland is now underway with the ‘Start a Social Enterprise Business Course.’ 200 social enterprise founders already participated in this course in 2022 and 2023 under the SED Fund. This continuing investment from IPB Insurance and the Department of Rural and Community Development will run the ‘Start a Social Enterprise Business Course’ twice more, enabling 100 more social enterprises to build a strong foundation and essential skills as part of this six-week online course. The course will be developed into a permanent, easily accessible online offering available to social enterprises across Ireland.

Applications are now open for the next round of the ‘Start a Social Enterprise Business Course’. Learn more on the course page and apply by 4 April 2024.