United Way of the Lower Mainland receives funding to establish the Social Purpose Institute
BURNABY, BC, April 16, 2019 /CNW/ - The Government of Canada is supporting British Columbia companies to integrate social purpose into their business models. Overall, companies that adopt a social purpose perform better in market growth, with new opportunities to maximize profits and grow shareholder value.
Today, the Honourable Karina Gould, Minister of Democratic Institutions, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada (WD), announced $1,059,357 in funding over four years towards United Way of the Lower Mainland's new Social Purpose Institute (SPI).
This initiative, launched by United Way of the Lower Mainland, aims to share tools and tactics within the social innovation sector in order to promote economic growth and social purpose in British Columbia. The Institute will promote cross-sector collaboration, skills development, and growth in British Columbia's social innovation sector.
Through this investment, the SPI will create at least 70 jobs, many of which will be filled by women and Indigenous people. It will also increase the number of businesses in British Columbia adopting social purpose business models by providing hands-on activities and services to at least 60 small- and medium-sized enterprises (SMEs) and larger companies. The SPI will support businesses by delivering workshops and training, and providing learning opportunities and consulting services for companies to create pathways to revenue growth and improved social outcomes.
A strong economy is essential for inclusive job creation and social innovation. Canada's Innovation and Skills Plan aims to build an economy in which Canadians have access to high-quality jobs and Canadian businesses are well-placed to participate in a rapidly evolving and competitive global marketplace.
"Our government is laying the foundation for Canadians to become more competitive and succeed in the global economy. Today's investment in United Way of the Lower Mainland builds on our competitive advantages and will result in a greater number of businesses adopting social purpose business models, boosting economic growth and creating good, middle-class jobs for Canadians."
- The Honourable Karina Gould, Minister of Democratic Institutions on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada
"Through this initiative, United Way will be making connections that spark change in the way Canadians do business. The tools shared by the Social Purpose Institute will not only give back to the community, the lessons learned will strengthen business innovation, competitiveness, and growth."
- Terry Beech, Parliamentary Secretary to the Minister of Transport and Member of Parliament for Burnaby North–Seymour
"Businesses have always been critical partners in our vision of healthier, more caring and more inclusive communities. We want to thank the Government of Canada for investing in the Social Purpose Institute at United Way, one way we're collaborating with the corporate sector in new and innovative ways, so they can become a force for good in our communities."
- Calbick, Chief Operating Officer at United Way of the Lower Mainland
"This significant investment from the Government of Canada confirms that social purpose is gaining ground in B.C., across Canada and around the world. This funding will accelerate growth at the Social Purpose Institute at United Way, so more corporate partners can find and implement a social purpose model, strengthening the communities we all serve – and the business landscape as a whole."
- Mary Ellen Schaasfma, Director of United Way's Social Purpose Institute
- Nearly 70 per cent of Canadian consumers believe companies should show how their products and services make the world a better place.
- For every 10 per cent increase in purposeful performance, there is a 5–12 per cent increase in premium pricing, purchasing decisions, and advocacy.
- According to the 2017 Edelman Trust Barometer global report, 77 per cent of Canadians agree that "A company can take specific actions that both increase profits and improve the economic and social conditions of the community where it operates".
- United Way of the Lower Mainland defines "Social Purpose Business" as a company whose enduring reason for being is to create a better world. It is an engine for good, creating social benefits by the very act of conducting business. Its growth is a positive force in society.
- Western Economic Diversification Canada
- Innovation and Skills Plan
- Social Purpose Institute at United Way
IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.
SOURCE Western Economic Diversification Canada
For further information: Ben Stanford, Regional Communications Manager, Western Economic Diversification Canada, 604-365-8050, firstname.lastname@example.org; Natalie Hill, Assistant Director, Communications and Public Relations, United Way of the Lower Mainland, 778-989-9159, email@example.com