Social Economy

Some VCFSE organisations and businesses are part of, or can engage or work in partnership with each other through, the Social Economy. 

What is the Social Economy? 

The West Midlands Combined Authority (WMCA) defines the Social Economy (or Social Impact Economy) as: 

‘a collective term for all ‘not for personal profit’ organisations that exist to improve disadvantaged communities, support disadvantaged people and address social or environmental issues but do so using a trading (business) model to generate the majority or all the funds they need.'

This includes Social Enterprise, Co-operatives, Community owned businesses, Charity trading arms and more’ 

The ‘Social Economy’ thus forms a significant part, though not all, of the VCFSE sector. 

In the West Midlands, these +11,000 or so organisations that: 

• Generate £3.5 billion a year for the region's economy 

• Employ around 30,000 people 

• Engage around 70,000 volunteers 

• Improve the lives of 150,000 people each year. 

(Source: https://www.wmca.org.uk/what-we-do/economy-and-innovation/social-economy/)
 

Recognising the contribution these organisations make to creating an inclusive economy, the West Midlands Combined Authority (WMCA) set itself the goal of doubling the size of this economic sector within 10 years. 

The approach to achieving this was to engage individuals working in the social economy to develop a plan for growth. 

A Social Economy taskforce was established. This group produced a Framework for Growth document which described a 10-point Ecosystem that needed to be built to support this growth. 

Work has now started and investments made to start to build this ecosystem. 

Get Involved 

• Social Economy Drive 
  
  The Social Economy Drive is an annual week of diverse events across the West Midlands aiming to: 

• • Celebrate organisations across the West Midlands tackling social and environmental challenges 

• • Raise awareness and the profile of these organisations by providing platforms for them to engage with other similar organisations, public bodies and corporate organisations 

• • Connect, collaborate, secure investment and thrive 

Contact: [email protected] for more information 

• Social Economy Forum                

The Social Economy Forum  is an opportunity for front line social economy organisations to talk about the barriers and opportunities for growth. This forum is managed on WMCA’s  behalf by BSSEC (Birmingham & Solihull Social Economy Consortium CIC). 

• Round Tables - Where support and infrastructure organisations gather to develop solutions to barriers or to help realise opportunities.  

• Advisory Group - A forum where key decision makers, commissioners, funders & investors listen to the proposed solutions from the Round Tables and have an opportunity to offer resources. Attendance is by invitation.  
  
  

Further Information 

• Visit: https://www.wmca.org.uk/what-we-do/economy-and-innovation/social-economy/  

• Email: [email protected]