Next year, the government is set to launch its ambitious $755 million Social Finance Fund. To help ready organizations, the Investment Readiness Program has identified key delivery partners and plans to kick off efforts this fall. Read on for a breakdown on how it will work, and keep an eye out for more updates from Future of Good.
Impact investing and social finance aren't sustainable with government funding or philanthropic capital alone. There is a continued amount of work that the social change community across Canada needs to do to convene and convince mainstream private sector players of its value.
Open banking holds transformative potential to reduce costs, improve Canadians' ability to manage financial services, and gain access to a wider range of services. We haven’t yet had a significant conversation about the social purpose merits and potential of open banking. The time for that discussion is now.
The world of impact will need to understand the potential of cryptocurrency, from fundraising professionals in charities, to entrepreneurs raising money. Impak, which launched a cryptocurrency about a year ago focused on the impact economy, reflects on what they learned and why we should prepare for a new finance era.
The upcoming Social Finance Fund is the single biggest commitment to social finance ever in Canada. This change isn't happening in a bubble, though — the finance industry and system itself is rapidly changing, and in order for this fund to be effective a decade from now, it needs to mesh with what’s emerging in the finance industry today.