Time for Atlantic Canadians to create generative and democratic social finance ecosystem

I believe that people can and do make a difference in the lives of their communities. I believe that people are the experts in their own challenges and, therefore, should be the architects of the solutions. And I believe that Atlantic Canadians are mobilized and ready to create a generative, democratic, and Atlantic Canadian social finance ecosystem. 

Individuals and companies will deploy a whopping $755 million into social impact activities in the next 10 years. An opportunity to move the dial on complex challenges, getting capital to where it needs to be to catalyze change.

But who will access it if those on the ground, making the change (and dealing with the current crisis), are drowning in the capacity crunch of under-resourced and over-extended social purpose organizations? Are we really investing in new solutions? And if they are not part of the design, will we blame them if the solution (social finance) doesn’t work? 

In Atlantic Canada, the persistent language of “have” and “have not” labels has unfairly dominated our thinking. We are often told there “isn’t enough” of something to make it worth doing. I disagree.

Once we can shake off this “less than” and recognize that we are enough. Our power is not determined by population or GDP. Our power is more than that. We just need to start believing it. 

This power emerges when we work together, strategically aligned. Atlantic Canada isn’t a passive observer in the national discourse on social innovation and finance – it’s leading the way. It is critical that we assert ourselves, amplify our voices, and unite to shape what social finance and social innovation look like in our region. 

This past year, we travelled across the four provinces and underscored a common thread: unrecognized leadership, courage, and resilience fuel Atlantic Canadian communities. These individuals are confronting pressing issues head-on such as poverty, inequality, and climate change, while invigorating local economies with few resources and mounting constraints. This is the moment when we need to build our ecosystem. Understand and articulate what we need, cultivate and invest in skills, and lay the groundwork for a thriving Atlantic Canada. 

Looking internationally, look at the Place Principle from the Scottish government. It centers around the idea that, to address our complex challenges, we must work together in a more integrated, collaborative, and participative manner. It urges us to shift our focus to what truly matters: the individuals who make up our communities and the places they call home. This principle is a unified force, combining various facets of service delivery, resource allocation, and infrastructure development under one cohesive framework. It ensures that all efforts, investments, and actions align with a shared vision for our region’s future. 

Save the date for Sept. 25 -27 as Common Good Solutions and its partners usher in the inaugural Atlantic Social Impact Exchange Summit. This pivotal event will convene social impact leaders, policymakers, investors, and community stakeholders. It’s a platform for discourse, collaborative endeavours, exchanging knowledge, and an opportunity for Atlantic Canada to step into the forefront of national conversations on social innovation and finance. 

It’s our opportunity to collectively define our communities’ and regions’ purpose and aspirations and collaboratively chart the course forward, making decisions that reflect our localities’ unique needs and goals. By doing so, we hope to create a more resilient, inclusive, and prosperous region shaped by the voices and aspirations of its people and communities. 

In an ever-evolving world, Atlantic Canada holds the keys to our potential.

Antiquated metrics don’t solely dictate our course but by our unwavering determination to determine how capital, capacity, and strong policy can act in tandem to stimulate the future Atlantic Canadians deserve. 

There is nothing innovative about money – the process that we design and deploy can potentially change the narrow ways capitalism has indeed failed so many we serve. Social finance could serve as a catalyst, unlocking the potential of Atlantic Canadian solutions. This potential shines most brightly when the hands calling Atlantic Canada home originate, evolve, and oversee these solutions.