New Report Shows Strong Returns and Inclusive Impact of Two of Firstport’s Programmes
A new report highlights the economic contribution of the Social Entrepreneurs Fund and LaunchMe.
A new report highlights the contribution of two major support programmes delivered by Firstport in helping early-stage social enterprises launch, grow, and deliver impact across Scotland. The report outlines how the programmes funded by the Scottish Government support economic activity and inclusive entrepreneurship through tailored funding and support.
The economic contribution of the Social Entrepreneurs Fund (SEF) and LaunchMe programmes was assessed by research agency Social Value Lab, which calculated a return of £3.14 for every £1 of public investment in SEF and a return of £6.20 for every £1 of public investment in LaunchMe. The researchers estimated that the combined financial return of the programmes is £24,733,249.
The report also found that the programmes have helped enterprises increase turnover, create employment opportunities, and attract additional funding and investment.
The Social Entrepreneurs Fund provides start-up grants to individuals and social enterprises to test and grow their business ideas. In the three years covering 2021-2024, SEF made 340 awards worth £4.2 million, supporting 202 new social enterprises. 82 of the social enterprises created 111.5 jobs. The research estimated a total increase in turnover for SEF-funded organisations of £1,003,709 and a total increase in investment of £1,319,697.
LaunchMe is an investment readiness programme for social enterprises looking to scale. It offers flexible, bespoke support, expert-led workshops and peer support sessions. Over four years covering 2020-2024, 30 social enterprises secured investment through LaunchMe, creating an additional 64.5 FTE jobs. The research estimated that programme participants generated £1,401,398.50 in additional turnover and leveraged £5,028,582 of further investment.
The report’s findings were presented at a roundtable event on Tuesday 10 June, with Deputy First Minister Kate Forbes in attendance, alongside social entrepreneurs and sector representatives. The event, which took place at LaunchMe-supported social enterprise The Pitt, also provided an opportunity to discuss how support for early-stage social enterprises might evolve as the needs of social entrepreneurs, and the social and economic challenges facing Scotland, change.
The Social Entrepreneurs and LaunchMe have been in operation for 15 and 10 years respectively, and are core components of the Scottish social enterprise support ecosystem. We are delighted with the findings of the report, which demonstrate that targeted, well-designed support creates tangible, measurable results. The research shows that social enterprises supported by SEF and Launchme make a strong economic impact in their communities- creating jobs, increasing turnover and attracting further investment.
As we look ahead to the next decade, we want social enterprises and other inclusive business models to play a greater role in building a wellbeing economy. The report helps us understand what’s currently working on our programmes and what needs to change so we can meet the needs of the next generation of social entrepreneurs. We look forward to collaborating with social entrepreneurs, sector partners and the Scottish Government to iterate and design support programmes that are fit for the future.
Gael Drummond, Firstport CEO
Visit our Publications section to read the Economic Impact: Social Entrepreneurs and LaunchMe Summary Report.