I remember the first time I saw the Falkirk Wheel, an astonishing construction that gracefully lifts boats 79ft in the air to continue their journey along the Forth and Clyde or Union Canals.
I was amazed to learn that the energy it took to rotate this great hunk of steel and water was the equivalent to boiling eight kettles of water. A careful balance of physics and engineering that allows a tiny impetus to leverage powerful action.
That's what our LaunchMe programme is all about – leveraging investment into social business to create greater social impact, using hands-on business support and grant funding to 'power up' social enterprises and attract the right type of investors.
Firstport is Scotland's development agency for social enterprises and we deliver LaunchMe, Scotland's first social enterprise accelerator programme in partnership with Converge Challenge and Imani Financial Solutions. And sponsor of the Social Enterprise category in the 2015 competition.
The programme aims to build a stronger pipeline of early stage social enterprises that can scale up their social and economic impacts and grow the social investment market in Scotland by bringing in new investors.
The programme takes participants through an intensive programme of business support, investment readiness, investment brokerage and mentoring. They can apply for seed funding and additional funding to match any investment secured within the programme timeframes.
LaunchMe, which is funded by the Big Lottery, is not just about money however. Crucially it focuses on strengthening a cohort of social enterprises to broker deals with investors who are looking for both a financial and social return. This type of finance can seem frightening, and is certainly not without risks, but it also creates fantastic opportunities for visionary social enterprises who need capital to grow.
Investment is just another tool in the box, and one that can be successfully managed with the right support and information. What's important is that social entrepreneurs can make an informed decision about whether it's the right type of finance for them, and can take calculated and manageable risks in order to grow, innovate and do more, better.
Last year we revealed our first LaunchMe cohort. We wanted people whose dedication and passion can inspire individual investors to look at social enterprise as a real opportunity, and who set their sights high in terms of reaching new customers and new markets in order to change the world for the better.
We found them in the form of seven ambitious social enterprises ranging from a community bakery in the Borders to a go karting racetrack in the Highlands. They all wanted to grow their social impact and help pioneer new means of financing a social return. See them at http://vimeo.com/104964776
In May we'll be revealing our second cohort. They will go through a tough selection process, including pitches to an expert panel. Those who are successful will receive seed funding along with ongoing business and investment support.
I am a strong believer that Scotland's social enterprises have a lot more to offer. We should have big ambitions and be delivering products, services and impact on a global scale. Why not? If our LaunchMe rockets (take a look at our website!) are anything to go by, the sky is not the limit.
