Stamp of approval for social enterprise
New Social Enterprise Mark identifies businesses trading for social and environmental benefit
Businesses which primarily trade for social and environmental benefit can now apply for their own special seal of approval.
The Social Enterprise Mark, which was launched today, has been developed in partnership with the Office of the Third Sector as a way of identifying businesses that trade for social gain.
It is also hoped the Mark will make the term ‘social enterprise’ more recognised and better understood by consumers.
To carry the Mark, businesses must meet a set of clear criteria. They must provide evidence of social or environmental objectives. Half of company profits must be spent on socially beneficial purposes, while at least half of revenue must come from trade, as opposed to donations.
Speaking at Voice10, the Social Enterprise Coalition’s annual conference, Angela Smith, Minister for the Third Sector, said:
“The Mark has the potential to be a real catalyst to put social enterprises where they belong – clearly defined and at the heart of the UK economy and society.
“I have seen some amazing and innovative examples of social enterprises, and the more people that know about them and the more people that get involved in the sector, the better!”
The Mark will cost businesses £99 + VAT per year and will have to be renewed annually.
© Crimson Business Ltd. 2010