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Matteo Bartolomeo bartolomeo@makeacube.com www.makeacube.com

Social entrepreneurship: Tackling unemployment and supporting intercultural understanding in the Euro-Med region Incubation and access to finance in early stage of social business development. Matteo Bartolomeo bartolomeo@makeacube.com www.makeacube.com. Make a Cube 3.

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Matteo Bartolomeo bartolomeo@makeacube.com www.makeacube.com

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  1. Social entrepreneurship:Tackling unemployment and supporting intercultural understandingin the Euro-Med regionIncubation and access to finance in early stage of social business development Matteo Bartolomeo bartolomeo@makeacube.com www.makeacube.com

  2. Make aCube3 Make aCube3is the first incubator in Italy dedicated to social and eco-innovators. Make a Cube³provides comprehensive support to new businesses with high potential for creating social and environmental value. Break even in 14 months Early stage Capacity building Intensity Ourkeywords Community Integrity Privatelyowned, but public utility

  3. Ajoint venture betweenAvanzi and Makeachange Make a Cube³ is a joint venture between Avanzi (80%) and Make a Change (20%). Avanziis a leading think tank and consulting firm working on sustainable development issues since its foundation, in 1997. Think tank. We are constantly seeking the most effective ways to drive sustainability into innovation. Consulting. By driving cultural and organizational changes we help business and organisations to become more sustainable. Habitat. Avanzi’s location is much more than just an office space. It is a marketplace for sustainable innovation where business, ideas and projects can meet. Make a Change is an Italian association dedicated to the promotion of social business.

  4. The first Italian“low profit” The two shareholders have incorporated Make a Cube³ as the first low profit company, adapting to the Italian context the concept of community interest companies and B Corps. Socially oriented Priority to the maximization on the social impact as a statutory provision. Economic sustainability conceived as a mean to achieving sustainable development goals. Low profit e lowdividend • Limitations in the return on investment, a cap to the top management salary and other important features have been introduced, voluntarily and without any tax advantage, in the statute. Accountability Evaluation of social, environmental and economicperfomances and impactsgeneratedthroughitsactivities

  5. themes Disability Sharing Energy efficiency Migrants Prisonersenrtrepreneurs Public goods Welfare Upcycling Co-ownership Creativity Makers Inclusion Renewables Natural resources Social innovation Peace Culture Womenomics Empowerment Rights Microcredit Digital craft Local development Respect Collaborarion Participation Access Social venture Commons Impact finance

  6. Market fallire and social business Social business Market economy Incomplete markets Goods and service provided by the public sector

  7. Market failures and incubation of social business Two market failures Early stage Limited opportunities for capital gain

  8. Challenges for social businesses (and therefore of social business incubators) Features Challenges Limited economicreturns and high social returns To transfromtradeoffsintoopportunities Lossmaking businesses requiringsupport from the state and volunteers To develop sound and robust business models and to exploreopportunities for economies of scale, replicability, efficiency Goodideasbutlimitedentrepreneurialskills Capacity building Fast shrinking of welfare state Speed up time to market, replicability and attractiveness for investors

  9. The ecosystem Needs Who in the ecosystem Financial support Venture philantophy Impact investire Venture incubators Managerialsupport and capacity building Incubators, partner organisations Tests and pilotprojects Private organisation Pre competitive procurement Scaling and replicability Industrial partner, impact investorsincubators

  10. Supporting social business incubators Startingpoints and rationale: • Recognition of public utility nature, due to high positive externalities for the market, the state and society as a whole • Recognition of the intrinsic fragile business model (double market failure) • Recognition of incubatorsaspartners for localdevelopmentprogrammes, grantmaking and public finance (limitedasymmetry of information and effective management of funds) Whatcould be done: • Financial support to incubators, with venture phipantrohy or investmentapproach • Involvement of incubators in grantmaking and public financescheme, asskilled brokers of information and confidence, asconsultant for monitoring and co-developers • Support develoment of incubatorsinto venture incubators • Involvement of incubators in the design of pilicies and programmes

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