Impact Hub Joins Alliance to Help Social Entrepreneurs Overcome Impacts of COVID-19
14 May 2020 - Szandra Csont
  • Impact Hub is one of 40 leading organizations to form ‘COVID Response Alliance for Social Entrepreneurs’.
  • Alliance has already made USD$75 million available to mitigate impacts of pandemic.
  • Alliance will launch a dashboard with a searchable database of available emergency relief funds.
  • Members committed to boosting the debate for a more equitable, sustainable future.
  • More information about the COVID Response Alliance for Social Entrepreneurs here.

In line with its key value of collaboration, Impact Hub is honored to be joining 39 global organizations in the launch of the COVID Response Alliance for Social Entrepreneurs. The Alliance will amplify support for social entrepreneurs during the pandemic by bringing together knowledge, experience and responses to alleviate suffering. It is also committed to the long-term future and advancing new models of change for a more inclusive, equitable and sustainable world.

With over 100 communities of impact-driven entrepreneurs in more than 55 countries and running more than 200 programs annually, Impact Hub is a key part of entrepreneurial ecosystems the world over. We are already invested in helping to build a greener, fair and equal society, supporting social enterprises that are addressing the Sustainable Development Goals. This puts us in a unique position of being able to understand and assist entrepreneurs in their recovery, as well as having the insight into how the post-COVID-19 world can be an opportunity to build a purpose-driven economy.

“There is no doubt that COVID-19 poses a huge risk to social enterprises globally. By joining this Alliance, we are not only hoping to alleviate the negative impact the pandemic is having on changemakers across the globe, but to co-create a global shift in our approach towards a more just and sustainable economy.” Gabriela Gandel, Global Executive Director, Impact Hub. 

Organizations in the Alliance have mobilized USD $75 million (68.5 million EUR) in response to the health and economic impacts of the pandemic. Cumulatively, the 40 members support more than 15,000 social entrepreneurs reaching 1,5 billion people in over 190 countries. By addressing the needs and concerns of the most vulnerable in society, these social entrepreneurs are supporting those who are likely to suffer most from the pandemic. Their remit is also to ensure efficient cross-member coordination.

The COVID Response Alliance for Social Entrepreneurs will provide support in four key ways:

  • Understand and promote the needs of members’ social enterprise portfolios
  • Promote and increase available funding via an easy-to-use dashboard, ensuring social entrepreneurs have the funding to overcome risk and are able to raise additional money to expand their businesses.
  • Provide details of non-financial support offered by companies and intermediaries,such as social procurement, legal services and technological support
  • Amplify joint communication efforts to advocate for appropriate fiscal and policy interventions relevant to social entrepreneurs

This initiative will include “Covidcap.com”, a dashboard featuring a searchable database of emergency funds available to entrepreneurs who are struggling during the pandemic. The resource was developed by the Center for the Advancement of Social Entrepreneurship (CASE) at Duke University and contains global capital relief offers worth over $1 trillion.

The growing list of foundations, sector organizations, multilateral organizations, private companies and non-governmental organizations in the Alliance include Aavishkaar Group, Acumen, Africa Venture Philanthropy Alliance (AVPA), Aspen Network of Development Entrepreneurs (ANDE), Ashoka, Asian Venture Philanthropy Network (AVPN), B Lab, Bertelsmann Stiftung, CASE at Duke University, Catalyst 2030, Co-Impact, Draper Richards Kaplan Foundation, Echoing Green, European Venture Philanthropy Association (EVPA), Fundación Avina, GHR Foundation, Global Innovation Fund, Global Steering Group for Impact Investing (GSG), Global Impact Investing Network (GIIN), Greenwood Place, IKEA Foundation, IKEA Social Entrepreneurship, Impact Hub, Johnson & Johnson, KIVA, LatImpacto, Lex Mundi Pro Bono Foundation, Mercy Corps Ventures, Motsepe Foundation, NESsT, Nonprofit Finance Fund (NFF), Rippleworks, Root Capital, SAP, Schwab Foundation, Skoll Foundation, USAID, Yunus Social Business.

The COVID Response Alliance for Social Entrepreneurs will be supported by a secretariat hosted at the Schwab Foundation for Social Entrepreneurship, sister organization of the World Economic Forum and its Platform for Global Public Goods. The development of the Alliance is supported by the GHR Foundation and is operationally supported by Yunus Social Business, who have been co-developing the initiative.

The Alliance is one more strong action that Impact Hub has taken in response to the pandemic. Already, global support task forces have been launched, initiatives to unlock direct bridge financing have commenced and spaces to facilitate research into a post-COVID-19 world have been opened. In addition, we’ve bolstered our online presence, moving some programs to the web, adding features to our Community App and developing new online activities to support members, such as LIVE with Impact Hub – an online events series. Diverse types of memberships are also being offered to meet the needs of local market situations, with some communities offering an online-only option.

 

Notes to editors:

For more information or to support the Alliance, click here.

 

Media contact:

Edilaine de Abreu

edilaine.deabreu@impacthub.net