Social enterprises are also good employers, with more than 75 per cent paying the living wage to all staff, and they are more likely to provide training than small to medium-sized enterprises (5).
Propelled by political, social, environmental and financial crises, the new Social Economy is gathering momentum. The COVID Response Alliance for Social Entrepreneurs is a new collaboration between over 50 global organizations to support social entrepreneurs in sharing knowledge, experience and responses to alleviate suffering and advance new models of change for a more equitable, inclusive and sustainable world. Alliance members currently support more than 15,000 social entrepreneurs and help 1.5 billion people in over 190 countries who are working to serve the needs of excluded, marginalized and vulnerable groups – many of whom have been disproportionately impacted by the pandemic.
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In the long term, it’s clear that social economy entities, changemakers can help reimagine, reshape and re-build the post-crisis economy by promoting inclusive and sustainable economic models. With decades of experience, the social economy can inspire models of social innovation and influence firms operating in the market economy by embedding social purpose.
The Social Economy that is emerging is being led by a group of changemakers who understand that the world is in crisis and without systems change, our future is in peril.
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