Business in the Community, Deloitte and BP launch Olympic social enterprise bid to create 1,000 new jobs

Corporate giants Deloitte and BP have joined forces to back an ambitious social enterprise initiative promising 1,000 new jobs in the Olympic host boroughs.

The Arc initiative, led by business-led charity Business in the Community, promises to stimulate the creation and growth of more than 200 financially sustainable social enterprises – enabling them to provide employment opportunities for 1,000 local people.

The initiative was launched today in east London at Stour Space, a social enterprise venue and café in the heart of Hackney that overlooks the Olympic stadium. Olympic triple jumper and London 2012 Ambassador Jonathan Edwards gave the welcoming speech.

According to a recent report, Fightback Britain, from Social Enterprise UK, social enterprises are leading the way in starting-up and working in Britain’s most deprived communities – with 39% of them based in the most deprived areas of the UK, compared with just 13% of mainstream SMEs. The research also revealed the high growth potential and confidence of the sector, as they are twice as likely as mainstream businesses to have reported growth in the last year.

The Olympic host boroughs of Barking & Dagenham, Greenwich, Hackney, Newham, Tower Hamlets and Waltham Forest are historically some of the most deprived in the country with high levels of unemployment and complex socio-economic issues. 

Arc will combine the expertise and resources of founder partners Deloitte and BP with Business in the Community’s 30 years experience campaigning on responsible business issues and challenging corporations to make a positive impact on their communities

Deloitte CEO David Sproul said: ‘As a leading business we believe it is our responsibility to ensure Deloitte contributes to a sustainable and prosperous society. I would say that most innovation that is good for society is also good for business. The pioneering spirit of entrepreneurs and innovators has a direct ability to help build a better society, enhancing the quality of human lives. Social enterprise epitomises that connection, and we should do all we can to help it succeed.'

Peter Mather, Head of Country, UK and Vice President, Europe Region at BP, said: ‘BP is delighted to be a founding partner of Arc. We believe in supporting the development of communities in which we operate and, as an official partner of London 2012, we are working hard to deliver a sustainable legacy from the Games.’

Business in the Community CEO Stephen Howard said: ‘We’re excited to be launching Arc today at a time when jobs and inspiration are much needed in our communities. Small businesses are the lifeblood of our economy and the backbone of strong prosperous communities. It is crucially important that responsible businesses collaborate to stimulate and support enterprise growth, particularly in area of greatest need such as the Olympic host boroughs. Arc will create a lasting social legacy in historically deprived communities and we stand with our partner companies to ensure that it delivers what these communities need.’

Peter Holbrook, CEO of Social Enterprise UK, a strategic partner for the initiative, commented: ‘It’ll be terrific to see social enterprises start up and grow in some of London’s most deprived boroughs. Not only will jobs be provided at a time when youth unemployment is at an all time high, but whole communities will benefit because social enterprises are a force for good – they exist to tackle social issues and environmental problems.’

The first two social enterprises that will receive Arc support were named as Bikeworks and Blue Sky Development & Regeneration. Bikeworks offers a range of cycle services while creating employment and training opportunities for disadvantaged communities. Blue Sky provides paid work for people coming out of prison, to enable them to move successfully into long-term employment, reducing re-offending by 75%.  Over the 5 years since it was set up, Blue Sky has employed nearly 300 ex-offenders - that's greater than the entire inmate population of some of Britain's prisons.

For more information visit www.buildingbetterbusiness.org.uk