Oireachtas Joint and Select Committees

Thursday, 21 February 2013

Seanad Public Consultation Committee

Social Entrepreneurship: Discussion

1:30 pm

Mr. Paul O'Hara:

I will take a few of the questions. The crowd funding movement is at a very early stage but has enormous potential. It has become part of a jobs Act in the US to legislate for it in the for-profit world. Matt Flannery is one of our Ashoka fellows who was part of Change Nation and the founder of Kiva, which is one of the pioneers of the microfinance movement. Kiva enables people to make small loans to start-up companies. This initially happened in Africa but it is now doing it in the US. Mr. Flannery is of Irish extraction and is based in San Francisco but is originally from outside Loughrea. He is committed to having Kiva's Europe headquarters based out of Dublin. It will be a few years before we see a flow of money to small enterprises in Ireland and across Europe using that platform.
There are a few platforms on the social entrepreneur side. GlobalGiving grew out of the World Bank and allows social entrepreneurs to put their projects up there to crowd fund through. Again, this is primarily focused on the developing world but anybody can do it. We are partnered with Indiegogo, which is the biggest privately funded crowd funding platform. A number of the Change Nation initiatives will be piloted to see if we can raise some seed capital through that. We have funded the cultural sector which is being led by the Business to Arts team, which comprises Stuart McLaughlin et al and has been a great success. It seems to be successful for projects around the €5,000 range, which encompass launching a CD or putting on a play. That has been a great example of success in Ireland. This is a great way to leverage the diaspora with a crowd funding platform so that people can give to schools their great great grandfathers went to or the village their people came from. This is a piece of technology that would enable that. There is enormous growth potential in crowd funding for all sectors - social and economic.

Teacher training is just with the teachers of the pilot schools in the initial phase but, ultimately, we want to be working with St. Patrick's College and having this included as part of training for all teachers. My understanding is that there will be 40 pilot schools, 20 of which will have the JUMP Math programme and 20 of which will be regular pilot schools to act as a comparison.

Social entrepreneurship courses are emerging at third level. Trinity College Dublin and Dublin City University have embedded social entrepreneurship in a number of their courses. University College Dublin had it initially in the Michael Smurfit Graduate Business School and has extended it to the Quinn School of Business. NUI Galway is looking at it while the business and humanities group across the institutes of technology invited me to speak today, which was the clash. That will happen in a few months so they are looking at how they can bring social entrepreneurship into their curricula. It is at a reasonably early stage. There is significant potential but also considerable demand. Mr. Coughlan can probably build on that.

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