Business Legacies Incubator

Scale Institute Society

Sources of Funding
ICET:$47,500.00
Rural Dividend Fund:$30,000
Royal Roads University :$50,000.00
Community Futures:$20,000
Total Budget: $147,500.00
Quick Facts: 

This new approach to business succession and social enterprise development creates new approaches to sustainability and self-sufficiency for SPOs. 

Small businesses play a significant role in local economies, particularly in smaller and rural communities. Research has determined that many smaller businesses are at risk of closing due to lack of succession. This can be particularly challenging in smaller communities which may rely on these businesses for access to vital goods or for community vitality.

Social Purpose Organizations (SPOs) are also facing funding shifts in recent times as traditional revenue models can no longer meet existing and growing needs, exacerbated by the pandemic. Many SPOs are turning to social enterprises to serve communities or develop new revenue streams, however such startups can take years to realize their financial returns.

The Business Legacies Incubator Project envisions a solution to these two challenges. It builds on two years of research to develop a business incubator designed to support non-profit organizations who wish to acquire profitable small businesses in their communities. The project will develop, provide and deliver the materials, resources and capacity-building enabling SPOs and small businesses to better understand the opportunity to transition business ownership to SPO ownership. Community-based businesses meeting the criteria for community acquisition will also be targeted and business profiles will be developed. Once the project is complete, these tools and materials will be incorporated into the region’s Community Futures programs and resources. 
 

ICET By The Numbers

2,500
person years employment created (construction phase)

ICET By The Numbers

50
locally elected officials and MLAs working together

ICET By The Numbers

$10.4
million annual provincial government revenue generated

ICET By The Numbers

2,750
post completion jobs created

ICET By The Numbers

$4.6
dollars leveraged for every ICET dollar invested

ICET By The Numbers

$246
million leveraged into the region

ICET By The Numbers

$52.3
million disbursed

ICET By The Numbers

$55.2
million committed

ICET By The Numbers

230
economic development projects

ICET By The Numbers

210
projects completed

ICET By The Numbers

36%
projects in small (less than 5,000) communities

ICET By The Numbers

50+
communities with ICET projects

2020-2021
ANNUAL REPORT

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