The New Jersey Social Innovation Institute is a training program for social innovators and enterprising non-profit organizations developing business plans and investment proposals for new social businesses enterprises. Special consideration will be given to proposals that are significant job creators for New Jersey residents. The objective of the first statewide Social Innovation Institute is to empower new social entrepreneurs to develop their venture ideas. As we encourage and prepare these new social entrepreneurs we are laying the ground work for job creation in our state. After applications are reviewed, 12-16 teams of social entrepreneurs will take part in a six (6) month initiative that includes social entrepreneurship training, mentoring and technical assistance in partnership with the Support Center for Nonprofit Management and the New Jersey Department of Labor. Specifically, the initiative will: Provide training, mentoring and technical assistance to participants in the initiative. Facilitate networking with potential investors, experienced business leaders and individual entrepreneurs who are interested engaging in social venture initiatives in New Jersey Develop actionable business plans and investment proposals for local and national foundations and social investors Support the efforts of nonprofit organizations and social entrepreneurs who are actively engaged in social and environmental problem solving through enterprise especially through job creation. After the training periods, further consulting and assistance will be provided by business student teams at Rutgers Business School and from volunteers from PSEG. New Jersey Social Innovation Institute 1
The list of partners represents an unprecedented level of cooperation towards the impact New Jersey s Economy: PSEG is committing to the institute meeting space, in-kind services and skills-based volunteers to work with the participants in the institute. The Support Center for Nonprofit Management has agreed to coordinate and provide technical assistance and coaching to the social ventures that are formed through the institute. The NJ Department of Labor and Workforce Development is committing resources to support the job creation efforts of the participants in the institute. Rutgers Business School will provide training for the institute and student teams to work with the participants in the business planning process. New Jersey Social Innovation Institute 2
CRITERIA FOR ELIGIBILITY The New Jersey Social Innovation Institute will assist enterprising non-profit organizations and innovative individuals in their pursuit of social entrepreneurship. Social entrepreneurship is a form of entrepreneurship that integrates social goals and social or environmental problem solving into its core business model. Using this unique model simultaneously creates economic and social value in the community. Social entrepreneurs create organizations and companies that we call social ventures. Sometimes these social ventures are affiliated with nonprofit organizations but are run as companies (social enterprises); sometimes they are independent companies devoted to using business to affect positive social and/or environmental change (social businesses). Therefore, we have two categories for admission into the NJSII. Category #1 Enterprising Nonprofit Organizations Open to any New Jersey based non-profit organizations established before 2011 Specifically, we are seeking nonprofit organizations that are interested in creating new social enterprises within their organization or spin offs of new social business that use the social entrepreneurship approach described above. Special consideration will be given to ideas that create new jobs in New Jersey Category #2 Innovative Individuals Any New Jersey resident with innovate ideas for solving one of the state s social problems or environmental issues using the social entrepreneurial approach described above. This category is for individuals who are not creating their social venture under the umbrella of an existing organization. Special consideration will be given to ideas that create new jobs in New Jersey New Jersey Social Innovation Institute 3
APPLICATIONS The application period begins October 19, 2011 and ends November 28, 2011. Applicants will be asked to provide a description of the social venture they are working on and demonstrate how it addresses a social problem or environmental issue. A selection committee consisting of representatives of the partners will convene to interview semi-finalists and select the final participants. Applications can be found by going to the summit website www.njsesummit.org For more information please contact Rutgers Center for Urban Entrepreneurship & Economic Development at 973 353 5987 or via email at cueed@business.rutgers.edu New Jersey Social Innovation Institute 4
N.J. Social Innovation Institute Training Course Objectives The New Jersey Social Innovation Institute offers an introduction to social innovation, social entrepreneurship, and social finance within the changing social landscape of the 21st century. It aims to immerse participants into the emerging field of social enterprise and social entrepreneurship and provide each person with a language and background to function in this part of the social sector. In a training course like this, we touch on four key themes delving into some in greater depth: social impact, social innovation, financial sustainability and impact measurement. The ultimate goal is to prepare participants to develop and present social venture business plans by the end of the training course. Session Topic(s) Case/Activity Readings & Assignments Due PRE-WORK (complete this work before the first class session) Pre-work Brooks, Chapter 1-4 Robinson, Prado, Shapira Paper (Link on Blackboard) Creating Successful Business Models (HBSP) Month 1 Day 1 Orientation Introduction to Social Entrepreneurship Legal Issues in SE White Dog Cafe Brooks, Chapter 1-2 1-2 Page Social Venture Description Day 2 Social Enterprise Tour (Field Trip) Lessons from the Field (Panel/Case Studies) Marketing Social Venture New Jersey Social Innovation Institute 5
Month 2 Day 3 Social Innovation & Social Impact Acumen Fund Case Study (A) Brooks, Chapters 5-8 Business Models & Business Planning Introduction to Entrepreneurial Finance & Financial Sustainability Introduction to Social Impact Investing KABOOM Case Study (A) Guest Speaker What Foundations Can Learn From Venture Capitalists (HBSP) The Landscape of Social Investment (Link on Blackboard) Draft of first half of business plan Month 3 Day 4 Panel of social Investors/Foundations KABOOM! Case Study(B) Brooks, Chapter 9 Integrating Measurement into Your Social Venture Part I Acumen Fund Case Study (B) Executive Summary - Double Bottom Line Report (Link on Blackboard) Draft of full business plan Month 4 Day 5 Making the Pitch Social Impact Measurement Plan Integrating Measurement into Your Social Venture Part II Day 6 Coaching for the Business Plan Presentation Business Plan Presentation draft Month 5 Day 7 Business Plan Pitch to Panel Graduation Luncheon New Jersey Social Innovation Institute 6