Member Article

South London accelerator to provide six-figure backing to 'post-startup' social sector firms

A new accelerator by business support organisation CAN is to provide £450k backing to London’s ‘post-startup’ social sector businesses.

The new initiative will see voluntary, community and social enterprises (VCSEs) who have progressed from the initial startup stage, provided with workspace, support and advice in developing their business further.

CAN, who provide business advice and support to the VCSE sector, will stump up £457,300 worth of subsided cash a year for the next one to three years, as a way of filling the perceived gap in funding available to socially-minded organisations who are looking to accelerate their growth after the startup phase.

Successful firms will also benefit from space at CAN’s accelerator floor, CAN Mezzanine, in its serviced offices in Southwark which are offered exclusively to charities, social enterprises and not-for-profit organisations.

Following the announcement of its new accelerator, Chief Executive, Andrew Croft said: “At CAN, we have recognised that social sector organisations in the ‘post start-up’ phase find it really hard to access the right support to take them over the next big hurdles in their journey to success.

“It’s part of our social mission to use our expertise and the great office spaces we have to address those needs. Maybe you’ve been through a start-up accelerator programme, or got some grant funding to kick start your organisation – we all know that initial phase can come and go pretty quickly.

“But what happens next when you’re left to fend for yourself? This is where CAN³ comes in.”

On a recent visit to CAN’s office space in Southwark, Minister for Civil Society Rob Wilson commented: “Through the work of organisations like CAN, charities and social enterprises are finding news ways to secure their long-term sources of finance. This is making them stronger, more sustainable and is helping us to build a stronger, more compassionate society.”