Social Entrepreneurship at Play in London Olympics

London Olympic Games 2012 will take place in one of the economically disadvantaged locations in the city. It was a social entrepreneurial decision on part of the city that is now showing its gains. The reclaimed landscape that will emerge from these Games would have otherwise taken several decades to clean up piecemeal.

This erstwhile run-down part of London will now be home to a new economic center, a large urban park, and extensive residential and commercial amenities. The investment in transport and infrastructure in the area is major development platform for the future. Local residents stand to gain from the healthier environment now being created. The revival program has fast-forwarded the development of east London by at least a generation.

Business in the Community (BITC), a business-led charity, has announced that it will provide support to hundreds of social enterprises in the host boroughs is a shot in the arm for the area's regeneration efforts. It is expected to contribute to the growth of jobs and boost the local economy of the area.

The Arc project is providing on-the-ground, practical support for social entrepreneurs in east London. The project is focused on social innovation and aims to provide support for one thousand new jobs, create new economic opportunities for the community and cause socially responsible companies to reinvest in the future of the community. It is practical, accessible, immediate help that expedites the economic payback from the Games.

Deloitte is one of the key founding members of the Arc project, which takes a serious responsibility to contribute to a sustainable Games legacy for the city of London. As a Games sponsor, Deloitte wanted to have a wider commitment to foster social innovation, which has been made possible with programs such as BITC and Arc.

Deloitte, in association with Nobel Peace Prize winner Muhammad Yunus, will be launching their comprehensive social innovation program soon. It aims to help showcase social innovations and social enterprises that demonstrate real potential for growth and provide them the necessary support to become investment-ready and achieve scale.

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