Social Innovation Institute Launched in New Jersey

The New Jersey Social Innovation Institute has been launched during the New Jersey Social Enterprise Summit in Newark. The launch program was co-hosted by the Center for Urban Entrepreneurship and Economic Development at Rutgers Business School (CUEED).

The goal of the New Jersey Social Innovation Institute is to promote social entrepreneurship, which integrates social and environmental problem solving and social goals into its core enterprise model. The social ventures to be promoted by the institute may have their affiliations with non-profit organizations, but will operate as social enterprises. They may also be independent companies dedicated to the business of achieving positive social change.

The institute offers a training program for enterprising non-profit organizations and social innovators with investment proposals and business plans for new social enterprises and social businesses. The institute will select 12 to 16 teams of social entrepreneurs after a detailed three-month application review and selection process. The selected teams will participate in a six-month program that includes training in social entrepreneurship, mentoring and technical guidance.

In specific terms, the Social Innovation Institute will:

• Train, mentor and provide technical assistance to the program participants.
• Provide opportunities for networking with potential social investors, individual entrepreneurs and business leaders who are keen to engage in social venture initiatives in New Jersey.
• Develop sound investment proposals and actionable business plans for social investors and local and national social foundations.
• Support the ongoing efforts of social entrepreneurs and non-profit organizations that are actively engaged in social and environmental problem solving, particularly through creation of new jobs.

The New Jersey Social Innovation Institute has support from the Center for Urban Entrepreneurship & Economic Development at Rutgers Business School (CUEED), which is integrating venture capital and city resources with university research to promote social entrepreneurship.

Photo Credit: hisks