We welcome the launch of the Scottish Government’s new ‘National Strategy for Economic Transformation’ to increase inclusive and democratic businesses by supporting a new award.
The eoa was part of a review group for the report - ‘Developing Scotland’s Economy: Increasing the Role of Inclusive and Democratic Business Models (IDBMs)’ - which sets out how tripling the number of inclusive and democratic businesses in Scotland will make a significant contribution to transforming the country’s economy. The report sets out seventeen recommendations to support reaching the target by 2034.
This includes making sure that IDBMs should run through Scottish economic strategy as a golden thread, establishing an Economic Democracy Group and investment in data, evidence, awareness, training, advice and support.
Working in partnership with Social Enterprise Scotland and Cooperatives UK, the eoa is supporting a new award to celebrate the social, community and environmental impacts IDBMs.
James de le Vingne, Chief Executive of the eoa, said: “It’s great to see Scotland once again be bold with recommended targets that over the next decade, would increase three in every fifty businesses will deliver impact as inclusive and democratic business models.
“The evidence is clear on how employee ownership offers greater economic security and livelihood outcomes and this is reflected in the report. We look forward to further demonstration of these strengths in the new IDBM impact award.”
Neil McInroy, the Chair of review group, said: “Our recommendations are about boldness, ambition, scaling and amplification. Scotland does have a tradition of inclusive and democratic business models and support for them, and there are many success stories.
“However, it is a present and future economic imperative that we significantly up our game.
“Co-operatives, social enterprises, employee owned firms, community enterprises and development trusts have an intrinsic capability to aid economic transformation, support innovation, distribute wealth, support communities and be purposeful in ways that serve people, place and the environment. IDBMs need to run through Scottish economic thinking and strategy as a central golden thread.”
Tom Arthur, Minister for Employment and Investment, said: “Inclusive business is crucial to growing a fairer, greener economy, which is the focus of our National Strategy for Economic Transformation and a key element of Community Wealth Building.
"I'm grateful for the work that has been put into looking at ways to grow Scotland’s social enterprises, co-operatives and employee owned businesses.
“Doing so will ensure an economy which delivers for our communities, supports our fair work agenda, and distributes wealth in a fairer manner. We look at the recommendations and respond in due course.”
The IDBM Impact Award is part of the 2024 Social Enterprise Awards Scotland and recognises and celebrates the outstanding achievements of IDBMs in Scotland, with a particular focus on co-operatives and employee empowned businesses.
You can apply here by October 7.