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The Australian government is putting its money where its mouth is, investing $40 million in a new fund designed to support social enterprises, the Sydney Morning Herald reports.
The Centre for Exponential Change will be a center for social enterprise development in Australia, with a particular focus on the country's small and medium-sized businesses.
The money will be divvied up over the next four years, with $6 million going to social enterprises in 2023-24 and $3 million going to social change organizations.
"This is a very exciting time for social enterprise," says the chair of Australia's Social Enterprise Development Initiative.
"There's a huge opportunity for social enterprises to be more efficient and effective and to deliver various gaps faced by social change organizations."
The Australian government's investment is in addition to a $1 million endowment from the philanthropic Rohini Nilekani Philanthropies last year, notes Global Entrepreneurship Review.
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