Sauder is continuing to partner with Coast Capital Savings in a recent commitment to encourage students to start their own social entrepreneurial ventures.
The credit union, Coast Capital Savings, has provided a $1 million contribution over the course of four years to fund UBC’s Coast Capital Savings Innovation Hub. Along with the fund, Coast Capital Savings is planning to assist in the training and mentorship of students who want to start their own startups and companies.
For Coast Capital Savings, one goal is to “promote economic, social and environmental change in BC communities.”
Along with other factors, projects proposed to The Coast Capital Savings Innovation Hub are assessed on their potential to impact their communities in a meaningful way.
Coast Capital Savings has offered Coast Capital representatives as volunteer mentors who, coupled with Sauder’s Centre for Sustainability and Social Innovations staff, will help train and educate Sauder students in their ventures.
Though they will still be revenue-driven businesses, the social ventures proposed by the students must have a focus on social and environmental factors that should result in positive change for B.C. communities.
“Social ventures are thriving in Vancouver’s dynamic entrepreneurial community and there’s a growing recognition of the power of business to do good in the world,” said James Tansey, Executive Director of Sauder's Centre for Social Innovation & Impact Investing in a statement.
Each of the students participating in the program will also receive the $2000 Coast Capital Savings Accelerator Award to help start their venture.
Businesses that have been started within the last three years are all able to apply to be part of the Coast Capital Savings Innovation Hub. With this extra support, Coast Capital hopes to encourage a higher quantity and quality of social ventures.
Coast Capital Savings will also receive top Sauder students as interns during the summer term in order to encourage a more cohesive training environment for students.
With new companies springing up within UBC and a strong support system for students interested in social entrepreneurship, Coast Capital Savings hopes that the new hub and startup programs will promote a new generation of socially conscious entrepreneurs.