October 21, 2014
J.P. Morgan and Social Traders, a national non-profit social enterprise development organisation, have announced a new partnership to accelerate the social enterprise sector in New South Wales (NSW) targeting social enterprise ideas that address youth unemployment.
The partnership will boost the capability of the social enterprise sector in NSW focusing on youth unemployment as a critical social issue and expand Social Traders’ capacity to create more investment-ready social enterprises over the next 18 months.
Under the program, social enterprises and start ups across NSW are invited to participate in youthCANwork, a competition to identify and develop investment-ready ideas for addressing youth unemployment. The four highest potential enterprises will be selected to participate in Social Traders’ successful start-up incubator program, ‘The Crunch’ which is being run in NSW for the first time.
“The focus of our partnership will be on cultivating capability in start-up social enterprises, specifically focused on addressing youth unemployment in NSW. Youth unemployment has been growing in Australia since the start of the global financial crisis. Among 15 to 24 year olds unemployment is 13.2 per cent, more than twice the national average, so this program is addressing a critical social issue,” said Rob Priestley, chief executive officer, J.P. Morgan ASEAN region and Australia and New Zealand.
“There is a strong need for specialist capacity building support for investment-ready start-up and early stage social enterprises in NSW. We are proud to begin addressing this need through our partnership with Social Traders,” Mr Priestley added.
“J.P. Morgan’s commitment to supporting social enterprises in NSW is a great advancement for the sector in Australia. Social Traders has a strong track record for supporting social enterprises in Victoria and we are excited to build a pipeline of investment ready social enterprises in NSW through this partnership” said David Brookes, Managing Director of Social Traders.
J.P. Morgan and Social Traders will convene a youthCANwork competition on 26 November 2014 to bring together social entrepreneurs, business, government, philanthropists and social investors to develop solutions to create employment for young people through social enterprise,” said David Brookes.
“Through youthCANwork and The Crunch 2015 we will begin to build a strong pipeline of investment-ready social enterprises in NSW, while also tackling head-on a big social issue: youth unemployment” he added.
J.P. Morgan employees will also contribute their expertise as mentors for the social enterprises, and help those enterprises start-up and grow. To find out more about the youthCANwork competition or The Crunch 2015 in NSW visit www.socialtraders.com.au/youthcanwork
About JPMorgan Chase & Co
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Social Traders
Social Traders is Australia’s leading social enterprise development organisation. Established in Melbourne in 2008, Social Traders helps social enterprises start-up, sell and grow.
The organisation works to build business capability of start-ups and early stage enterprises, invest in a small portfolio of start-ups, and open markets for social enterprise products and services with corporates, government and consumers. The Crunch is Social Traders’ intensive early-stage social enterprise incubator program. The Crunch will run in NSW in 2015 for the first time thanks to the support of our NSW partners J.P. Morgan and the Westpac Foundation.