Social Capital
The MaRS initiative in Canada

Mobilizing Private Capital forPublic Good ... Measuring Progress During Year One ... Canadian Task Force on Social Finance

Burgess COMMENTARY

Peter Burgess

Open PDF Dear Reader,

One short year ago, the Canadian Task Force on Social Finance released a call to action titled “Mobilizing Private Capital for Public Good.” It was time to more formally embrace the growing impact investment movement as a viable and necessary economic activity for Canada.

The Task Force report examined developments across the country and around the world, identifying seven key recommendations for mobilizing new sources of capital, creating a supportive tax and regulatory environment, and building a pipeline of investment-ready social enterprises.

Today, the economic and social imperatives to continue moving this agenda forward are more compelling than ever.

These challenging times demand new thinking from all of us. Canada will need to capitalize on the talent and creativity of all its citizens to prosper and to ensure the well-being of future generations. Social enterprises are a rapidly growing and critically important part of our innovation economy, developing new approaches to tackling complex 21st-century problems. They increasingly rely on private investor support to expand their programs and scale their impact.

This report highlights some of the developments relevant to the recommendations of the Task Force on Social Finance over the past year. The progress is encouraging, especially given ongoing economic instability. We will continue to track and report on progress in the years ahead.

Canada’s government, business sector, foundations and community groups are all contributing by expanding our collective knowledge, catalyzing policy work and supporting the development of social finance tools and products. Although still nascent, enabling infrastructure supporting a functioning marketplace is taking shape. As expected, there are gaps that need to be addressed, and the corporate and financial sectors must engage more fully.

The new Centre for Impact Investing at MaRS will help accelerate these efforts by providing a nexus for stakeholders to work together on new financial products and services, develop new talent and share best practices. It will also continue our engagement with international organizations doing pioneering work elsewhere.

The goal of the Task Force was to raise awareness and stimulate a national discussion about a new partnership model between private finance and public good, and the opportunity it represents for Canada’s future. We share responsibility for this future and, by working together, we can make a meaningful contribution.

Thank you for your support over the past year and for your ongoing commitment to realizing the true potential of investing with impact.

Ilse Treurnicht, CEO, MaRS Discovery District
Chair, Canadian Task Force on Social Finance