THUNDER BAY – “SVX places Canada at the forefront of the global impact investing market,” said Ronald Alepian, Vice President and Group Head, Corporate Marketing and Communications, TMX. “TMX Group looks forward to working with MaRS to build a unique model to help mobilize private capital to drive social and environmental impact.”
As a co-founder of the project, TMX Group has provided vital talent, advice and financial support to SVX since the concept was first developed. Six years in the making, SVX amassed a cross-sectoral group of expert advisors with decades of experience in mainstream capital markets and securities law and regulations, and engaged in meticulous market research in an effort to understand barriers and opportunities.
The Ontario Government is also partnering with MaRS Discovery District to launch Social Venture Connexion (SVX).
To celebrate the launch, Ilse Treurnicht, CEO, MaRS Discovery District, joined Tom Kloet, CEO, TMX Group, the Hon. Dr. Eric Hoskins, Minister of Economic Development, Trade and Employment, and Adam Spence, Associate Director, MaRS Centre for Impact Investing, to open trading this morning at 9:3oEDT.
MaRS is set up to help and assist entrepreneurship.
In a media release, the Ontario Government shares how the province has enhanced the social enterprise industry in Ontario:
- Creating an Office for Social Enterprise to promote partnerships with the private, not-for-profit and public sectors by coordinating and expanding the tools available to social entrepreneurs across Ontario.
- Launching the Ontario Catapult Micro-loan Fund as a pilot program to support early stage social enterprises by providing them with access to capital, services and programs.
- Investing in SiG@MaRS, a program that supports social entrepreneurs at all stages to help develop and deliver programs that accelerate the growth of social enterprises.
By launching the new SVX, Ontario is positioning itself to become the leading place in North America for social enterprise. The province is also creating a strong business climate, one of the three pillars of the government’s economic plan for jobs and growth.
- SVX received funding from the province for its feasibility study and pilot project completed in 2010.
- SVX is the first platform of its kind in North America and was created in collaboration with a number of private and community partners, including TMX Group. The SVX platform has a goal to see $2.5 million in its first year of operations and to support at least 10 social ventures.
- Social enterprises are businesses that have a positive social, cultural, or environmental impact while generating revenue.
- Ontario already has about 10,000 social enterprises and estimated to employ 160,000 people.
- Social enterprises serve 3.4 million unique customers per year.
- St. John’s Bakery in Toronto produces artisanal breads and sweets while providing training and employment to people who face challenges such as addiction, poverty or mental health issues.