Is capitalism a dirty word? Or can capitalism be used as a tool for the benefit of society?
This week’s guest, Allan English, is someone who is an advocate, an activist, a champion of social enterprise. Social enterprises are organisations that prioritise social or environmental goals over profit maximisation, and often reinvest their profits into their mission.
Allan is the Founder and former CEO of ASX-listed hospitality company, Silver Chef, which provides equipment financing solutions for hospitality businesses. In 2010 Allan stepped down as CEO of Silver Chef and transferred 50% of his shares to form the capital base of the English Family Foundation.
Allan has been nationally recognized for his continued work in the Philanthropic sector and in 2020 he was honoured by being awarded with an Order of Australia AM for Philanthropy and services to the community.
Allan has seen a significant shift towards social enterprises as an alternative to traditional business models. He recounted in episode 46 a story about his continuing work with University of Queensland MBA classes:
“Back then [in 2013] the total end goal was to get a job working for Macquarie Bank and make a million dollars a year… When I go and talk to the MBA classes today, the top of the crop are all wanting to become social entrepreneurs. They want to become change makers building businesses that have got a social purpose.”
The importance of social enterprises lies in their ability to address some of the world’s most pressing social and environmental issues. From poverty and inequality to climate change and biodiversity loss, social enterprises are working towards creating a more sustainable and equitable world.
Allan’s foundation, the English Family Foundation, was set up to support these social enterprises. The English Family Foundation seeks to support social entrepreneurs driving high-impact initiatives in Australia and the South East Asia region. Their particular focus is on supporting the underlying ecosystem to enable social entrepreneurs to thrive.
The shift towards social enterprises is driven by changing consumer and employment preferences. Increasingly, consumers and job-seekers are looking for businesses that prioritise sustainability and social responsibility.
A great example of a social enterprise is Who Gives A Crap – a profit-for-purpose toilet paper company that uses 50% of its profits to build toilets in the developing world. I had a conversation with the CEO of Who Gives A Crap, Simon Griffiths, on episode 37 of It’s Never About Money. Have a listen if you want to learn more about that incredible organisation.
The shift towards social enterprises is not only important for creating a more sustainable and equitable world but is also reflective of changing consumer preferences towards socially responsible businesses. I applaud Allan for all the work he has done and I enjoyed every moment of our conversation.
To hear the full conversation, listen to Episode 46 of It’s Never About Money.
