Community Interest Company – Just like a Cooperative but totally different.

So. Apparently the government has finally found a slot for our us. It looks like our social enterprise, which kicks off next month as The Sorting Room, will not be an official Cooperative after all. There is a new type of forth sector company, introduced in 2005, called a “Community Interest Company” (CIC) that seems to fit us. I actually haven’t heard the name before until today.

Definition:

“A CIC is a new type of company, designed for social enterprises that want to use their profits and assets for the public good. CICs will be easy to set up, with all the flexibility and certainty of the company form, but with some special features to ensure they are working for the benefit of the community.” CIC

Clive Sheppard is the consultant who has come up to Orkney to check us out. Really nice guy. Does a lot with eco-villages, youth work, social enterprise, and he once had Kaiser Chiefs play at his recording studio/music venue. We have Euan Smith to thank for this connection: Euan the entrepreneur extraordinaire, and our ambassador for Highlands and Islands Enterprise. Euan met Clive at a social enterprise meeting in Inverness 3 weeks ago and things have really taken off since then.

Anyway, thats all I know. Not much more than you. Heaps to learn about CIC.

Related: TSK on Fourth Sector and Mission

?? – what would be equivalent in the USA?

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Andrew

Andrew Jones has been blogging since 1997. He is based in San Francisco with his two daughters but also travels the globe to find compelling stories of early stage entrepreneurs changing their world. Sometimes he talks in the third person. Sometimes he even talks to himself and has been heard uttering the name “Precious” :-)

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