Member Article

Social enterprise ideas going to waste

Seven out of ten people are sitting on an unrealised idea or business venture, according to a new report. A survey for the National Endowment for Science, Technology and the Arts (NESTA), found that 80% of people believe they’ve had an idea that would have a ‘positive impact on everybody’s lives’.

However, 72% of these ideas will never bear fruit as a result of worries such as lack of funding or fear of failure, the report claimed.

Lack of available funding was the most common cause for not following through on an idea with 36% of respondents citing this reason. This was followed by lack of confidence or fear of ridicule (31%) and not knowing where to start (25%). More than half of those surveyed said they would be motivated to act on their ideas if they had financial backing or reward.

The research was conducted in conjunction with NESTA’s Big Green Challenge, a competition to encourage people to tackle climate change. In total, £1m will be rewarded during the competition. Ten finalists will each receive £20,000, mentoring and support to put their ideas into practice. The overall winner will win the remainder of the prize fund.

Jonathan Kestenbaum, NESTA chief executive, said: “The findings suggest that many of the potentially great ideas out there that could have a real impact on our big social problems are going to waste.

“The New Year offers an opportunity to bring these ideas to the surface. By providing a financial incentive and expert support, we hope to encourage communities to come together to find new ways to tackle climate change.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .