Social Enterprise Research Academy (SERA) is aware of the poverty gap in Hong Kong. In response to that, SERA created a policy document named “Actively Promoting Social Innovation to Decrease the Poverty Gap.” The document was submitted to the Chief Executive-elect Mrs. Carrie Lam in June 2017. In September, SERA’s committee members met with Mr. Patrick Nip Tak-kuen JP, Secretary for Constitutional and Mainland Affairs, to discuss how social enterprises can play a part in solving Hong Kong’s social issues.
There are seven main suggestions in the document, including:
- Establish the “Social Stock Exchange”
- Assist Social Enterprises to raise capital from the market, provide additional investment opportunities to investors whilst solving social, economic and environmental issue.
- Assist in the development of Social Enterprises
- Solve social problems using business model, providing more employment opportunities and reducing public expenses.
- Promote Co-operative Housing
- Lease land to “Social Enterprise” at a nominal rent of HK$1 to build Co-operative Housing. Upon completion, the ownership will belong to the government and social enterprise. While residents have no ownership, the unit may be used permanently and passed on to their future generations.
- Resumption of reclamation projects
- Improve land supply strategy.
- Issue “Social Benefit Bonds”
- Alleviate the government’s financial burden and use public funds efficiently to resolve social issues.
- Foster the development of green investments
- Encourage companies to issue Green Bonds to finance environmentally-friendly projects.
- Construct “Asia Intellectual Property Exchange Center”
- Establish a sound intermediary system and provide related professional training to promote economic transformation and upgrade.