A new research project is exploring why social enterprises led by Black and racially minoritised people experience different patterns of trading growth and what needs to change. The School for Social Entrepreneurs (SSE) is leading the 18-month project in partnership with The Social Investment Consultancy (TSIC), with funding from Trust for London.
Why this research matters
Social enterprises use business approaches to tackle social and environmental problems. The income they earn through trading can help them become more sustainable, grow their impact and create opportunities within their communities.
Initial analysis of data from more than 1,000 social ventures supported through SSE’s Match Trading programmes indicates a striking pattern. Social enterprises led by Black and racially minoritised people achieve stronger trading outcomes than white-led ventures during their earlier stages. As they develop, however, their trading income appears to grow more slowly.
This raises important questions about the structural barriers, market conditions and systemic inequities that may affect social enterprises as they seek to grow.
Our research will examine what lies behind this pattern. It will bring together data and lived experience to identify where change is needed, and what funders, policymakers, enterprise-support organisations and others can do about it.
What the project will involve
Working with TSIC, we will combine quantitative and qualitative research to develop a fuller picture of racial disparities in social enterprise trading.
The project will include:
- Further analysis of SSE’s Match Trading dataset, covering more than 1,000 social ventures
- Qualitative research with Black and racially minoritised social enterprise leaders
- Desk research and interviews with funders, policymakers and other organisations that influence markets
- Roundtables and events bringing together social entrepreneurs and sector stakeholders
- A public report setting out the findings and recommendations
- Policy briefings designed to support practical change
The research is currently underway. We will share the findings and recommendations publicly when it is complete.
What we want to achieve
Generate stronger evidence
We will deepen our analysis of existing data to understand where disparities in trading growth emerge and how they develop over time.
Amplify lived experience
We will work with Black and racially minoritised social enterprise leaders to understand their experiences and ensure their perspectives help shape the research and its recommendations.
Influence meaningful change
We will share the evidence with funders, policymakers, enterprise-support organisations and market makers. Our aim is to inform decisions about funding, business support and economic inclusion—and help create fairer conditions in which social enterprises can thrive.
Advisory Group
To help steer the research we have established an Advisory Group to act as a strategic, accountable and influence-oriented body to guide the project across all phases:
Robin Morgan-Chu
director of partnerships and policy, School for Social Entrepreneurs
Robin leads strategic projects that strengthen the sustainability and impact of social enterprises and charities across the UK. He recently became chair of Camden Giving, where he is championing participatory grant-making to keep residents at the heart of decisions affecting their communities. Before SSE, Robin was the founder and CEO of CoachBright, supporting young people from disadvantaged backgrounds, and he serves on the board of Breathe Arts Health Research. Robin trained as an executive coach and brings frontline social enterprise experience, funder relationships and policy insight.
Bonnie Chu
managing director, The Social Investment Consultancy (TSIC)
Bonnie is Managing Director of The Social Investment Consultancy (TSIC), a global social impact consultancy working across Asia, Europe, Africa and Latin America. Since joining in 2014, she has scaled TSIC internationally, working with over 400 clients including The Children’s Investment Fund Foundation, British Council and UNICEF. Bonnie has also
founded Lensational, the Diversity Forum for Inclusive Social Investment, and co-founded Pathway Fund – an impact investment wholesaler focused on racial equity. She holds an MSc in International Relations from LSE and is a recognised global voice on gender, diversity and impact measurement, having spoken on these issues in over 20 countries.
SWATI PUJARI
head of programmes, Pathway Fund
Swati is a development and impact investment professional with experience in South Asia and Europe. She currently works as head of programmes at Pathway Fund, a social investment wholesaler mobilising capital with a racial equity lens in the UK. She has previously worked in delivering programmes at the Impact Investing Institute – the UK’s national advisory board on impact investing – and in various capacities within the gender lens investing space, including developing a women’s economic empowerment focused investment vehicle for Oxfam, working with GenderSmart to organise a Gender Smart Investing Summit, and managing a consulting start-up focused on gender and intersectional social impact in the investment ecosystem. Prior to moving to the UK, her work focused on deploying impact investment capital and business development support to SMEs, as well as delivering community and urban development projects in South Asia.
Caroline Wilson
director of inclusive economy, London Borough of Islington
Caroline is Director of Inclusive Economy at the London Borough of Islington, where she leads a pioneering programme placing social justice at the heart of economic development. She focuses on harnessing the power of the local state to drive inclusive growth through employment pathways, progressive procurement, social value–led property approaches, inclusive innovation, and incubating responsible businesses.
Previously at Belfast City Council, Caroline played a central role in peacebuilding, mediating political and community agreements to deliver major regeneration programmes and securing over £150 million of investment for local neighbourhoods. She brings expertise in navigating complex systems, shifting organisational practice, and supporting civic leadership, particularly in post-conflict contexts. Alongside her executive role, Caroline actively contributes to national policy and practice. She is a trustee of the Centre for Local Economic Strategies (CLES), chairs the Place-Based Group within the Mayor of London’s Anchor Institutions’ Network, and is a fellow of the RSA.
Georgina WILSON OBE
founder and CEO, BUD Leaders
Georgina is the award-winning founder and CEO of BUD Leaders, a pioneering Black, female-led social enterprise transforming training and events for corporates and foundations across the UK and Europe. With a Level 7 qualification in Systems Thinking and recognition as an international speaker, she is known as the Black Fearless Female for her bold vision, creative leadership and commitment to equity. Awarded an OBE for her services to social enterprise, Georgina’s mission is to double the revenue of over 1,000 Black and Global Majority-led enterprises by 2030, collectively generating £50 million for the community.
Through experiential, evidence-based programmes, she empowers organisations to move beyond traditional training and drive meaningful results. A natural storyteller and systems thinker, Georgina challenges the status quo, inspiring others to see possibility beyond the present while championing visibility, empowerment and lasting impact.
NKECHI ADEBOYE
social investment analyst and relationship manager, City Bridge Foundation
Nkechi is a social investment analyst and relationship manager working across impact finance, racial justice, economic inclusion and community-led enterprise. She currently works at City Bridge Foundation, where she assesses and manages social investments for organisations delivering social impact across London. Alongside this, Nkechi is a director of Exhale.group CIC, a Glasgow- based community interest company creating spaces, programmes and organisational learning rooted in racial justice, QTIPOC+ inclusion and community wellbeing. She is also a trustee for ActionAid UK. She brings experience across social investment, technology and international development, with a particular interest in how capital, enterprise support and institutional practice can better address structural inequality and resource communities most affected by exclusion.
PROFESSOR JONATHAN ROBERTS
teaching director and professor, LSE Marshall Institute for Philanthropy and Social Entrepreneurship
Jonathan is teaching director and professor at the LSE Marshall Institute for Philanthropy and Social Entrepreneurship, where he leads the development of teaching activities. He designed the ground-breaking executive MSc programme in Social Business and Entrepreneurship, and a specialism within LSE’s Master of Public Administration — the MPA in Social Impact. He holds a PhD from LSE’s Department of Social Policy. With colleagues at the Marshall Institute he has recently completed a study on Match Trading and the behaviours of community businesses and social enterprises in partnership with the School for Social Entrepreneurs, and is currently leading a research study into the performance of philanthropy in five global financial centres.
Before academia, Jonathan worked for a number of UK charities — experiences that continue to inform his research into hybrid organisations, altruism, and the role of social enterprises and mutual organisations in public service delivery. He is a leading voice on how social purpose can sit at the heart of business education.
MATHU JEYALOGANATHAN
chief investment officer, Camden Council
Mathu is Chief Investment Officer at Camden Council, where she is responsible for establishing the £30m Camden Community Wealth Fund. She is spearheading the largest participatory investing pilot in the UK, with over 1,000 individuals enabling communities to directly influence local government investment decisions. Previously, Mathu was head of investments at UnLtd, the Foundation for Social Entrepreneurs, where she launched the UK’s first Diversity, Equity and Inclusion focused social impact investment fund. Her career bridges institutional investment with grassroots equity — making her a vital voice for what equitable capital actually looks like in practice.
UGO IKOKWU
grants manager, Trust for London
Ugo is a Grants Manager at Trust for London, where he leads on the racial justice fund and speaks publicly about how racial inequality in London can only be overcome by building economic power in communities that have been denied the opportunity to create it. He spent six years at Social Investment Business across investment, grants and business development, and is passionate about social justice and empowering small communities. He is a trustee of London Funders and also serves as a trustee of The Barratt Foundation. Ugo’s career has been shaped by designing flexible, equitable funding models – including Trust for London’s revenue participation investment in social enterprises.
KUNLE OLULODE MBE
director, Voice4Change England
Kunle is Director of Voice4Change England, an infrastructure charity whose members include over 500 Black community organisations covering everything from criminal justice to migrant rights. A policy adviser at Camden Council from 2002 to 2011, he led the Camden Black Workers staff group and founded its award-winning Camden Black History Forum. Kunle is also a co-founder of Pathway Fund and was instrumental in publishing ‘Home Truths: Undoing racism and delivering real diversity’, a landmark report with ACEVO on the experiences of BAME people in the charity sector. He is a trustee of the English Heritage Trust and a member of the BFI’s African Odyssey programme steering group, and champions a new narrative around race equality grounded in assets, not deficit.
RYAN BAKARE
co-founder and director, Orange Bow CIC
Ryan is co-founder and director of Orange Bow CIC, a community interest company rooted in Lambeth that supports unemployed young people aged 16-24 and adults — particularly those from BAME and underrepresented backgrounds — to build skills, confidence and pathways into work. Since founding the organisation in 2018, Ryan has grown it into a Tulse Hill-based hub with a 14-18 strand working alongside Lambeth’s Violence Reduction Unit, supporting young people at risk of serious violence and child criminal exploitation. Orange Bow has supported over 750 learners to date, with 62% entering employment within three months of completing a course. Ryan brings the perspective of a founder building a self-sustaining community business from the ground up, with deep insight into the realities facing young people the labour market routinely overlooks.
