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Creativity and Business Breakfast 'Impact Investment in Culture'
Impact Investment in Culture?
The old world of government grants and philanthropic donations is being subsumed in a new age of ‘impact investment’. Increasingly social enterprises are collaborating with the private sector to create public benefit. Social benefit bonds are attracting international attention. Ethnical investors now see an opportunity to receive shared financial and social returns on their funds; not-for-profit institutions to scale up their mission-driven activities; and governments to fund programs and services at a time of austerity. Social and environmental organisations are becoming increasingly engaged in such modern manifestations of doing good. But can these creative ways of funding really be applied to artistic and cultural endeavours?
Professor Peter Shergold AC is the Chancellor of the University of Western Sydney and Macquarie Group Foundation Professor at the Centre for Social Impact (CSI). Peter was CSI’s founding CEO from 2008 until January 2012.
Peter was a CEO in the Australian Public Service for two decades. He served Prime Ministers and Ministers in both Coalition and Labor governments. In February 2003, he was asked by the Prime Minister, John Howard, to serve as Secretary of the Department of the Prime Minister and Cabinet, becoming the nation's most senior public servant. He did so for 5 years.
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