CIC Central Event

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Comment by Heidi Fisher on July 11, 2011 at 15:07

Hi everyone - the presentations from the CIC Central event last Thursday are now available click here for presentations

Comment by Kathryn Kimbley on July 8, 2011 at 16:15

This was a great event! It was so nice to meet and hear about other fellow CIC's and hear about some of the challenges and ideas they also face. Quite a sense of community.

I do feel that the lack of awareness of CIC's locally is quite detrimental to our development. Many people simply don't understand what I mean when I say CIC or "Community Interest Company". Basic information regarding CIC's is very limited - to the obvious resources CIC Regulator and Association. I am more than happy to see if there's anything I can do to raise the CIC profile. In fact we probably just missed an opportunity as the West Park City Show is on this weekend in Wolverhampton and there are many info stalls which include the FSB. But it's on every year!

 

Unexpected networking turned out fabulously and my brain ended up whirring with ideas! Was so pleased to meet the "Two Michaels" aswell! So inspiring!

Comment by John Mulkerrin on July 8, 2011 at 14:40

Simply a fantastic event, beyond the practical 'development' issues it was just wonderful to soak up the collective energy and spend time with everyone, the two Michaels from MyTime CIC were inspiring, im kicking myself for not getting their presentation on video.

Comment by Sara Burgess on July 8, 2011 at 13:01

This was a really useful day and a format I am sure would go down well elsewhere. Always enjoy being in a roomful of CICs!

Comment by Lindsay Milner on July 7, 2011 at 21:56

I agree, and add my thanks for organising a very interesting event.  I found all the sessions very instructive, and my particular thanks to Sara Burgess for being the complete opposite to how you expect a regulator to be.

Comment by Heather Matuozzo on July 7, 2011 at 18:05

What an inspiring day - my head is positively buzzing. Thank you to everyone involved and I am already looking forward to the next one.

Comment by Heidi Fisher on July 7, 2011 at 17:22

So what went on at CIC Central, the regional event for the CIC Association, today at Enta CIC....

Firstly, thanks to all of you that attended - it was great to see over 70 CICs there.

Sara Burgess, the CIC Regulator, provided an update and confirmed there are now over 5,300 CICs registered and that the rate at which CICs are incorporating is increasing, and that the popularity of CICs has surprised everyone.  Sara commented that she was delighted to see so many CICs in one room!

John Mulkerrin, from the national CIC Association, talked about the potential for CICs to gain exemption from financial promotions regulations like Indutrial and Provident Societies currently receive, and that the legislation is currently under review.  The CIC Association will by launching CIC Bonds later in the year, which wil enable any CIC to issue bonds to the local community.

Casey Lord from Venturesome explained about the investment options they have available for CICs, including debt and quasi equity, typically over 3-5 years.  The application process involves an initial conversation and no application form.

Michael Lilley from My Time CIC explained their journey of gaining investment, the strategies they had developed and how they had successfully built relationships with a number of investors, in order to build and grow My Time CIC, whilst keeping their social purpose and service user led ethos at the core.  My Time CIC are the first CIC in the UK to obtain investment via redeemable preference shares (through Big Issue Invest), and have also had 3 loans to support their growth.

I then rounded up the event with an overview of the important elements required for gaining investment, the expansion in the availability of investment over the last year for CICs, and details of some of the sources of investment.

Key issues raised by the CICs attending the event were:
Lack of awareness of the existence of the CIC Association nationally, which prompted a request for anyone who wished to support the marketing of the association to get involved!

Raising awareness of CICs with local authorities and also the general public, including case studies etc on the website about what CICs are and good news stories.

CICs were also interested in promoting the CIC brand, and both the CIC Regulator and CIC Association logos can be used by any CIC.

There was a concern that smaller CICs would be squashed out of the market by NHS spin out CICs, that are being supported by the NHS for 5 years and do not have to competitively tender for contracts.  The audience felt that there should be procedures in place to ensure there was an open tendering process for the services being spun out.

Often CICs are classed as not for profits, and the general view is that CICs are frowned upon if they make a profit, but this is in part down to education, as it’s about what you do with your profits.

The CIC Association should have a directory of CICs so that similar types of CICs could link up, or those in the same area could meet.

Those attending felt it would be good to have further CIC Central events in the future, including one covering marketing ideas and one around bid writing/funding.  If anyone is interested in supporting the organisation of future events please get in touch!

Tweet your thoughts on today’s event or future events @harrisandharris and @cicassociation or reply to this post!

Comment by Nick Comley on July 5, 2011 at 19:20

I'm unexpectedly available! Can I still come, Eventbrite says I can only get onto the waiting list, are there any places left?

Comment by Heidi Fisher on June 18, 2011 at 11:52

Last few spaces remaining for the CIC Central event on 7 July - click here to book your place: Event Booking. 

Comment by Heather Matuozzo on June 8, 2011 at 16:50

This looks to be an interesting and informative event

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