Pathway Fund Co-Creates New Enterprise Development Programme with Do it Now Now

Pathway Fund, a new Black and Ethnic Minoritised-led social investment wholesaler is collaborating with open innovation organisation, Do It Now Now (DiNN), to create a cutting-edge enterprise development programme supporting Black and Ethnic Minoritised-led businesses. 

Funded by Pathway Fund and delivered by DiNN, ‘Make It Big with Pathway Fund’ will provide 12 UK-based charities and enterprises with funding, bespoke support and training over an 18-month period.  During that time, DiNN will help them build their financial resilience and operational readiness, raise social investment and – in some instances – prepare for asset acquisition. 

DiNN were selected as co-creators following a rigorous selection process.  An organisation committed to the social and organisational mobility of Black people across the UK, they implement authentic and effective interventions through successful learning projects and have a strong track record of supporting community-based enterprises with vital hands-on support. Make it Big is one of DiNN’s entry points, equipping existing non-profits and social enterprises for social investment readiness and systems change. 

“Pathway Fund is committed to working with sector stakeholders to develop programmes and products that respond to on-ground needs of the UK’s diverse communities and enterprises.” says Pathway Fund Project Manager, Swati Pujari

“The long-term undercapitalisation of Black and Ethnic Minoritised communities, enterprises and intermediaries means that organisations led by people from Black and Ethnic Minoritised backgrounds have unique and nuanced requirements in terms of capital and capacity building. In order to respond to these specific needs and to achieve equitable outcomes, we believe it is crucial for funders to collaborate with lived experience-led intermediaries – sharing power, strategic coordination, and sector building.” 

This is a sentiment echoed by DiNN’s Founder and CEO Bayo Adelaja  “Due to the multiple crises we have all had to weather, fantastic individuals are finding themselves in much more dire straits than they would have been at the height of the pandemic” she said.

“This is also an incredibly difficult time for mission-driven organisations across the country that are ready and willing yet unable to achieve their missions due to the continuation of systemic underfunding and targeted under-resourcing patterns that Black and Global Majority communities have faced.” 

The decision to develop the programme is a response to Pathway Fund’s research that 63% of organisations that applied for funding from the Big Issue Invest/UnLtd Growth Impact Fund did not have well-developed trading models.

Do It Now Now’s own research found that approximately 60% of the financing sources for the UK’s Black-led organisations comes from the personal savings and employment income of their Directors, while 20% came from grants revealing an urgent need for access to alternative sources of finance to grow their businesses, leading to significant contributions to the UK economy.

“These organisations are needed in their communities because they are known and trusted, and 97% of them have the deep-rooted lived experience needed to devise and deliver innovative solutions to the persistent problems facing their communities.” continues Adelaja

“Through this funding programme, our communities will begin to bridge the gap and deliver equitable outcomes for underserved populations locally and nationally.”

Make It Big with Pathway Fund is one of several pilot projects being launched by Pathway Fund. Conceived in 2022 by Stephen Bediako OBE of Black Global Trust, Bonnie Chiu of The Social Investment Consultancy and Kunle Olude MBE of Voice4Change England, Pathway Fund’s mission is to get significant funding to Black and Ethnic Minoritised-led organisations sooner.

“We are thrilled to be working with Do it Now Now to deliver this programme and support a group of Black and Ethnic Minoritised-led charities and enterprises” concludes Pujari “as well as to build and share our learnings from the programme.” 

The project is set to launch in Autumn 2023 and is made possible by Pathway Fund’s founding funding partners – City Bridge Trust, Esmee Fairbairn Foundation, and Joseph Rowntree Foundation.

You can register their interest on the Do It Now Now website.