How our Community Interest Company is making an Impact for entrepreneurs
It would be easy to assume that a business which provides co-working space and supports entrepreneurs would be set up in a way that maximises profits; indeed many of the places where freelancers and small companies can rent a desk work on this traditional model. But Impact Brixton is different. We’re a Community Interest Company, meaning that our legal purposes is to benefit the community, rather than private shareholders.
What Is a CIC?
A CIC is a form of social enterprise that sits partway between a traditional company and a charity. We are governed by a constitution which limits the amount of money that can be paid to the company directors, ensuring that surplus funds are put back into our defined social objectives. We are also eligible to apply for external funding to support outreach and make our services more accessible to those from all socioeconomic backgrounds. We are independently regulated, but enjoy greater flexibility than some other charitable organisations, allowing us to do all the things we do best – innovate, adapt and thrive.
Why did we Choose this Model?
It all comes down to the fact that community is at the heart of what we do. Impact Brixton is a socially conscious, mission-driven space, and by functioning as a CIC we have officially committed ourselves to serving Lambeth’s entrepreneurs, in a way that is transparent and values-led. While we work hard to increase the number of people using our services, we don’t do it just for the membership fees – we do it because we know that we’re stronger together, and every new member brings something through the door that’s of value to our community. We keep our prices as low as possible, and through our programmes, we strive to be much more than your average co-working space.Â
