GoodStart: transforming childcare in Australia
When ABC Learning, Australia’s largest for-profit childcare provider, went into receivership shockwaves were felt around the country. We saw it as a once-in-a-generation opportunity and joined Social Ventures Australia, Mission Australia and the Brotherhood of St Laurence in creating GoodStart, a non-profit consortium. In 2010, GoodStart successfully purchased more than 600 ABC Learning Centres. Read the media announcement.
The GoodStart investment model heralds a new approach which we hope will become a template for funding other large-scale social businesses. The project attracted an unusual mix of commercial funding from the National Australia Bank, social capital investment from philanthropists, a Government loan and cash support from the non-profit partners, creating the largest social enterprise in Australia.
We are not driven by profit motives: we took this step for a clear social purpose. The surplus generated from operations will be invested back into the curriculum development, bringing life to GoodStart’s vision to give Australian children the best possible start in life.
Visit the GoodStart website for more details.
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