Resonance - Twenty Years Of Impact - Report - Page 18
3 IMPACT TIMELINE THE EARLY YEARS
The early years of Resonance involved Daniel working alone with Peter Dawe as his mentor, building the network and connections that would serve Resonance so well in
later years. These foundations, built over nearly ten years of tirelessly collaborating with like-minded peers, clients and investors, earned Daniel and Resonance the trust and
respect that was needed for scaling Resonance’s impact with the backing of many stakeholders and investors to make some gargantuan decisions from 2012 onwards. From
the initial investment from NESTA, Big Society Capital’s investments into Resonance’s first funds and other commitments from St Mungo’s, Esmeé Fairbairn and Access –
they all contributed to the rapid growth that followed.
UK SOCIAL ENTERPRISES
FIRST COUNTED
OVER 100K
C5,000
HOUSEHOLDS
IN TEMPORARY
ACCOMMODATION
2002
2003
• Dawe Charitable
Trust provides seed
investment
• Resonance working
out of CARE offices in
London
• Daniel’s lobbying work
on the UK poverty trap
prior to Resonance laid
important foundations
that would eventually
lead to the Resonance
Homelessness Funds
• Daniel supporting social
enterprises with initial
investments
RESONANCE
INCORPORATED
• Social Enterprise
Magazine launches
UK SOCIAL ENTERPRISES
INCREASE 300%
11.3M
And even before setting up Resonance, Daniel’s political lobbying and his work on the UK poverty trap lead ultimately to the establishment of the Local Housing Allowance.
This gave transparency to private landlords, allowing them to set appropriate rents. This was an important step too, which would eventually lead to the development of the
Resonance homelessness property funds.
£135K
INTO 3 ENTERPRISES
CUMULATIVE
INVESTMENT £6M
£4.5M
£500K
INTO 3 ENTERPRISES
CUMULATIVE
INVESTMENT £6.5M
INTO 2 ENTERPRISES
CUMULATIVE
INVESTMENT £7.3M
£812K
C15,000
PEOPLE LIVING IN
POVERTY IN UK
INTO 3 ENTERPRISES
£1.4M
INTO 2 ENTERPRISES
CUMULATIVE
INVESTMENT £1.5M
2004
2005
2006
2007
2008
2009
2010
2011
• Embedded into small
number of East London
social enterprises
• Working on how social
enterprises can scale up
impact
• Baring Foundation funds
a project with Resonance
and Charity Bank
• Mustard Seed Property first property purchased
• Project aimed at helping
social enterprises in
Cornwall to prepare for
investment
• Shirley Hooton joins
Resonance as the first
full-time employee, in
addition to Daniel
• BeyondAutism deal
completed
• Helping social
enterprises to develop
their theories of change
• Sponsored by the
Cabinet Office,
Resonance partnered
with a couple of others
as a joint venture called
Equity Plus, to look at
angel investing
• NESTA provided
Resonance (and 7 other
intermediaries) with
pivotal investment to
ensure they were ready
for Big Society Capital
investment when it
launched
• In particular, First Fruit
that were involved in
a number of activities
including furniture
recycling, construction,
manufacturing and
housing.
• Supporting social
enterprises to develop
business models
• Gradually doing more
work nationally
• Particularly in partnership
with The Development
Trust Association (later
known as Locality),
supporting development
trusts across London
• Resonance and the
Brewer family move to
Cornwall
• Blueprint deal helped
development of
Resonance Funds
• First-time bespoke
underwriting deal
• First time sourcing
property for charity
partner that needed more
space
• Bob Paterson and Daniel
start to work together on
community-led projects
• Bringing social
enterprises and investors
together on bespoke
angel deals
• Cochabamba deal, based
in Bolivia, completed
• The learnings from this
deal again, contributed
to the development of
Resonance funds
• First ‘Good Deals’
Conference from Social
Enterprise Magazine is
held at LSO St Luke’s.
Daniel was one of the
speakers
• Resonance and Bob
Paterson’s Community
Land & Finance merge
• Bob Paterson working
on the development of
the Affordable Homes
Rental Fund
• The learnings from
a deal for Red Brick
Building contribute
to the development of
the Community Share
Underwriting Fund that
would eventually be
launched in 2012
• c. £4m secured to
purchase and redevelop a
property into a school for
56 children with autism
• Daniel first meets with
Howard Sinclair from St
Mungo’s
• National Lottery
Community Fund gives
St Mungo’s Broadway
a grant to pay for the
development of the Real
Lettings Property Fund.
• Big Society Capital
founded
• Work continues with
the development of
Resonance’s first two
community asset funds
• The programme was the
most successful grant
they made
• Provided £85K to see
how much private capital
could be unlocked
• The Fund led to £57m of
investment initially - now
over £250m
FIRST MAJOR DEAL
£530k
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