Need Capital? Learn From a CEDC Pioneer At FullSail 2017
Need capital? Learn from a CEDC pioneer
To those considering launching New Brunswick’s first Community Economic Development Corporation (CEDC), Rankin MacSween has some advice.
Clarify your plan and just do it, says the head of New Dawn Enterprises, the oldest CEDC in Canada.
“When you do it, it might not go the way you want it to go,” he says “So reflect on it, but keep going.”
MacSween will be a guest speaker at FullSail 2017, an annual event hosted by the Financial and Consumer Services Commission (FCNB) to promote capital markets in New Brunswick.
Titled Exploring the Possibilities: Community Economic Development Corporations, the free one-day event takes place Nov. 14 at the Dieppe Centre of Arts and Culture. Other guest speakers include Austen Hughes of Natural Forces Technologies and Debra and Jeff Moore of Just Us Coffee. The event also features a panel discussion and a bonus how-to session. Registration is required.
MacSween will share his experiences as president of New Dawn Enterprises, which was founded in 1976 to revitalize Cape Breton’s regional economy that collapsed with the closure of coal mines and a steel plant. Today, it employs 175 people and operates nursing homes, a college and rental properties as well as health-care programs, community-based services and a centre for the arts, culture and innovation.
It is regularly quoted as a model to strive toward.
MacSween is also a founding member of the Canadian Community Economic Development Network, a national organization that works to strengthen communities by creating economic opportunities that enhance social and environmental conditions.
According to him, growing a CEDC is like raising a child.
“There are moments of joy, but there is a grind to it.”
The key for someone inspired to launch a CEDC, he says, is to surround themselves with a core group of knowledgeable people.
“It’s too hard to do it alone.”
In his experience, the journey can go one of two ways. The core group does a lot of talking without a lot of action.
“They can’t hit the ball. They are too scared to swing.”
Or, it’s the complete opposite. They go off without thoroughly thinking through their plan.
“So one group gets caught in that vortex of verbalism and the other gets caught in activism,” he says. “You need to balance it out. And you need to believe it is exciting and believe there are going to be troubles, but they are exciting too.”
In its 41 years, New Dawn’s mission has remained the same: to engage the community to create a culture of self-reliance. But it has continually evolved and diversified.
Over a decade ago, it took advantage of Nova Scotia’s Community Economic Development Investment Fund (CEDIF) program, similar to New Brunswick’s CEDC program. New Dawn is now one of the largest and most successful CEDIFs in Nova Scotia. Its fund has raised more than $11 million, invested in 10 businesses, and paid more than $1.2 million in dividends to its approximately 600 investors.
For more information on CEDCs or FullSail 2017, visit FCNB.ca.