Since its founding in 2016, the Viennese startup Sindbad has been offering mentoring programs for young people from socio-economically disadvantaged backgrounds. The young company can now officially call itself a social enterprise in line with its mission. So far, social enterprises in Austria have not been able to be publicly identified under this title. That all changed at the end of 2022 with the “Verified Social Enterprise” (VSE) label. Sinbad received this award and can thus clearly communicate the social goals and the social added value.
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Sinbad supports young people with mentoring
Verified Social Enterprises are companies that make a significant contribution to society, be it on a social or environmental level. Any profits are subordinate to the social objectives (impact first). First and foremost, they serve to achieve the social goal. In the case of Sindbad, the goal is to ensure more equal opportunities in Austria. In a 1:1 mentoring program, young professionals and students accompany students on their way to secondary school or an apprenticeship.
The Federal Ministry of Labor and Economics awards the new label. All social enterprises that meet certain criteria can apply for the VSE from Austria Wirtschaftsservice (aws). After a positive review by an independent impact board, the label is awarded by the Federal Ministry of Labor and Economics (BMAW). Companies can use it in their company name and for public communication. In addition, all certified VSE appear in the corporate service portal USP and in the AZ company register of the Austrian Federal Economic Chamber (WKO).
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Label distinguishes startup as a social enterprise
After a thorough check by the Impact Board, Sindbad Chances Productions GmbH meets the requirements and can now call itself a Verified Social Enterprise. The Secretary General of the Federal Ministry of Labor and Economics, Eva Landrichtinger, ceremonially presented the official certificate to the board members and managing directors of Sindbad, Matthias Lovrek and Bernd Hartweger.
Matthias Lovrek, co-founder of the startup, is delighted with the award: “We are very pleased that Sinbad has been awarded the new VSE label as a certified social enterprise. We hope that this will give us even more visibility and opportunities in our commitment to more equal opportunities.” Recognition as a Verified Social Enterprise underscores Sindbad’s efforts to make a positive and sustainable contribution to society.