Kyiv's first ‘social restaurant’ is helping to fund the city's urban projects
The Ivano-Frankivsk–based social platform ‘Teple Misto’ announced the opening of a unique ‘social restaurant’, Urban Space 500 in Kyiv. The project will gather 500 social investors who will each invest the sum of US$1000 in the restaurant.
Through this concept, 80% of the restaurant's income will be forwarded to the financing of social projects in the Ukrainian capital. Also, the restaurant will serve as a free platform to present various social projects and actions. The NGO ‘Insha Osvita’, as well as a popular restaurant chain ‘Druzi’, will provide Urban Space 500 with the management know-how.
The idea is not new to the Ukrainian social entrepreneurship scene. The restaurant in Kyiv is part of a social franchise started in Ivano-Frankivsk by the original ‘social restaurant’, Urban Space 100. The Kyiv venue will follow the model of the Ivano-Frankivsk project.
Urban Space 100 was opened in 2014 and throughout its two years of operation proved itself as a successful social business model. It financed more than 38 projects and invested over 594,820 UAH (equivalent to US$22,361). The organisers also announced that they received more than 200 applications to implement the model in other Ukrainian cities.
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