New social enterprises to receive jump start from government investment
Written by Andrew Holt
The first awards from the Government’s £10 million Social Incubator Fund have been announced.
Speaking at Nesta, Minister for Civil Society Nick Hurd said that Wayra UnLtd and Bethnal Green Ventures would be the first to receive backing.
The fund is designed to provide investment into ‘social incubators’; organisations that will offer a period of intensive support to social enterprise start-ups.
This will help turn early stage ideas into successful businesses that change lives, by giving social entrepreneurs access to the resources they need to get their ventures off the ground.
Both of the ‘incubators’ chosen, focus on how technology can unlock the potential of social enterprise in the UK.
Bethnal Green Ventures will launch their “Social Innovation Camp” that will provide investment, mentoring and office space for start-ups who use technology to solve problems in three key areas; health and wellbeing of an ageing population, education and employability of young people and environmental sustainability.
Wayra UnLtd is a new partnership between UnLtd and Wayra, Telefonica's technology incubator.
They will identify up and coming social entrepreneurs who use digital technologies, and accelerate their entry to market by providing investment and technical expertise in a purpose built “Wayra UnLtd Academy”.
Minister for Civil Society Nick Hurd said: “There is no shortage of social entrepreneurs in the UK with the ideas, passion and talent to create successful businesses that improve lives. We also have a talented and growing technology community in the UK.
"Increasingly we’re seeing these two come together, with innovative entrepreneurs and start-ups harnessing the power of technology to create real change for people and communities.”
Paul Miller, partner at Bethnal Green Ventures, said: “Our aim is to provide investment and support to people who really understand social challenges so that they can build social ventures to improve the lives of millions of people.
"With this backing from the Cabinet Office, Nesta, Nominet Trust and Google Campus we’ll be able to do that for twenty new ventures a year, giving more people the opportunity to turn their ideas into reality.”
Cliff Prior, CEO of UnLtd and Simon Devonshire, director of Wayra Europe said: “We are massively proud to celebrate this new partnership to find, support and grow digital social enterprises in the UK.
"We are also thrilled the Government is giving this special partnership its full support and backing. Together we aim to address significant social issues through the use of digital technology combined with entrepreneurial talent.”
Employers should do more to help staff volunteer - CAF
ACEVO welcomes four new trustees
December feature: Ideal partner
UBS to support first in £30m+ series of SITR funds tackling inner city poverty
New Charity Commission board member announced
Fundraising Initiatives acquires R Fundraising
Almost half of charity trustees see ‘skill gaps’ on their board - survey
Use of money tops public concerns with charity
Trustees came under the spotlight last year because of their reluctance to defend
the salaries of their chief executives. The sector has since offered trustees opportunities to learn from the experience. It is an opportunity they must take, argues Andrew Holt
Tris Lumley takes the reader on an in-depth journey analysing impact
leadership, arguing that impact starts with leadership
Andrew Holt searches through the maze that is the Big Society for meaningJune/July 2013 Cover Story: Testing times, big opportunities
Contrasting sector evidence suggests the fundraising environment is tougher than it has ever been while other data suggests it is indeed tough but equally ripe with opportunity. Hugh Wilson unravels the debate