Last month the DWP announced a £30 million fund to address youth unemployment in the UK. It will offer between 5-20 social investment partnerships the chance to deliver innovative outcomes-financed services to support those not in education, employment or training between the ages of 14-24. The Innovation Fund is a progressive move by commissioners in the DWP. It will help grow the Social Investment market and drive innovation in a sector that requires new approaches to fill existing gaps in provision.
Investment partnerships will be formed by one or more service providers and one or more investors or intermediaries. The DWP has set a deadline for partnerships to submit their Initial Application Forms by 5th August. Social Finance is looking for individual organisations or consortia of service providers who are interested in forming Social Investment Partnerships to bid for the Innovation Fund.
To understand whether there is a good fit between the interests of social investors and delivery models, we are asking potential partners to submit preliminary information to assess whether service providers’ proposals are well suited to a social investment approach. Social Finance could act as the investment intermediary partner in these applications to the Innovation Fund.
In light of the timetable for first round submissions, we are asking providers to submit as much info as possible by 12pm on Monday 18th July. All information will be treated with strict confidentiality.
By Peter Goult, Analyst at Social Finance