£10 million social incubator fund launches
Start-up social ventures will now be able to access intensive support through the new £10 million Social Incubator Fund, which was launched today by Minister for Civil Society Nick Hurd.
Big Society Capital, which was launched in April 2012, provides significantly improved access to capital for more established social ventures. The Social Incubator Fund will strengthen the growing social investment market by providing start-ups with intensive support to enable them to take advantage of social investment opportunities so they better serve communities and people most in need.
To help grow the market and support smaller organisations the Government has introduced the Investment Readiness Programme to support social ventures. This programme has two elements:
- the £10 million Investment and Contract Readiness Fund (managed by The Social Investment Business), which will help more established social ventures access social investment of at least £500,000; and
- the £10 million Social Incubator Fund (administered over the next three years by Big Fund), which specifically targets social incubators to help them provide investment and support to early stage social ventures.
The deadline for applications is on 21st September 2012 after which short-listed incubators will be invited to secure match funding. Announcements about successful applicants will be made at end of January 2013.
Grant-making decisions will be made by an Advisory Board (chaired by the Cabinet Office). The other members of the Advisory Board are Big Lottery Fund, Big Society Capital and The Social Investment Business.Social Fund
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