University-led collaboration aims to supercharge UK Social Ventures
9 October 2023
LatestNewsUniversity-led collaboration aims to supercharge UK Social Ventures
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Funding via the Connecting Capability Fund will provide acceleration of support for the UK university social venture sector
A potent consortium of academic institutions has secured a £1.5m bid titled “Seed Funding, Training, and Support for Social Ventures”, which will fortify and amplify the trajectory of university social ventures. At present, social ventures generate £60 billion for the economy and have successfully created two million jobs.
Together, we build an exciting collaboration that seeks to marry innovation with social impact, providing comprehensive, targeted support for social ventures across UK universities.
Philippa Christoforou, Social Ventures Lead, Oxford University Innovation
The alliance, soon to be rebranded as Impact U from Impact 12, will underpin the acceleration of social ventures through a multifaceted strategy:
Distribution of Pathfinder Awards: Aiming to target social ventures across Impact U members, ensuring a steady and accessible financial stream to burgeon innovative ideas into actionable businesses.
Curating a Knowledge-Sharing and Training Ecosystem: Partnering with adept bodies like Social Tech Trust and School for Social Entrepreneurs, the consortium endeavours to share pivotal insights and expertise to budding entrepreneurs and founders.
Constructing a Holistic Hub for Social Ventures: Developing a unified platform on the Impact U website, the alliance will offer abundant resources and routine training sessions for university support staff and academic stakeholders.
This initiative will address the profound need to propel interventions and technologies in diverse settings, such as low-resource or community-led environments, ensuring ventures mirror the values and methodologies inspired by founders. Impact U is poised to comprehend and navigate the challenges encountered by their ventures by providing these pathfinder awards in England, and training to any UK university, bolstering the growth of the university social venture ecosystem.
The amalgamation of initiatives like ASPECT and Impact12 underlines the collective resolve of universities and stakeholders. Impact U is championing a movement towards dedicated support for university social venture formation, through innovative funding mechanisms and a vibrant training hub. With this initiative, our partners underline a commitment towards an equitable future where social entrepreneurs are not left to fend for themselves but are provided with a nurtured path towards impactful sustainability.
Dr Christine Martin, Head of Seed Funds at Cambridge Enterprise
Impact U’s partners envisage a future where academic and student founders find equitable and sustainable delivery models to market their ideas. The focal aim is not merely to fill a funding void but to weave a supportive framework that uplifts the overall ecosystem in the UK. Our goal is to stand true to our objective, providing equal opportunity and fostering an environment where the social venture ecosystem doesn’t just survive but thrives.
Charlotte Rowan, Innovation Manager, LSE and Social Venture Pathway project lead