The five innovative partnerships between corporates and charities or social enterprises selected to go through to the next stage of the £15 million Challenge are:
- ASDA – working with local social enterprises, supporting them to bring products and services to market.
- Interserve – in partnership with the charity Catch22 to create an independent vehicle that enables community organisations, charities and social enterprises to deliver public services at scale.
- Land Securities – working with the learning disability charity Mencap to launch the first ‘social’ Real Estate Investment Trust (REIT) that enables charities and social enterprises to finance existing properties.
- Taylor Wimpey – working with the charity Crisis to explore viable housing solutions for single homeless people.
- Wates – a fund that invests in and scales up the most successful social enterprises in its national supply chain for the construction industry.
The shortlist was chosen by an expert panel and assessed on the basis of social impact, business model and delivery.
The panel was very impressed by the diversity of the ideas submitted and the way in which corporates, working in partnership with charities and social enterprises, have found a role for social investment in their business. As many of these proposals require further development, the shortlisted organisations now have the opportunity to benefit from the expertise and support of Big Society Capital to refine their ideas into a winning one. This challenge really has catalyzed interest for social investment in the private sector and I look forward to seeing the results and announcing the winner in the Autumn.
The panel also includes internet entrepreneur Baroness Lane Fox, The Economist journalist Matthew Bishop, Harvey McGrath (former Chairman of Prudential plc and Man Group plc), Ian Davis (former Managing Director of McKinsey & Co), Karen Lynch (CEO of Belu Water) and Nick O’Donohoe (Chief Executive of Big Society Capital).
The winner will be announced in Autumn 2015.