The Cabinet Office in the UK announced today the latest recipients of the government’s £10 million Social Incubator Fund.
Social Incubator North, set up by Key Fund and Locality, will receive £1,065,000 and Hub Launchpad, led by Hub Westminster will receive £1,489,500.
The Social Incubator Fund was set up as part of the government’s Investment Readiness Programme to support social enterprises and in turn create a pipeline of social investment opportunities. Part of the initiative is a £10 million Contract Readiness Fund to help more established social enterprises, whereas the £10 million Social Incubator Fund helps incubators support early-stage ventures.
Over the next four years, both social enterprise incubators will use the new funding to support start-up social enterprises.
Social Incubator North will seek to invest in and support 50 organizations in the north of England, with an additional 50 organizations receiving support but no investment. Investments will take the form of loans with an average amount of £21,500.
On the other hand, Hub Launchpad will create four 7-month incubator programs in London and Birmingham, with a focus on public service innovation, finance innovation, and future manufacturing.
In a statement released by the Cabinet Office, Minister for Civil Society Nick Hurd said:
Social entrepreneurs across the UK are bursting with the ideas and talent to create successful businesses that improve lives and these incubators are no exception. The Social Incubator Fund is another great example of the UK leading the world in the social investment market – enabling our charities and social enterprises to do more.
The first recipients of the Social Incubator Fund were Wayra UnLtd and Bethnal Green Ventures, who received over £2 million in February. The Social Incubator Fund is being delivered by Big Fund on behalf of the Office for Civil Society.
It was announced that round two of this fund will launch in May this year and will be open to applicants from newer social incubators. Those who wish to apply must attend a mandatory briefing event by emailing Big Fund at [email protected] to secure a spot.