Social innovation introduction

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Social innovation introduction

  1. 1. WEST OF ENGLAND LOCAL INVESTMENT FUND WORKSHOP
  2. 2. Agenda • Welcome, housekeeping and introductions • Social Innovation – why now? • Social Impact Bonds – supporting the development of more innovative approaches to improving social outcomes • Local Impact Funds – Growing the local social economy with place based investment • The West of England LEP context • Local activity already underway • Initial reflections and topics for discussion Comfort break • Round table discussion • Outcomes and actions to take forward
  3. 3. Social Innovation – why now? Social innovation describes the entire process by which new responses to social needs are developed in order to deliver better social outcomes. • Identification of new/unmet/inadequately met social needs; • Development of new solutions in response to these social needs; • Evaluation of the effectiveness of new solutions in meeting social needs; • Scaling up of effective social innovations.
  4. 4. Social innovation approaches are: • Open rather than closed when it comes to knowledge-sharing and the ownership of knowledge; • Multi-disciplinary and more integrated to problem solving than the single department or single profession solutions of the past; • Participative and empowering of citizens and users rather than ‘top down’ and expert-led. • Demand-led rather than supply-driven; • Tailored rather than mass-produced, as most solutions have to be adapted to local circumstances and personalised to individuals.

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