Social Ventures Australia Credited with Scotland’s New Funding Initiative
Friday, 22nd February 2008 at 8:51 am
A close up view of the work of Social Ventures Australia has been credited as being the biggest influence on a new funding initiative that hopes to change the face of charity finance in Scotland.
Called "Inspiring Scotland", the initiative has been developed by Lloyds TSB Foundation – the countries largest independent grant-making Trust.
Inspiring Scotland is described as a new way of using money and skills to improve the lives of Scotland’s most vulnerable people. It is a partnership between a range of investors all driven by a desire for social change: individuals, Government, trusts and foundations, businesses and charities.
For the Chief Executive of the Foundation, Andrew Muirhead the seed of the idea came from venture philanthropy and his overseas search for its approach in action.
Muirhead looked at venture philanthropy models in Australia, the USA and Europe, and applied that in a Scottish context.
But he told the UK media that it was an invitation to work as a visiting fellow of Social Ventures Australia that turned out to be the biggest influence on the ‘nuts and bolts’ of Inspiring Scotland.
The Inspire Scotland website says this is the first time a venture philanthropy model has grown from within the voluntary sector, providing an exceptional opportunity to lead the way in this area of funding.
It says the first issue to be addressed is 14 to 19 year olds who struggle to make a successful transition to adulthood. With an aim of delivering up to Â£10 million a year to charities over a 7-10 year period, Inspiring Scotland is ambitious to lead change of real consequence.
Social Ventures Australia (SVA), is an independent Not for Profit organisation, describing itself as a unique model of social investment that aligns the interests of philanthropists with the needs of social entrepreneurs to combat some of Australia ‘s most pressing community problems.
SVA CEO Michael Traill says he was delighted to have the opportunity to host Andrew Muirhead in Australia and share their work on social investment.
Traill also spent time in Scotland advising and assisting with the set up of Inspire Scotland.
He says Inspire Scotland is a measure of the forward thinking of Lloyds TSB Foundation which has stepped outside the square of corporate funding.
He says equally, a timely opportunity exists here in Australia. The Scottish model is a partnership between government and private philanthropy.
Traill says he would like to see more strategic partnerships here with government.
He says SVA applauds the new Rudd Government initiative to set up an Office of Social Inclusion. There is an opportunity for government to engage strategically and find and support the spread of innovative social programs that exist in this country.