First Venture Philanthropy Fund for WA
16 April 2015 at 11:39 am
Western Australia’s first dedicated venture philanthropy fund has launched with the aim of raising at least $2 million in philanthropic funds over the next two years.
The fund, to be managed by social investment organisation Social Ventures Australia (SVA), was created with the aid of a $300,000 grant from the Federal Department of Social Services.
According to SVA, the new fund is designed to connect strategic philanthropists with high impact organisations tackling some of the most complex issues facing WA.
Venture philanthropy aims to increase the social impact of organisations and their initiatives by providing a combination of funding and capacity building support. This can include providing advice and expertise on business strategy, measurement and evaluation of impact, or opportunities to access new supporter networks.
“SVA will proactively seek out organisations that are tackling the most intractable social issues in WA, including lack of affordable housing, homelessness, youth at risk, and Indigenous employment,” SVA’s WA Director Jenna Palumbo said.
“There are some outstanding organisations in this State who are making a significant and measurable difference to these challenges, however it can be challenging for them to attract the resources they need to grow and reach more people.
“The aim of the venture philanthropy fund is to find the very best of these initiatives and to provide the unique mix of funding and strategic support they need to increase and sustain their impact.
“Organisations must be based in WA, be supporting WA beneficiaries and have Deductible Gift Recipient (DGR) status…Preference will be given to organisations that will benefit significantly from SVA’s support, and who share our commitment to building an evidence base of ‘what works’ to achieve meaningful social impact.
“As the fund gets off the ground, we are seeking support from new funders, pro bono partners and business mentors who can offer professional services, office space or mentorship to the selected ventures.”
“This fund is a great opportunity for philanthropists who want to support innovative and promising WA based projects,” Giving West CEO, Kevin MacDonald said.
“They will be able to give with confidence because of the extensive research, diligence, and outcomes measurement that is undertaken on the ventures, and the commitment of the fund to support ventures that demonstrate an ability to have a game-changing impact on the problem they are trying to solve.
“I look forward to seeing the success experienced by other SVA supported ventures being replicated by organisations here in WA.”
SVA said it would establish an advisory committee of WA stakeholders to provide guidance to the fund.