The £500,000 is being invested by the Life Changes Trust, a charity that works to improve the lives of young people who have had experience of the care system, and people affected by dementia.
Ideas are being sought from any social businesses who have creative ideas for new ventures that would impact positively on one or both of these groups. Each social business can bid for up to £50,000 and will also receive business mentoring support.
The initiative is based on an innovative social investment approach, developed by Big Issue Invest in England, called ‘Corporate Social Venturing’ (CSV). It is now being brought to Scotland for the first time in a partnership with the Life Changes Trust.
CSV is a pioneering concept for investing in and growing early-stage businesses which are committed to creating powerful social impact. Its main objective is to develop sustainable businesses that tackle some of society’s biggest challenges by providing investment and mentoring for new business ventures.
CSV was initially launched in England in 2008 as “Spark”, providing grants and corporate mentoring to social businesses. In 2012, Big Issue Invest CSV was launched and shifted from providing grants to social investment.
This new collaboration in Scotland between Life Changes Trust and Big Issue Invest, will also be supported by SCDI (Scottish Council for Development & Industry) and several other corporate partners who will provide mentoring and business advice, and who will have the opportunity to invest in unique and innovative businesses that can deliver not just financial returns, but sustainable social good.
The corporate partners supporting this initiative in Scotland are Mitie, Barclays and Places for People Scotland Care & Support. Other corporate partners are also being recruited.
For more information, go to the Life Changes Trust website