A partnership to help charities win public service contracts has won Big Society Capital's first Business Impact Award, putting it in line to receive £5m in matched investments.
The partnership involves service delivery charity Catch22, public service provider Interserve and social finance business Clubfinance.
It will create the Public Services Lab, a social business that will enable community organisations, charities and social enterprises to deliver public service contracts at scale.
The Business Impact Challenge was launched by Big Society Capital to catalyse social investment by corporates. Corporate-led initiatives were tasked with developing investment ideas that create social impact, with the opportunity to receive matched investment from BSC.
Chris Wright, chief executive of Catch22, said: “The ultimate aim of the Public Services Lab is better outcomes for the users of public services. In the current financial climate, it is more important than ever for the voluntary, community, public and private sectors to come together to develop creative solutions to the challenges facing public services.
“We’re delighted to have found forward-thinking partners to make this happen. Winning this competition enables all of us - Interserve, Clubfinance, Big Society Capital and Catch22 - to take the first step on this exciting journey.”
The winning partnership was chosen by a panel chaired by Lord Davies of Abersoch, former chair of Standard Chartered and minister of state for Trade and Investment.
Five partnerships were shortlisted for the award, with two winning High Commendations. These were Wates and Social & Sustainable Capital, whose proposal was developing the supply chain and a social investment fund in the housing and built environment sector.
The Asda and Social Investment Scotland proposal was supporting local social enterprises to bring products and services to market.
Big Society Capital will continue to work with them on their proposals with the possibility of matched investment in the future.
Nick O’Donohoe, outgoing chief executive of Big Society Capital and a member of the judging panel, said: “This challenge has been a great opportunity for private companies to partner with charities and social enterprises and really explore how they can embed social outcomes into their business plans.
“We’ve been incredibly impressed not only by Interserve and Catch22, but also by the partnerships between Wates and Social and Sustainable Capital, and Asda and Social Investment Scotland. As such, we want to see the winner and both highly commended entries progress through our investment process and realise the enormous potential of their ideas.”
