Social Innovation Endowment
To help foster new, solution-oriented approaches to solving Alberta’s complex social challenges the Savings Management Act proposes to establish the Social Innovation Endowment (SIE).
Social innovation is doing new things, in new ways to address a complex social issue – like homelessness, family violence, or poverty – for the benefit of society. Social innovations can result from the actions of individuals, groups, or organizations. Social innovation happens when people and organizations, who may have worked alone, come together to share knowledge, experiences, and ideas to solve a shared concern.
The SIE will encourage social innovation in Alberta by supporting collaboration and creating opportunities for solution-makers to come together to address complex issues.
The Social Innovation Endowment (SIE)
The $1 billion Social Innovation Endowment will deliver on the goals, vision and principles, defined by Alberta’s Social Policy Framework and will strengthen and renew Alberta’s social and cultural sector.
Because no one person or group can solve our most pressing social challenges alone, SIE will support transformative ideas, risk-sharing, and creative collaborations among non-profit organizations, social enterprises, community groups, foundations, private industry, and orders of government.
The earnings from this endowment will be put towards creating new knowledge and deliver models that will translate learning into action. Social finance tools, micro-loans and social impact tools are intended to fund programs that would otherwise not exist. They build on the already strong partnerships and social infrastructure existing in Alberta between the not-for-profit and private sectors and governments. They are intended to improve the lives of vulnerable Albertans.
Strengthening our capacity for innovation will strengthen society’s ability to respond to social challenges and support our economy. It will build resilience in the social benefit sector and enhance our collective ability to create meaningful and lasting change.
With the vision of making Alberta a world leader in the growing field of social innovation, SIE will help pilot and expand the use of support innovation in three streams:
The Social Innovation Endowment will be established with an immediate capitalization of $500 million. An additional capitalization of $500 million will be provided in 2015-16.
Work is underway to develop approaches and processes related to funding and application criteria, eligibility and governance. Human Services is leading this work and will engage community stakeholders and leaders in the field of social innovation. More detail will be available later in 2014.