Rootcause
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"We were seeking to apply market mechanisms to form a new kind of market in Boston, in which social innovations that were demonstrating results could find the support necessary to continue their development and spread their impact."

Social Impact Markets: Why A Market For Social Innovations Is Needed Now More Than Ever

What we have created is a social impact market: a mechanism that provides the infrastructure, information, and incentives to enable individuals or institutions to provide financial, volunteer, or in-kind resources with the expectation of those resources resulting in social impact.

Description:

Eight years ago, I organized a collaborative of funders and intermediaries—including New Profit Inc., Social Venture Partners, and United Way of Massachusetts Bay—to start a venture capital-type forum for Boston-area nonprofits. We called our experiment the Social Innovation Forum. The idea was to build a community of leaders representing nonprofits, philanthropy, government, and business committed to allocating resources to nonprofits on the basis of their performance.

Some of the lessons learned revolve around:

- Nonfinancial resources

- Sound data

- Community focus

- Government involvement

Social Impact Markets: Why A Market For Social Innovations Is Needed Now More Than Ever

Andrew Wolk 2012