WA’s first dedicated venture philanthropy fund has launched, with a grant from the Federal Department of Social Services. The fund is designed to connect strategic philanthropists with a portfolio of high impact organisations tackling some of the most complex issues facing WA.
Venture philanthropy is a hands-on approach that aims to increase the social impact of organisations and 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.
The portfolio will be managed by Social Ventures Australia (SVA). SVA have pioneered the venture philanthropy approach in Australia and have over a decade of experience helping social purpose organisations like the Australian Indigenous Mentoring Experience (AIME), Career Trackers and Beacon Foundation grow and scale to reach thousands of disadvantaged young people each year.
SVA’s WA Director Jenna Palumbo commented:
‘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. Organisations must be based in WA, be supporting WA beneficiaries and have Deductible Gift Recipient (DGR) status.
‘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.
‘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.’
CEO of Giving West, Kevin MacDonald commented:
‘This fund is a great opportunity for philanthropists who want to support innovative and promising WA based projects. 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 will establish an advisory committee of WA stakeholders to meet quarterly and provide guidance to the fund.
