Inspiring Scotland is an ambitious project developed by Lloyds TSB Foundation for Scotland to introduce a strategic outcomes-based social investment vehicle in Scotland, utilising investment from Government, business and philanthropic sources. It is a long-term initiative providing sustainable funding to third sector organisations to contribute to tackling significant social issues.
Inspiring Scotland's aims are:-
- To create a social investment vehicle that deploys Foundation and partner funding to maximum effect on key social issues. Crucially one of these partners is Government
- As part of the overall package, to offer support to third sector organisations - building their capacity and so enhancing their ability to deliver outcomes
- To attract new money to the sector, by effectively evidencing need and by delivering clearly measurable social benefits of investment. The return to investors is in improved social outcomes
- To develop learning through rigorous evaluation, and sharing success and failure.
Inspiring Scotland is a way of delivering strategic, targeted, long term funding to the Scottish voluntary sector. This model of venture philanthropy has been developed using learning from work in Australia, the USA and Europe. A growing range of investors is backing Inspiring Scotland. These include the Lloyds TSB Foundation, the Scottish Government, philanthropists, trusts and foundations and businesses.
BACKGROUND ON THE 14-19 FUND
The 14:19 Fund was launched in 2008 and aims to help young Scots aged 14-19 make successful transition from school into employment, education or training and the next stage of their lives. It is closely aligned with the Government's More Choices More Chances (MCMC) agenda and 80% of funding is targeted at the 7 areas facing the biggest MCMC challenge (Clackmannanshire, Dundee, East Ayrshire, Glasgow, Inverclyde, North Ayrshire and West Dunbartonshire) plus Edinburgh City. The remaining 20% funding is used across the country to fund innovative approaches capable of national application.
Inspiring Scotland has received £13.44m from the Scottish Government between 2008 - 20011 and receives £4m funding in the current financial year.
The venture programme is being delivered over a 7-10 year period from 2008 - 2017/18, primarily by investing in co-ordinated delivery of targeted work by the voluntary sector. 22 ventures are now being supported to provide employability support to hard to reach young people in 'NEET' hotspots across Scotland. The latest report from the Fund for the period January to June 2011 highlights:
- £3.2m IS (SG) investment, levering an additional £2.6m by ventures
- 3,424 young people actively engaged in venture services
- 5,316 progression milestones achieved by young people
More information can be found on the Inspiring Scotland website.