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"We have reached some kind of tipping point in terms of awareness, understanding, and measurement," says Chris White, author of the Social Value Act that came into effect in England and Wales in 2012.
The act requires public sector commissioners to consider how procurement decisions could improve the economy, social, and environmental well-being of a specific area.
Since January 2021, every central government department must "explicitly evaluate social value when procuring services, not just 'consider' it," reports the Pioneer.
Social enterprises see it as an opportunity to win more public sector contracts, as well as a push towards encouraging the wider business community to act more ethically.
"If there are any naysayers, their days are over," says Darren Knowd, chair of the National Social Value Taskforce.
"This little act, I think it's transformed the relationship between the public and private sector," says Guy Battle, CEO of the Social Value Portal.
"It's impossible for businesses to win work unless it has a social value offer."
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
The People's Bank of China says it will start allowing people in China to use the country's new digital currency, the Digital Yuan, to buy goods and services starting next month, the BBC...more
When it comes to corporate social responsibility, India's government and public sector companies are at the top of the list. But when it comes to companies of all sizes, they're at the bottom,...more
The world's biggest state investors are getting into the business of making positive social and environmental impact investments. Singapore's Temasek Holdings, one of the world's largest state...more
"Our long-term vision is to see every dollar invested globally as a net positive for people and planet." So says Niklas Adalberth, the founder of Norrsken Foundation, which operates Norrsken VC,...more
When it comes to giving back to the communities in which they operate, India's companies are in a race against time to up their game. A new survey from Deloitte finds that just 28% of companies...more
Indian companies are spending more and more on philanthropic efforts. A survey of 185 companies by accounting and consulting firm Deloitte found that 25% of them spend more than $100 million a...more
Indian companies are spending more and more time thinking about how to make a positive impact on the world around them, the Economic Times reports. According to a survey of 185 companies by...more
During the Covid-19 virus, many businesses took a hard look at how they do business and realized they needed to do more to attract and retain top talent, Forbes reports. According to a report...more
"We've noticed that there are a wide variety of investment opportunities that can truly be transformative for women's and children's health and have confirmed, time and time again, that without...more
Italian crowdfunding site Ener2Crowd has just launched a new service called FidoGreen, which it says is the first "sustainable finance platform for sustainable investments," Quartz...more
Social Entrepreneurship
Spotlight
Celebrity Chef Jamie Oliver Backs Social Saturday
UK will be celebrating its first national celebration of social enterprises dubbed as Social Saturday. World famous celebrity chef Jamie Oliver, who founded the Fifteen restaurant chain.
