We don’t think that there has ever been a better time to think about exploring new ideas, whether its about new ways of doing business, or creating new kinds of social businesses. Yet early funding support is hard to find – either its unavailable or uncertain. At the same time, any investor increasingly wants to know that you have done enough of the work to reduce risk, and in order to do that you will need to have sunk in plenty of your own funds. So what about people who are doing social businesses and who don’t have that spare cash?
We’ve recently met some great social innovators who are benefitting from the Paul Hamlyn Foundation’s Ideas and Pioneers Fund – a very thoughtful funding for very early ideas. It is particularly for that early stage of a new idea – one that has not been able to see the light before. Naturally it needs to fall into their requirements and priorities, but its an inspired fund exactly at the time when you want to take something further but cannot fund it yourself.