SOCIALFARE accelerates social impact knowledge and entrepreneurship to develop capacity, skills and startups to tackle key societal challenges
Social innovative solutions need capacity, mentorship and finance to grow and scale. In Turin and in Italy there is a wide embedded ability to generate social projects that only rarely do scale.
The acceleration model/practice devised by SocialFare is called FOUNDAMENTA: the first social impact startup call that selects social innovations with a minimum viable product/service to grow and scale.
FOUNDAMENTA gest more than 400/year applications from all over EU and reaches its objectives by:
o Selecting the most innovative solutions
o Accompanying them via mentoring, service design and investment readiness to become attractive for impact investors. The practice is implemented via a 4-month residential programme which focuses on: product/service design, business modelling & impact assessment, networking for scalability, investment readiness.
The main stakeholders of the practice are SocialFare and the partners in the programme ( mentors, consultancies, institutions, private and public organizations, etc.) while the main beneficiaries are people with projects, youth, social entrepreneurs and the users of the social innovations.
Approx: 4 resources and 250K€/y
Evidence of success
To-date the practice, in 3 years, has generated following results: +40 impact startups accelerated, + 1,7 mil € invested in startups, + 200 new jobs, + 50 partners (national and international), creation of the first impact seed fund in Italy, more than 5000 indirect beneficiaries, more than 1000 applications received.
Main challenge: keep the organizations growing as fast as the results coming in
Potential for learning or transfer
This practice is potentially scaleable at European level as it allows specific replicability in different areas on specific territorial challenges and liasing with local and national investing tools/resources.
It also attract young potential entrepreneurs as it speaks contemporary language of social innovation and provides capacity-building for young generations in terms of impact culture.
To-date such practice is being reviewed and applied in some other Italian areas although missing the pure social innovation content: in the replicability it is key to leverage on social impact culture and social innovation process/methodology