Project: Invest4Good Peterborough & Wider Cambridgeshire
PCVS aims to support the growth of social investment in Peterborough and Cambridgeshire, by delivering a capacity-building project, specifically for the health and social care sector in the area, with a series of one-day workshops (overview of social investment, a SIB and outcomes-based payment session, ideas testing day, business planning workshop and a dry run for social investment propositions). The project will culminate in a half-day conference at which the sector will be consulted on next steps for social investment.
Like other local organisations, PCVS has identified lack of opportunity for small investments to provide opportunities for organisations to test the water. It plans to work up a business plan for micro payment by results (less than £50,000 value) to establish proof of concept. PCVS also set up the Peterborough Plus Consortium (a VCSE joint venture geared towards large scale contracts, which has secured a £1 million employment support contract) and is hopeful of a £9 million Social Impact Bond (SIB) for social prescribing being launched following its success in getting to the development stage of the Life Chances Fund.
The project expects to increase awareness of social investment among health and social care organisations in Peterborough and the surrounding area, with 75 organisations engaging in awareness-raising events, 10 organisations receiving intensive training, of which 6 going on to secure social investment or report they are closer to doing so. PCVS will benefit as the experience of running the programme will help it in its ambition to become a SIFI. Local people will benefit, particularly if the SIB comes off and a greater range of organisations are able to offer social prescribing with measurable outcomes.