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UK should follow Obama's lead with venture philanthropy fund
The UK government should take inspiration from Obama's administration and establish its own £50m social innovation fund to boost venture philanthropists' work combating social problems.
This is according to venture philanthropy organisation the Impetus Trust, which has issued a response to The Philanthrocapitalist Manifesto, written by Matthew Bishop and Michael Green.
The Impetus Trust's response said the manifesto was 'a bold start at generating ideas for encouraging an environment of more giving, more social investment and better philanthropy'.
The response added that Impetus would like to see a UK equivalent of the US's fledgeling $50m social innovation fund. The $50m will be channelled through philanthropic organisations which will match the funding and pass it on to 'high impact, result oriented non profits', which had a good track record in tackling social problems.
Stephen Dawson, the Impetus Trust's co-founder, said he would like to see the UK government commit £50m or £100m to such a fund. He suggested that Impetus had the expertise to become one of the intermediary philanthropic organisations which channelled the funding in the UK.
He said: 'This idea chimes with the themes of all the major parties. With a constraint on public spending it's going to be all about delivering more for less. They want to experiment with new models that combine the best of public sector, third sector and private sector.'