Social investment fund opened by the government

The Cabinet Office has opened a £10 million social investment fund, called the Innovation in Giving fund, to back ideas for increasing volunteering and charitable giving.

It has been launched as part of a £34 million package to increase levels of social action in the UK and to support the Big Society.

Nick Hurd, minister for civil society,who opened the fund, said: "The Innovation in Giving fund is a new approach.

"We want to root out the visionary ideas that too often never get the backing they need. We're very open-minded about this, but ideas must have real potential to increase the giving of time or money."

The fund will be managed by the National Endowment for Science Technology and the Arts, which will decide who receives a social investment based on a short video elevator pitch.

Last month, the government's Big Society Bank made its first social investment to the Private Equity Foundation, which helps disadvantaged young people into education, training or employment.
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