The Government of Alberta is set to create the largest Social Innovation Endowment in Canada through Bill 1-the Savings Management Act. The Social Innovation Endowment Fund (SIEF) will receive $1 billion in two lump sum payments in 2014 and 2015.
SIEF will help further Alberta's Social Policy Framework to:
- reduce inequality;
- protect vulnerable people;
- create a person-centered system of high-quality services; and
- enable collaboration and partnerships.
In particular the funds will be used to advance innovation in the following three areas:
While not explicitly included in Premier Alison Redford's throne speech, it is anticipated that the endowment will provide the opportunity for Redford to explore the creation of social impact bonds. Social impact bonds are a financial instrument that raises private capital, and links financial returns to the achievement of a social outcome. They also represent new relationships, and shifting responsibilities, between non-profits, governments, and private investors.
- "5 Things to know about the Social Innovation Endowment" - CCEDNet blog post by Carolyn Davis, Community Relations Director at Momentum in Calgary
- "Putting Alberta's growing savings to work for our future" - Government of Alberta press release
- "Alberta's Social Innovation Potential Amplified with New $1-billion Fund" - Social Enterprise Canada news article
- "Alberta moves ahead with a monster social innovation fund, critics voice concerns about SIBs" - Social Enterprise Buzz news article
- CCEDNet's Resources on Social Impact Bonds