Government of Canada brings together leaders to co-create a Social Innovation and Social Finance Strategy for Canada

GATINEAU, QC, June 8, 2017 /CNW/ - The Government of Canada is moving forward in the development of a Social Innovation and Social Finance Strategy to unlock new innovative approaches that improve the well-being of Canadians. The Government made the commitment to develop a Social Innovation and Social Finance Strategy that supports communities in addressing their most difficult problems and helps more people, especially those most vulnerable contribute to and share in the prosperity of their community and society.

In support of this commitment, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, and the Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour, announced today the members of the Social Innovation and Social Finance Strategy Co-Creation Steering Group.

The Steering Group, which was selected through a public call for nominations, brings together 15 passionate and diverse leaders, practitioners and experts from multiple fields, including the community, philanthropic, financial and research sectors, on the leading edge of social innovation and social finance. The Group will co-create the Strategy with the Government of Canada over the next 12 months. By drawing on its members' broad range of expertise, know-how and ideas, and through consultation and engagement activities, the Group will begin developing policy measures to advance social innovation and social finance, and support the social enterprise sector and the social economy in Canada.

The Government of Canada believes that we need to expand on new approaches in the community sector and wishes to further promote community‑driven innovations. The Social Innovation and Social Finance Strategy will support communities in unlocking innovative local solutions to our most difficult challenges, and create positive outcomes for Canadians most in need.

Quotes

"The time has come for the Government of Canada to provide leadership and embrace social innovation as the new norm. This new steering group – composed of leaders in the field of social innovation and social finance – is a critical step towards achieving this goal. Collaboration is a key principle of social innovation. Remaining true to this principle, we intend to work together to co-create a strategy with the community of stakeholders it is intended for. Together, we will co-create a strategy that brings together partners, generates innovative solutions to enduring social problems, creates measurable outcomes for Canadians most in need and more prosperous and inclusive communities for all."
– The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development

"Our government is committed to ensuring that all Canadians can share in the prosperity of our country. Yet, there are many Canadians, such as Indigenous people, women, recent immigrants and youth, that still face barriers that prevent them from being fully included in society. We recognize that traditional approaches alone are no longer sufficient to tackle our most complex social challenges. We look forward to co-co-creating a Social Innovation and Social Finance Strategy with this new steering group. By innovating and working together we're going to find new solutions that make a real difference for people in our country."
– The Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour

Quick Facts

• Social innovation is a new solution to a social or economic problem which produces better results than traditional approaches. Social innovation can improve people's quality of life through collaborating with new partners, testing creative ideas and measuring their impact. It often involves collaboration across different levels of government, charities, the not-for-profit and private sectors to act on a common social issue to better support communities, and improves the lives of those who need it most.
• Social finance is a tool that seeks to mobilize private capital for the public good. It creates opportunities for investors to finance projects that benefit society, and for community organizations to access new sources of funds.
• Social innovation, social enterprise and social finance have been successfully used in countries like the U.S. and the United Kingdom. For example, in the United Kingdom, government support for social finance over the past five years has helped generate over one billion dollars (£600 million) in social investment and grow the domestic social enterprise sector, which now employs 2.3 million individuals.
• In recent years, the Government of Canada has been exploring social innovation and social finance to increase the effectiveness of its programs. It is already testing new types of partnerships and approaches (e.g. social impact bonds, micro-loans, pay-for-performance, and support for social enterprises).
• Since 2014, several Employment and Social Development Canada grants and contributions programs, including the Homelessness Partnering Strategy and Skills Link, have launched open calls for proposals seeking submissions for innovative projects.

Associated Links

Social Innovation and Social Finance Strategy Co-Creation Steering Group 
Minister Duclos visits the United Kingdom to study social innovation approaches to improve social and economic outcomes for people and communities 
Minister Duclos' speech at the Global Social Economy Forum (September 2016) 
Public call for nominations for a Steering Group to co-create a Social Innovation and Social Finance Strategy

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Backgrounder

About the Social Innovation and Social Finance Strategy

Community organizations in Canada are turning to innovative approaches to better serve those most in need and respond to increasing funding pressures. Innovation in the community sector takes various forms, whether it be not-for-profit service delivery organizations developing new interventions that better respond to users' needs, or forging new partnerships with investors and funders to unlock new sources of capital.

The Government of Canada believes that we need to expand on these new approaches in the community sector and wishes to further promote community-driven innovations. That is why the Government has committed to developing a Social Innovation and Social Finance Strategy for Canada which will provide better support for community organizations working to achieve positive solutions to persistent social problems, including those facing vulnerable populations.

The development of a Social Innovation and Social Finance Strategy is a joint mandate letter commitment of the Minister of Families, Children and Social Development and the Minister of Employment, Workforce Development and Labour.

The Strategy will aim to help government achieve social outcomes in a smarter and more efficient way, while also improving the capacity of those working in the social sector to achieve their objectives.

Scope of the Social Innovation and Social Finance Strategy Co-Creation Steering Group

The Steering Group will be responsible for co-creating a Social Innovation and Social Finance Strategy. Its members will work over the next 12 months to define the priorities the Strategy will address and begin developing policy measures to advance social innovation and social finance in Canada.

Through consultation and engagement activities, the Steering Group will seek perspectives of community leaders on the Strategy. The Group will also draw on previous findings from government consultation and engagement activities related to social innovation and social finance.

Steering Group members will be asked to share their perspectives on three key challenges which have been raised during discussions led by stakeholders on social innovation and social finance in recent years:

• the skills and capacity of community organizations and governments to pursue social innovation and social finance, including their capacity to measure social outcomes and impact;
• federal laws, regulations and policies that have an impact on the ability of community organizations to participate in social innovation and social finance initiatives; and
• access to the capital needed to fund, replicate and expand the reach of social innovation and social finance projects.

SOURCE Employment and Social Development Canada

For media enquiries, please contact: Émilie Gauduchon-Campbell, Press Secretary, Office of the Honourable Jean-Yves Duclos, P.C., M.P., Minister of Families, Children and Social Development, 819-654-5546; Media Relations Office, Employment and Social Development Canada, 819-994-5559, [email protected]; Matt Pascuzzo, Press Secretary, Office of the Honourable Patty Hajdu, P.C., M.P., Minister of Employment, Workforce Development and Labour, [email protected], 819-654-4183; Media Relations Office, Employment and Social Development Canada, 819-994-5559, [email protected]