THEY ARE THE VENTURE CAPITAL FUND OF THE SOCIAL INNOVATION SECTOR. Their purpose is to find and back innovative solutions to critical social issues in Ireland. They work to build the Ireland they all want to live and work in. They support innovations that enable healthy, resilient communities, and tackle issues like educational disadvantage and exclusion.
They do this in partnership with others. With social enterprises, charities, non-profits, and voluntary organisations – they develop the innovative solutions. With private companies and charitable trusts – they co-fund the ideas. They match their funds.
They back social innovators to sustain them, scale them and maximise their impact.
They were created by the Irish Government in 2013. Every Euro that is donated in private philanthropy is matched by a Euro from the Department of Rural Affairs and Community Development.
Their mission to provide growth capital and supports to the best social innovations in Ireland, enabling them to scale and maximize their impact.
Their vision is to create the world’s best ecosystem for supporting social innovation.
HOW THEY WORK
In business, it is common knowledge that backing innovation requires two key elements: the right amount of funds, structured in the right way, at the right time; and skills that focus on growth. SIFI recognises that it takes a different skillset to grow an innovation than it does to invent and develop it. Therefore, they provide a funding model that includes mentoring and support, as well as supports which are specifically targeted towards growth.