Social Value Exchange Platform Piloted
By Dan Ebanks
Firesouls is announcing its first UK pilot of the Social Value Exchange this week. The company is piloting the new platform with Genesis Housing Association, facilitating the social value element of a GBP 20 million estate services contract on behalf of Genesis.
Firesouls, a social tech start-up, developed the Social Value Exchange over much of 2015, supported by Bethnal Green Ventures, the leading social tech accelerator in Europe. Other support came from Innovate UK, Nesta and the Cabinet Office. More on Firesouls here.
The Social Value Exchange is an online marketplace that matches suppliers and public offices in service contracts that fulfil the aims of the UK’s Social Value Act. The law promotes the participation of community-based organisations in the public services sector by requiring contracted suppliers to create community benefits as they deliver social value projects in their localities. Firesouls uses a system of social value credits that maximises the benefits for communities and also provides an efficient way for suppliers to put a price on social impact.
There are a number of other pilots in the pipeline as Firesouls continues to work closely with community-based organisations to enhance the usability of the platform. We take a co-design approach that mitigates risks for our government customers and puts communities at the heart of everything we do. Our aspiration is to be able to share our platform with many more government commissioners in 2016, both in the UK and across the EU.
Dan Ebanks is a co-founder of Firesouls