PORTUGAL SOCIAL INNOVATION
What we do
- Portugal Social Innovation is a government initiative aimed at promoting social innovation and stimulating the social investment market in Portugal.
- We mobilize around EUR 150 million from the European Social Fund, as part of the Portugal 2020 Partnership Agreement.
- These funds are channelled to the market through 4 financing instruments dedicated to funding projects that offer alternative and innovative solutions to solve social problems.
- This initiative is the first of its kind in Europe, given that Portugal is the only Member State to set aside EU funds until 2020 to use new financing instruments to foster innovation and social investment.
- Implementation of the Portugal Social Innovation initiative is coordinated by the Portugal Social Innovation Mission Unit.
- Promote Social Innovation and Social Entrepreneurship in Portugal to create new solutions for social problems, which complement traditional responses and solve important social problems.
- Stimulate the social investment market by creating financing instruments better suited to the specific needs of the social economy sector and those of innovative and social entrepreneurship projects.
- Empower players in the social innovation and social entrepreneurship ecosystem in Portugal, improving the response levels of social sector organisations and contributing to the economic and financial sustainability thereof.
- Portugal Social Innovation manages four financing instruments to support the development of social innovation projects.
- Each of the four instruments focuses on a specific stage in the life cycle of social innovation projects.
- One or more Social Investors (public or private entities that monitor or co-finance the projects) participate in all of them, together with financing provided by Portugal Social Innovation.
- The financing of each project is approved based on the submission of an application by organisations to calls which are open on a regular basis.
Funds training programmes to improve the organisational and management skills of the teams involved in implementing social innovation projects.
Funds the creation, implementation and development of social innovation projects, ensuring 70% of their funding needs. The remaining 30% must be ensured by social investors (public or private).
Funds innovative projects in priority public policy areas, in the domains of Employment, Social Protection, Education, Healthcare, Justice and Digital Inclusion, through a contract and outcome-based payment mechanism.
Facilitates access to credit and co-invest in organisations involved in social innovation and social entrepreneurship projects, thereby addressing the lack of financing solutions for the specific needs of these types of projects.