This year City Drive 2019 included an event called Impact Investing for Place which considered new trends in place-based social investment and social economy development.
Place-based investment for impact and outcomes is an idea that is gaining ground in financial circles, social enterprise support, economic development and amongst policy-makers and public authorities. But this event marked a first for Birmingham: it is the first time that key players with an interest in local impact investing in Birmingham have come together to learn more about local impact investing and consider the role that ‘impact investment’ could play in the city and what can be done to align investment.
While the dominant model of place-based social investing is currently the Local Impact Fund (LIF), this event concluded that there are opportunities for Birmingham to take a different approach – one that isn’t necessarily solely about financial investment and that place-based investing for impact should also:
» Consider wider opportunities for creating social value and community benefit – whether in public service commissioning, major public works such as HS2, or major sports or cultural initiatives such as the 2022 Commonwealth Games.
» Be incorporated into Birmingham’s Social Enterprise City plans as well as into wider support and development priorities for the social enterprise sector.