Our targeted approach
Local authorities are under increasing pressure to reduce costs as a result of significant funding cuts. Here at London Ventures we identify and develop innovative solutions to address London's biggest problems, providing a reduced risk environment to test new approaches quickly. We collaborate across sectors to develop ideas, so it’s very important to us to harness local and technical expertise within each local authority.
We regularly speak to local authorities about how we could improve the London Ventures programme. The feedback we receive is that focusing our work around the key issues local authorities face adds immense value. In response to this we’ve been looking at how we can drive sustainable change and transformation to tackle London local authorities’ biggest challenges.
This work complements our venture partner portfolio, which addresses a wider range of issues facing London local authorities.
Our first stragetic issue
The first strategic issue we identified was homelessness, housing and temporary accommodation.
The number of homeless individuals has been steadily increasing in recent years due to a combination of socio-economic factors including welfare reforms, reducing numbers of council owned homes and the increasing cost of renting privately.
These effects have been magnified in London where the shortage of affordable housing is particularly severe and rents have increased faster than in any other English region.
This has led to an increase in the number of individuals and households who are unable to pay for rent and have become homeless or stuck in temporary accommodation for long periods of time. In London the increase in the number of households accepted as homeless is much higher than the national average.
We knew from the start there is not one single solution, instead we learned from the experts already studying the issue, sourcing and developing new ideas through extensive engagement, and problem solve with input from local government, central government, the private sector and third sector, to improve outcomes for Londoners.
After speaking with hundreds of people, and considering around a hundred proposals, we identifed four proposals to further develop:
- Early identification of those at risk of homelessness: using predictive analytics to enable targeted support to preventing people falling into homelessness.
- Modular temporary accommodation on non-permanent sites: modular units for use as affordable, high quality temporary accommodation. They would be positioned on under used or unused sites, before they are redeveloped.
- London-wide accommodation platform: a pan-London platform for listing all temporary accommodation available to boroughs, enabling local authorities to get information on the whole market for temporary accommodation from a single source.
- Transition Insurance: an insurance product which would be an alternative to providing a large rental deposit, instead renters would pay a monthly premium. This will make moving between privately rented properties more affordable, reducing the demand on local authority services.
You can read more about these projects in our November 2017 concept update.
We also met some amazing organisations with great potential, which you can read about here.
We are currently looking for a new area of focus, where we can bring innovation to improve the services Londoners receive. We'll be consulting London's local authorities, and the Capital Ambition Board will make the final decision in 2018. Keep an eye on our News & Events page to keep up to date, and opportunities to get involved in the process.
We are always interested to hear from people and organisations who want to get involved, whether you have an innovative idea, are an investor interested in supporting social change, or a local authorities wanting to change how you deliver services, so get in touch.