Our targeted approach
Local authorities are under increasing pressure to reduce costs partly 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.
Download our Targeted Ventures progress updates and our latest Children and Families prospectus from the list on the right of the screen >>
The next strategic issue – Children and Families
In 2015/16, three quarters of English councils surpassed their Children’s Social Care budgets by a combined £605m –over a 7% overspend. A £2 billion funding gap in Children’s Services is projected by 2020 and as of 31 March 2017, 90 children are coming into the care system every day.
In London in 2016/17, 27 out of 30 boroughs reported an overspend >£10%. The capital has also experienced a much more rapid increase in demand for SEND places than elsewhere, which cost on average three times more than mainstream places.
Children and Families Hackathon
The London Ventures children and families hackathon, held on Thursday 21st June, was a high energy, outcome orientated event. The hack was attended by 60 cross-sector participants, including representatives from 13 London local authorities, central government, social enterprises, charities and innovators. Following an insightful opening talk from guest speaker Emmanuel Akpan-Inwang (Lighthouse), participants ideated solutions to some of the major challenges facing children and families in London, drawing on a broad range of experiences and backgrounds.
Through the solution hackathon we have:
- Brought together a range of stakeholders to share their ideas and experiences
- Developed a number of innovative solutions using ‘out of the box thinking’
- Ideated solutions that are outcome focused, deliverable, scalable and sustainable
- Identified individuals from different sectors to support the development of solutions
We would love for you to get involved to help the solutions we ideate become a success. We are looking for…
…local authorities interested in developing, owning and delivering solutions
…investors interested in investing in solutions to London’s major social issues
…businesses and entrepreneurs interested in delivering these exciting new ideas
If you would like to be involved or want more information please get in touch with [email protected]
Further to the above, the London Ventures team are taking an open approach and inviting individuals and organisations to help continue to shape the ideas from the hackathon as well as contribute other ideas. We want to hear from you so please do get involved using HunchBuzz!
Our first strategic issue - Housing, Homelessness, and Temporary Accommodation
The first strategic issue we identified was homelessness 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.
After speaking with various stakeholders, and considering circa. one hundred proposals, we identified four proposals that are now being built and launched:
- Early identification of those at risk of homelessness: Uses predictive analytics to identify households most at risk of entering homelessness. Enables local authorities to target earlier intervention and prevention
- Modular temporary accommodation on non-permanent sites: Local authority owned modular units to be procured on a pan-London basis for use as affordable temporary accommodation. Units can be placed on non-permanent sites and re-located as necessary.
- 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 March 2018 concept update.
We also met some amazing organisations with great potential, which you can read about here.
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 authority wanting to change how you deliver services, get in touch.
Contact us on: [email protected]