ABOUT SOCIAL INNOVATION FUND IRELAND (SIFI)
Our purpose is to find and back innovative solutions to critical social issues in Ireland.
We were created by Government to fill the gap on funding innovation in the non-profit sector. Just as innovation is important to economic growth, we believe that innovation is critical to solving Ireland’s social problems.
The not-for-profit sector has developed innovations which can improve life outcomes and cut costs. Just like businesses, these organisations need growth capital, but before SIFI, there was no significant not-for-profit capital market in Ireland.
We provide cash grants and business supports to non-profit organisations so they can scale up, reach as many people as possible and have a widespread impact on critical social problems such as unemployment, poverty, and health.
Every Euro we raise is matched by a Euro from Government from the Department of Rural and Community Development via the Dormant Accounts Fund.
Since our first year of operations, we’ve partnered with companies such as Google, Medtronic, Mason Hayes & Curran, and IPB Insurance, as well as SME’s, trusts, families, and individuals. Through the support of our partners, we’ve created 14 funds to date, which address social issues relating to Tech For Good, Community Resilience, Social Enterprise Development, Education, Health, Mental Health and more. These funds have collectively provided grants and business supports to 61 social innovations in Ireland so far.
In 2013, the Government set a target for Social Innovation Fund Ireland to raise over €5 million in philanthropic funding. We’re delighted to have exceeded that target, by raising over €6 million. And we’re just getting started! The Programme for Government has committed to increasing the scale of SIFI matched funding to €50 million, creating a potential €100 million fund for social innovation. This has the potential to be transformative for Ireland.
Our mission is to provide growth capital and supports to the best social innovations in Ireland, enabling them to scale and maximize their impact.
Our vision is to create the world’s best eco-system for social innovation in Ireland.