Social Innovation Fund Ireland (SIFI) was founded in 2013. It was catalysed by Government to create a fund of significant size and impact (€10 million initially) to foster the development of social innovations with a potential for transformative impact on critical social issues facing Ireland. To stimulate this, it has put up a €5 million challenge fund, which can be drawn down as it is matched by private contributions.
Recognising the originality and drive of Ireland’s diverse social enterprise and community / voluntary sectors sector SIFI will provide funds to scale social innovations that will improve life outcomes and have a widespread impact on critical social problems such as unemployment, poverty and health.
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 there is no significant not-for-profit capital market in Ireland. SIFI’s role is to fill the gap by providing ‘smart money’ to enable to best social innovations to scale up in order to reach as many people as possible