Why the Task Force has to engage intermediaries to operate the SIE Fund?
The Task Force considers that it would be more effective to leverage on the existing resources and expertise in the social innovation space to act as 'intermediaries' which will help maximise the impact of the Fund. This operational mode has the following advantages:
- Intermediaries would provide the flexibility and appropriate risk-taking mindset required for devising innovative funding schemes to develop and nurture innovation and entrepreneurship.
- Intermediaries would be able to build their capacity building networks to support entrepreneurs.
- The use of intermediaries also aligns with one of the aims of the Task Force to build a bigger and sustainable cross-sector community for social innovators and entrepreneurs to flourish over the longer term.
What types of services or support will be provided by intermediaries? What roles do intermediaries play?
Each intermediary will be engaged to handle programme(s) or scheme(s). They may handle funding applications and provide capacity building support to applicants to take forward their projects. Some may be tasked with the mission of developing the capacity of the ecosystem that is conducive to promoting social innovation in Hong Kong.
Intermediaries could be impact investors, NGOs with profound knowledge and experience in social innovation, professional bodies that have the capability and share the vision of the Fund, or education institutions that have research interest and expertise in social innovation. They may be engaged as service providers, strategic partners or co-investors.
What are the eligibility criteria for intermediaries?
Organisations registered in Hong Kong can apply for taking up the role of intermediaries.
How would the intermediaries be selected?
All intermediaries would be selected by the Task Force on a fair and transparent basis through open invitation exercises.
When will the SIE Fund start to engage intermediaries?
Engagement agreements have been signed between the SIE Fund and four intermediaries, namely The Hong Kong Council of Social Service, PolyU Technology and Consultancy Company Limited, SOW (Asia) Foundation Limited*, and The Yeh Family Philanthropy Limited, to implement various programmes under the two priority areas of Capacity Building and Innovative Programmes.
(*SOW (Asia) Foundation Limited completed its service as an intermediary of SIE Fund in August 2016.)