Our Performance

Catalysing impact for prevention and alleviation of poverty and social exclusion

The SIE Fund seeks to be a catalyst for social innovation in Hong Kong. By facilitating social innovation and cultivating social entrepreneurship, the Fund aims to drive impact in alleviating poverty and social exclusion, promoting social integration as well as enhancing the well-being and cohesion of the society.

With a view to building up an ecosystem for nurturing social entrepreneurs, the Fund accords priority to funding initiatives in the areas of Innovative Programmes, Capacity Building and Research.

The SIE Fund seeks to alleviate poverty through three priority action areas on innovation.  About HK$700 million has been allocated to various initiatives as of December 2023.  The number of funded projects in total is 544 and the total number of beneficiaries is over 354500.  Under Innovative Programmes, the number of funded projects is 469 and the number of beneficiaries is over 167300.  Under Capacity Building, the number of funded projects is 15 and the number of beneficiaries is over 35600.  Under Research, the number of funded projects is 60 and the number of beneficiaries is over 151600.



Evaluation Study of the SIE Fund

The University of Hong Kong has been commissioned to evaluate the performance of the Fund in achieving its objectives

To assess the performance and impact of the SIE Fund and the evolving development of different ongoing and new initiatives driven, the SIE Fund commissioned The University of Hong Kong (HKU) to conduct the "Evaluation Study of the SIE Fund" to evaluate the performance of the initiatives of the Fund in achieving its objectives. The Study examines the overall performance of the Fund, the impact of intermediaries as well as projects and initiatives funded or supported by the Fund, in terms of both financial and non-financial impacts.

More information about the Evaluation Study can be found here.


Major Findings of the Evaluation Study

Up to end-June 2023, the study has traced the development of 274 funded projects nurtured by the intermediaries
Up to end-June 2023, adopting a longitudinal approach, the study has traced the development of 274 funded projects during the study period.  The major findings include:
  • HK$106 million was provided by the SIE Fund and over HK$59.95 million worth of matching fund was solicited
  • The total monetized social return of outputs generated amounted to about HK$422 million worth of value, HK$18.14 million of which was from additional investment/donation on top of matching fund secured

The total monetized social return of outputs comprised voluntary workers engaged, media exposure generated, job opportunities created, discounted services and products provided, as well as HK$18.14 million additional investment/donation on top of matching fund secured
  • More than half of the funded projects successfully launched their products and services which generated a total gross profit of over HK$33.66 million
  • Estimated Social Return on Investment (SROI)note yielded from the projects is 5.58
  • Over 249 000 beneficiaries covering children and youth, elderly, persons with disabilities, people of diverse race, low-income families, etc. were reached or served
  • More than 3 200 job positions were created, including 2 400 for the underprivileged



Note
Social Return on Investment (SROI) is a form of cost-benefit analysis. It attempts to assign a monetary value to the social impacts created by a project and assesses it against with the cost spent. In general, a SROI equal or larger than one indicates that a project has generated an amount of social return that is equal to or larger than its cost. The greater the SROI, the more social return a project generates with respect to the cost. [source: SROIHK website]

 


SIE Fund’s projects turn each dollar of grant into $5.58 worth of social impact

Funded projects manifest targeted poverty alleviation
Head of the research team, Chair Professor at the Department of Social Work and Social Administration of The University of Hong Kong Professor Paul Yip, pointed out that the study affirmed the Fund’s adoption of an innovative approach for poverty alleviation. In addition to providing funding for innovative projects, the Fund has also put considerable efforts into building the capacity of social entrepreneurs and establishing platforms which foster cross-sector collaboration to create bigger impacts out of social investments. The innovative projects supported by the Fund turned each dollar of grant into $5.58 worth of impact for society, enabling the resources to yield higher value.


Findings of a Study Paper by HKU

The role of SIE Fund in fostering social entrepreneurship in Hong Kong

In a study paper entitled "The role of the social innovation and entrepreneurship development fund in fostering social entrepreneurship in Hong Kong: A study on public policy innovation" published by a research team at HKU in July 2019, the SIE Fund was examined to illustrate how public policies can potentially drive social innovation. The paper discussed the impact of the SIE Fund in fostering innovation among its funded ventures and how the SIE Fund has influenced Hong Kong's social entrepreneurship environment.

Results show that the projects under the SIE Fund exhibit characteristics distinct from the social enterprises prior to the inception of the SIE Fund. In addition, evidence of innovations in terms of product, process, marketing, and innovation in developing new or improved social practices were also identified.

[Quoted from the "Abstract" of the paper]


Abstract of the study paper can be viewed here.




(This page was last updated on 24 August 2023)