What is the Social Value Exchange?
The Social Value Exchange gets resources to community projects and helps public sector organisations significantly improve and monitor the social value they are generating via their bigger commercial contracts. The platform puts accredited community projects up for 'auction' during the public procurement process; the more resources suppliers offer to community projects during the auction, the higher they score in the evaluation of their contract proposal.
The platform collates the data on resources going into community projects, the activities they carry out and the outputs they achieve. This data is communicated via a monitoring report for our customers, the government contracting authority that is running the procurement.
Benefits for our users
- An objective score for the Social Value contributions made by suppliers
- A platform that uses competition to maximise community benefits realised in the procurement process
- Time savings - the Social Value Exchange takes away much of the work of administering and managing the Social Value component of your procurement process and contract management
- More resources going into local projects that help you deliver community and commissioning outcomes, and also more community cohesion.
- Free core resources to deliver projects: the only cost is the time it takes to sign up and to share the outputs of the project
- A free profile and page where the community project can share news of its latest activity and showcase to the rest of the community and other funders
- Access to the Friends of Firesouls network, to collaborate, to learn, to pool resources.
So far the platform has:
- Leveraged £21m of public sector contracts to generate £471k of in-kind contributions and cash for community projects; an uplift of 2% at no extra cost to government contracting authorities.
- Achieved this uplift at no extra cost to our customers - in terms of contract value inflation - because we expect suppliers to re-direct excess capacity, ring-fenced Corporate Social Responsibility (CSR) resources and budgets to the community projects.
- Received funding and investment from Nesta, Bethnal Green Ventures and Innovate UK.
- 3 London boroughs and 2 housing associations, including Clarion, the largest housing association in the UK signed up to use the service.
- Been licensed as the social value platform for a 4 year, £1bn procurement framework.