Home SMART 100 2018 Australian Social Value Bank

Australian Social Value Bank [SMART 100, 2018]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

Three regional community housing providers realised there had to be a simpler, more cost-effective way for them to measure their social impact in an ongoing way, rather than continuously having to outsource. They approached global leader in social impact analysis and policy evaluation, Daniel Fujiwara, Founder of Simetrica, to see if a similar model that is used in the UK, could be applied to existing Australian data. When Daniel confirmed it was possible, the three not-for-profit organisations decided to pursue the development of the Australian Social Value Bank, and make social impact measurement accessible, affordable and achievable, to all.

2. WHAT & HOW

The purpose of this innovation is to…

…allow anyone who is involved in the delivery/procurement of social services, to calculate the social value created by their programs in a straight forward and standardised way using a robust and consistent method which is recognised by the OECD.

It does this by…

…providing an online Value Calculator that is pre-populated with a set of wellbeing values associated with common outcomes (such as entering employment, or a healthier diet) that have been rigorously estimated using Australian Data. The ASVB Value Calculator uses these values to calculate the net social impact of a program in dollar terms, through a methodology known as Cost-Benefit Analysis.

No other social impact measurement software provides a valuation of social impact measurement in dollars. Other tools only track the number of outcomes achieved, whereas the Wellbeing Values embedded within the ASVB allow you to calculate the net benefits your programs create, as well as compare the social impact of programs from different policy areas, in ways not previously possible.

Its various benefits to the customer/end-user include…

Being simpler and less resource-intensive than other methods of social impact measurement, as well as being comparable across different program types. This can provide robust evidence to inform: budget allocation, value-for-money assessments, funding bids and social investment decisions.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

Paying consultants to provide Social Return on Investment (SROI) reports. Using either Stated Preference or Revealed Preference methodologies to value the social outcomes, or referencing previous published reports that valued programs with similar outcomes. With no consistent valuation methodology being used, these SROI reports could not be compared, and were only relevant at the time of the report.

the UK Social Value Bank, uses the same underlying methodologies as the ASVB, however they do not have an online tool, and Wellbeing Values are based on UK data. There is currently no Australian predecessor or competitor in the market.

5. TARGET MARKET

It is made for…

Anyone who either delivers or invests in the delivery of social programs, and wants to determine the value of the impact their programs are having in the lives of participants. This includes social purpose organisations across all sectors, Governments, philanthropists, foundations, social investors, advocates, researchers and large corporations with Corporate Social Responsibility or shared value programs. It is for people who are seeking funding as well as those who are distributing funding, as well as those in the area of evaluation.

It is available for sale through…

The Australian Social Value Bank website www.asvb.com.au.

Our marketing strategy is to…

Increase ASVB brand awareness using social media, email blasts, entering awards, delivering training and leveraging existing stakeholders as advocates. We are targeting critical stakeholders who have influence across market segments. eg. Government departments and peak bodies, that will influence not-for-profit organisations.

We offer a grant program which supports Micro organisations to access the ASVB, and assists with organic reach.

 

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

Maven Judge Vote: Australian Social Value Bank – Smart 100 2018
(Please note – The form below is for judging purposes only and is restricted to the public)

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