News

The SIE Fund advocates innovative approach to address poverty problems and to bring social impact. Yet, is social impact measurable? Social Return on Investment (SROI) is a useful tool that decision makers and project managers can apply to quantify impact of their projects and identify areas for improvement. Dr Terence Yuen, CEO of Hong Kong Institute of Social Impact Analysts, was invited by the Task Force Secretariat to give a talk on the subject for staff members of the Secretariat and colleagues from various government departments. Dr Yuen started with the background and principles of SROI, then illustrated its application by a real case. In concluding the talk, he looked forward to a wider application of the concept in Hong Kong, to start with sectors where data is abundant.

While meetings are crucial for the Task Force to deliberate on the Fund’s development, visits to social innovation projects also play an important role in bringing in insights. Accompanied by colleagues from the Home Affairs Bureau and the Labour and Welfare Bureau, the Task Force and the Secretariat recently paid a visit to the children and youth centre operated by The Hub Hong Kong. The centre serves children of low income families in Sham Shui Po, providing a place for them to do homework and organising recreational activities so that children in difficult circumstances can enjoy an equal opportunity for physical and psychosocial development. An introduction of the centre’s facilities and service was given by the Centre-in-Charge. The center’s Chairman and Co-founder Mr David Boehm elaborated on their mission and objective and the Hub’s operation.  During the visit, Task Force visitors also shared with the centre the services of other social service providers.

Technologies change our living, sometimes with social impact. Organised by Samsung Electronics H.K. Co., Ltd., the competition “Solve For Tomorrow” is calling tertiary school students to team up to design mobile apps that provide aids to students with special educational needs. SIE Fund is one of the strategic partners of the competition. A briefing session was held on 18 July. Representing the SIE Fund Task Force Secretariat, Deputy Head of Efficiency Unit Mrs Patricia Lau invited young people to join the competition - which bore the same vision as the Fund’s in encouraging innovative solutions to social problems – and make use of their innovative ideas to help those in need.

The SIE Fund aims to foster the development of an ecosystem to nurtures social entrepreneurs. Young people are endowed with ideas and passions. Given suitable support and guidance they may be able to come up with new businesses that can tackle social problems. Co-organised by the SIE Fund, the "Youth Entrepreneurship Forum" (青年創業論壇 - 社企的創與營) was held on 14 July. Knowledgeable practitioners and instructors offered practical advice on social entrepreneurship. On behalf of the Task Force Secretariat, Deputy Head of Efficiency Unit Mrs Patricia Lau spoke on the role of the SIE Fund and support the Fund can provide. Examples of young entrepreneurs were cited to give inspiration to the audience who were potential entrepreneurs.

The Fund’s initiatives are making good progress. All intermediary programmes are running smoothly; we are expecting proposals for the food support flagship project; the Shared Value Forum and the research project are under preparation. While these projects are gaining momentum, the current term Task Force held the third meeting to consider potential new initiatives and programmes to further develop the social innovation and entrepreneurship ecosystem in Hong Kong. Stay connected with us through this website for more news and updates.

Our third quarter newsletter is newly published, bringing you latest news about the Fund. Topics covered in this issue are the food support flagship project, the upcoming Shared Value Forum, progress of Intermediaries’ programmes, our reach-out exhibitions, and a research project under preparation. Please click here to read the stories in full, or visit the ‘Newsletter’ section for past issues.

"Shared Value" is a new business concept by which corporations enhance their profitability while at the same time deliver social values. The SIE Fund is going to hold a forum - "Shared Value: Creating Competitive Advantage" – on 9 September, inviting business leaders in Hong Kong to explore how businesses can apply the idea to seize new market opportunities and help tackle poverty. One of the founding proponents of Shared Value, Mark Kramer, will bring his insight to the forum. Speakers from renowned companies will also share their stories and experience. A dedicated website is newly launched and more news and information can be found there.