City of Westminster

created Jul. 28, 2011

Hub Westminster Impact Venture Trust

The problem

The idea

The Creative Councils programme will enable Hub Westminster to research, co-design, test and prototype an innovative impact investment fund structure to support start-ups and civic ventures in Westminster’s renewal areas.

In our most deprived wards, local people’s entrepreneurial talents and ambitions (whether civic initiatives or budding social and commercial enterprise) are held back by a lack of the support networks (both financial and social) available in more prosperous communities. Hub Westminster’s Impact Venture Trust will break down these barriers and equip people with the tools and diverse levels of finance to take their initial or developed ideas to impact.

Co-founded as a Community Interest Company by the City of Westminster, Hub Westminster is an innovative superstudio for the social impact economy. The Hub Westminster Impact Venture Trust is the mechanism through which 65% of its net surplus will support entrepreneurs in disadvantaged communities and new civic ventures. It will do this through targeted support for (and co-investment in) a wide range of ventures, from non-commercial civic initiatives to investments that can give a significant return.

Westminster City Council seeks to use the Creative Councils programme to prototype the IVT. Aware of the complex success factors in targeting and managing mixed-mode funds, we want to learn from NESTA and leading international experts in setting it up, and sharing this emergent new tool with other Councils.

We believe this is highly relevant to local authorities as the economic development and regeneration role of Councils is changing. Rather than through expensive masterplanning and physical interventions, we contend that in a rapidly changing context revitalisation and sustained social impact are more likely to result from the distributed co-investment and support capacity we aim to build with the IVT.

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The Creative Councils programme will enable Hub Westminster to research, co-design, test and prototype an innovative impact investment fund structure to support start-ups and civic ventures in Westminster’s renewal areas.

	In our most deprived wards, local people’s entrepreneurial talents and ambitions (whether civic initiatives or budding social and commercial enterprise) are held back by a lack of the support networks (both financial and social) available in more prosperous communities. Hub Westminster’s Impact Venture Trust will break down these barriers and equip people with the tools and diverse levels of finance to take their initial or developed ideas to impact.

	Co-founded as a Community Interest Company by the City of Westminster, Hub Westminster is an innovative superstudio for the social impact economy.  The Hub Westminster Impact Venture Trust is the mechanism through which 65% of its net surplus will support entrepreneurs in disadvantaged communities and new civic ventures. It will do this through targeted support for (and co-investment in) a wide range of ventures, from non-commercial civic initiatives to investments that can give a significant return.

	Westminster City Council seeks to use the Creative Councils programme to prototype the IVT. Aware of the complex success factors in targeting and managing mixed-mode funds, we want to learn from NESTA and leading international experts in setting it up, and sharing this emergent new tool with other Councils.

	We believe this is highly relevant to local authorities as the economic development and regeneration role of Councils is changing. Rather than through expensive masterplanning and physical interventions, we contend that in a rapidly changing context revitalisation and sustained social impact are more likely to result from the distributed co-investment and support capacity we aim to build with the IVT.

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