There is stagnation in the charity sector: new ideas are unable to breakthrough because grant-making in the UK is not flexible enough to promote innovation, growth and sustainability. Without addressing this, the pipeline for social investment will never materialise – small charities and social enterprises do not have the confidence and skills to look at social finance options and the chasm between grassroots organisations and social investors will never be bridged. Venture philanthropy, with its flexible funding and skills support, is ideally placed to solve this but it currently makes up less than 10% of grant funding. Whose responsibility is it – trusts, foundations or social investors – to make sure more is invested in early-stage funding and capacity building support to ensure social investment can achieve true impact?

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