Macquarie Establishes Social Innovation Award

The Macquarie Group Foundation – one of Australia’s largest corporate benefactors – has announced the establishment of the Macquarie Group Foundation Social Innovation Award. The Award of a $100,000 grant will be provided to an Australian Not for Profit organisation or program that addresses an unmet community need.

Announced at the Foundation’s 25th anniversary celebration in Sydney, the Macquarie Group Foundation says the Social Innovation Award will recognise, promote and reward ideas that work to meet pressing social needs, alleviate disadvantage and encourage social inclusion.

According to the Head of the Macquarie Group Foundation, Julie White the award will not only reward programs that address pressing social needs but may also encourage others to think laterally about community issues.

White says social innovation is defined as a new or improved idea designed to address long-term community problems.
She says Macquarie seeks to foster an environment where different approaches to these problems are trialled, with the aim of seeing positive outcomes in the community.

She says the Foundation hopes the Award will cement the winning organisation’s ability to develop their program further and motivate other Not for Profit organisations to consider how they can innovatively deliver services to those in need.

The recipient of the Macquarie Group Foundation Social Innovation Award will receive $100,000 over two years to fund further investment in, or development of, their program. It will be awarded bi-annually.

Applicants must be able to demonstrate –

• track record of persistence in developing the innovation (at least two years)
• key deliverables and outcomes
• strong potential improvement to people or their social environment.

The judging panel includes David Clarke, Chair of the Macquarie Group Foundation; Geoff Mulgan, Director of the Young Foundation UK and Chair, Involve UK; Peter Shergold, the CEO, Centre For Social Impact, Macquarie Group Foundation Professor and Julie White.

In the year to 31 March 2010, the Macquarie Group Foundation, together with Macquarie Group staff efforts, contributed more than $22 million to over 1,000 community organisations around the world. Since it was established in 1985, the Foundation and Macquarie staff have contributed more than $120 million globally.

The Macquarie Group Foundation Social Innovation Award applications will close on the 29th of October. The winner will be announced in December 2010. Award application, criteria and eligibility can be found at www.macquarie.com/foundation.