Southwark Council launches ‘Pioneers Fund’ for innovative residents

19 June 2019

A ‘Pioneers Fund’ which aims to support Southwark-based entrepreneurs and enterprises in turning their innovative ideas into successful ventures (and growing their pre-existing ventures) was officially approved at Southwark Council’s Cabinet meeting last night (18 June).

The Fund, which will have a pot of £2 million at its disposal, has come about as a result of the Council Plan where the Council committed to creating an innovation fund for Southwark’s entrepreneurs of the future. The Fund forms part of the Council’s drive to enhance inclusive growth in Southwark, and part of the Council’s overarching commitment to a Fairer Future for Southwark residents.   The money itself will come from the London Devolution reserve (the London Devolution reserve is a ring-fenced amount containing Southwark’s share of London-wide retained growth in business rates).

Cllr Stephanie Cryan, Cabinet Member for Jobs, Business and Innovation commented: “The main objectives of the Pioneers Fund will be to increase the creation and survival of social and commercial enterprises, widen the diversity of residents who own and lead enterprises in Southwark, create good quality employment for residents and generate wider social value across the borough.

“Personally I believe this to be a brilliant opportunity for our many creative and entrepreneurial people living here in Southwark, but much of the credit should go to former Deputy Cabinet Member Cllr Peter Babudu who has led this from the start bringing people and ideas together and working collaboratively to ensure that our own ‘pioneers’ can thrive and prosper."

Neil Sartorio, EY’s Lead Partner for Local Public Services said: “Southwark Pioneers Fund wants to drive economic development, innovation and inclusive growth through widening the diversity of those who own and lead enterprises within the borough. Through creating quality employment opportunities, the project will generate investment - and a return that can be reinvested - to strengthen its offering to the local community and wider London economy.

“EY has provided strategic advice on this exciting initiative on areas such as delivering social value, meeting local needs, and addressing challenges faced by those from underrepresented backgrounds. We are pleased to see the project progressing to the next stage in it becoming a reality and will continue to support Southwark to inspire local entrepreneurs and innovation.”

Ashley Richardson, Peabody’s Lead for Enterprise and Innovation commented: “The Southwark Pioneers Fund will leverage some of the impressive strengths of Southwark’s economy to build a fairer local economy for all. This Fund has resulted from a collaboration between the council, local businesses, stakeholders and the community. I am confident that the benefits will truly impact local economy but most importantly local people”.

The next steps are for council officers to develop a more detailed delivery plan setting out key outputs and major milestones for delivery of the Fund in Year 1. Once these have been agreed, Southwark-based entrepreneurs and enterprises will be encouraged to apply for the first round of support through the Fund. This is likely to begin in October 2019.

Page last updated: 19 June 2019