Prize Challenge fund

Challenge laid down for Voluntary and Social Enterprise sector

LEP agrees to finance new Prize Challenge Fund

Local voluntary organisations and social enterprises are being asked to come forward with innovative new ideas to help support unemployed and socially disadvantaged people return
to work.


The Greater Cambridge Greater Peterborough Enterprise Partnership (LEP) has announced that it will earmark £1 million of funding over the next three years to deliver this ground-breaking Prize Challenge Fund scheme.


The Fund will offer up to 10 prizes for innovation to organisations working in the Voluntary and Social Enterprise (VSE) sector who can improve and develop the skills of people who are experiencing multiple challenges and struggling to access sustained employment.


Grahame Nix, Chair of the Greater Cambridge Greater Peterborough LEP, explains: "The LEP
understands the importance to our region of having an appropriately skilled  workforce. The Prize Challenge Fund will provide a number of cash prizes that organisations can use to generate positive outcomes. We aim to help 1,000 disadvantaged people to become job ready and 250 people into paid employment within our area through this activity. By fostering innovation we are creating new approaches for the future that will help our area to remain at the forefront of economic growth."

Dr Lynn Morgan, Chief Executive of the Arthur Rank Hospice and LEP Board Member, added: "Voluntary organisations and social enterprises comprise committed people who are part of
local communities. They are often best placed to understand the needs, motivations and opportunities within their communities. This makes them very well placed to come up with great ideas that can prove to be highly effective."

The Prize Challenge Fund will be managed by Cambridgeshire CommunityFoundation,
with the capacity-building and facilitation support ofBig Society Funding CIC. Evaluation partners areSocial Enterprise East of England.

The official launch will take place on Monday 20th  May 2013.


- Ends -

 To find out
more about the Challenge Fund, or to request an interview, please contact Laura
Welham-Halstead on 01223 967009 or via email at or Big Society Funding CIC on 07913
818838 (Mark Ereira-Guyer)