Making Waves

Making Waves

14

A Caribbean Social Innovation Guide

Coordination, Collaboration & Strengthening Organisations Many charities and other organisations that are making a difference in their communities rely on short-term grants or project funding, making it difficult to plan for the future or for their leaders, who are often women, to sustain themselves. In addition, the complex challenge or high administrative cost of meeting funding rules can act as a barrier that excludes smaller organisations or community groups. Projects and groups that do not have the financial or human resources to meet compliance requirements can remain excluded even when they are doing good work. Social innovation encourages new ways of working that combine purpose with long-term sustainability, helping organisations build partnerships, collaborate for greater access, coordinate efforts and resources, avoid unnecessary duplication, take advantage of shared opportunities, diversify income and build stronger, more sustainable organisations. This can help organisations strengthen their work and governance, and continue creating impact for years to come.

01 . Understanding Social Innovation in the Caribbean Promoting Inclusion & Expanding Opportunity

Great ideas can come from anyone, but not everyone has the same opportunity to bring those ideas to life. Many young people, women, grassroots organisations and community leaders struggle to access finance and other forms of support. Social innovation helps create new pathways so that more capable people have the chance to contribute, lead and succeed. For example, brilliant youth and resourceful women are sometimes excluded from accessing finance because they don’t have traditional assets, such as land or property, to offer as security for a loan. Social collateral, sometimes called character-based lending, can help them to gain access to finance for their social innovation venture. This social innovation approach considers a person’s reputation, trusted community endorsements, experience and track record of creating positive impact. By recognising these forms of social capital and community value, more women, young people and capable change-makers can access the finance they need to grow their ideas.

Ultimately, social innovation matters because it helps us solve our problems in the Caribbean by turning local ideas into lasting solutions. Social innovation builds on our creativity, our resilience and our relationships to build stronger communities, healthier environments and new opportunities for today and for future generations.