As governments around the world consider how social innovation and impact investment can play a role in delivering more sustainable approaches to tough social issues, there is a particular focus on measures to promote social progress as well as economic development. This is a particular context in the international development context.
Increasingly there is greater emphasis on more sustainable and innovative approaches to alleviating poverty, enabling sustainable development and engaging the private sector, both in partner countries and in funding development initiatives. This has translated in policy to more focus on development investment, local enterprise development and cross-sector engagement as a complement to aid.
The Australian Government’s Department of Foreign Affairs and Trade (DFAT) sought to better understand, navigate and communicate the state of impact investing in the Indo-Pacific region, its policy significance and relevant opportunities, challenges and connections. They engaged Impact Strategist to bring their unique combination of global leadership in social innovation and impact investment and practical policy experience to the table. Impact Strategist used its networks to bring together a team that included additional development investment experience and brought perspectives from development investment and policy frameworks across the world to inform advice to DFAT.
Impact Strategist has since been invited by DFAT to communicate developments in the field at forums including the All Children Reading innovation forum.