08 May 2014

New £6 million initiative launches to invest in technology to improve health and social care

The Technology Spin-out Fund (TSF) is the first of its kind, designed to support the growing number of public sector spin-outs*. It has been established in response to the need for technology to improve patient care and build organisational resilience. TSF is jointly financed by the Department of Health and Big Society Capital and will enable spin-outs to access finance that would otherwise be unavailable to them in the commercial market.

Spin-outs that have already launched their enterprise, work in health and social care, and deliver services in England, are eligible to apply. The loans will provide technology either to help deliver and improve services or to make organisational efficiencies, for example the integration of patient care records or the updating of systems and software.

Fred Maroudas, Deputy Chairman, Local Partnerships, said: "Our relationships with over 100 spin-out organisations has provided a unique insight into the type of help and support needed in the early stages of their life-cycle. This has played a pivotal role in the development of the scheme with the Department of Health and Big Society Capital."

Nick O’Donohoe, Chief Executive of Big Society Capital, said:

"Health and social care services in our communities are under strain. But the growing number of social enterprises delivering these services is bringing much needed innovation to help improve care. Simple things like providing mobile technology to community nurses and GPs can help cut down paperwork, and mean there is more time spent with patients. This fund will help provide the finance to make these sorts of changes happen by supporting social enterprises wanting to use technology to become more efficient."

Minister of State for Care and Support Norman Lamb said: "Spin-outs and mutuals are driving new, innovative ways of delivering better health and care services to their local areas.

"But they need the right technology to help them – having the right systems and software can help integrate services and free up staff time to spend with patients rather than paperwork. "I have seen first-hand the impressive work of many staff-led spin outs and believe this fund will support them in going even further for their patients."

The first loans will be awarded in the summer of 2014 and are likely to average £500,000.

Organisations who wish to be considered for a loan from the TSF should speak to a member of the social investment team at Local Partnerships on 020 7187 7377.

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