According to a recent report from Tech Nation, the UK is a global centre for Tech for Good, with social tech companies valued at 2.3 billion pounds last year.
In January, The Department for Digital, Culture, Media and Sport (DCMS) Secretary of State, Jeremy Wright, announced that the UK Government will invest a million pounds to drive social tech innovation in civil society, to help develop solutions to tackle loneliness and bring communities together.
Successful participants will be rewarded with a cash incentive and ongoing business support. One of the measures undertaken by the DCMS is setting up a new investment fund, the Social Tech Trust, to support social tech ventures.
This fund will provide ventures with the access to capital that they need at the right time. The aim is to raise up to 30 million pounds for this investment fund, to help ventures focused in three key areas of social transformation: health, wealth, and communities.
Ventures will be given access to resources to help them scale solutions in the areas of AI for accessibility and AI for environmental sustainability. Microsoft are also working in partnership with Social Tech Trust to create an immersive accelerator programme, focused on ‘AI for Good’.