An innovative tool developed by East Riding Council to measure the social value of public projects is being spun out into a separate company.
The Social Value Engine is used to measure the impact of projects delivered by the authority.
Claire Watts is the East Ridings Head of Economic Development, Claire says the tool is now also being used by other organisations
The Social Value Engine was developed "accidentally" by the authority when it was looking for a way to measure the social benefits of it's activities.
Now it's being sold to other councils and even the Scottish Government.
Councillor Nick Coultish says it's an impressive development.
The tool was first developed back in 2012 from partnership work between the council and Rose Regeneration. The Social Value Engine (SVE) was developed using social return on investment principles. The partnership initially aimed to establish a way of measuring softer outcomes through a project called Volunteers for European Employment which focused on identifying the most effective types of voluntary work if the required outcome
was to support people into employment and included the development of an initial tool to help measure social value.
Since then the SVE has developed into an online tool which helps organisations measure and quantify their social value and translate that value into a monetary figure. It is currently the only social value tool within the UK that has been fully accredited.
Over the past few years, the SVE has been further developed to create a commercially viable tool, with a projected turnover of £200,000 for the current financial year. To date, it is used by over 139 organisations in the UK, across the public, private and community and voluntary sectors,
Council Leader - Councillor Anne Handley - is delighted with the success of the Social Value Engine.
In October 2022, commercial operation of the Social Value Engine was transferred into the Social Value Engine Limited to enable the entity to directly employ staff and continue to progress growth through increased commercialisation. This commercial operation will split sales of licences between Rose Regeneration and East Riding Council. Under the current arrangements all parties have agreed to reinvest all income for a 3-year period commencing from January 2023. As part of the agreement, the council also retains use of the SVE for council business for free and in perpetuity.
That agreement is now being formalised and is likely to see the council retain a 30% share in the company and future sales revenue.
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