A new philanthropy

Following the Knowledge Wave conference in August 2001, the Knowledge Wave Trust started working with McKinsey & Company to establish the Social Venture Accelerator - a philanthropic fund that works closely with selected non-profit organisations, to help them grow to their full potential, and drive positive social change.

The Accelerator is introducing an innovative, 'high-engagement' approach to New Zealand. Under a high-engagement approach, funders and capacity partners provide carefully selected non-profit organisations with significant financial support over a number of years. At the same time, they work with the selected non-profit organisations to strengthen their strategic, managerial and organisational capabilities - and ensure impact through a vigorous performance review process.

The Accelerator aims to support small to medium-sized, non-profit organisations that have the potential to make a significant impact on areas of high social need in New Zealand's youth and education sectors. At present, the Accelerator is operating on a pilot basis, generously supported by The Tindall Foundation and McKinsey & Company. The Trust envisages that the Accelerator will be established as a separate legal entity, operating on a permanent basis at the end of 2002.

Pilot scheme

The Accelerator is very excited to begin working with its pilot non-profit partner, the First Foundation Project

The First Foundation Project is a non-profit organisation that helps talented, but financially disadvantaged, students fund their way through tertiary study. It enlists the support of businesses prepared to partner a student. The businesses provide part time work for the students over the course of their tertiary study, and make a contribution towards the student's fees. The students are required to make a contribution of their own towards their fees from the money they earn working in their holidays. With a dedicated mentor, the student and partnering company work together to build the base required for the student's tertiary study.

The Accelerator selected the First Foundation Project as their pilot scheme in June 2002, following a selection process that attracted a high number of applicants.

The pilot scheme will run for 18 months. During that time, the Accelerator will help the First Foundation Project to develop a five year growth strategy, a one year action plan, a targeted capacity building programme and a balanced scorecard performance management system. The Accelerator will also provide the FFP with up to $100 000 in financial assistance.

A call for passionate, talented individuals

The Accelerator has the potential to have huge impact on the non-profit sector in New Zealand. We are currently accepting expressions of interest from passionate, talented individuals who would like to drive the Accelerator to achieve this potential.

If you would like to be considered for the position of CEO of the Social Venture Accelerator, or know someone who would be enthused and inspired by the Accelerator philosophy, contact us.

Partnerships with the Accelerator

Capacity partners are at the core of the Social Venture Accelerator, helping non-profit organisations to grow by providing in-kind services in their area of expertise. Their in-kind services are targeted to support the organisations' needs, and are delivered in a variety of ways to suit both the non-profit organisation and the capacity partner. The Accelerator has recently engaged the support of McKinsey & Company and Russell McVeagh as capacity partners.

Discussions are currently underway between the Accelerator and potential partners. Those interested in exploring the possibility of a partnership with the Accelerator should contact us.

All funders, capacity builders and supporters can have confidence that through the Accelerator their funds, time and skills are being used efficiently and strategically to maximise the contribution to the community's well-being.

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