The public sector are currently faced with unprecedented budget cuts alongside a significant increase in demand for public services. Within this context, local authorities in particular are being required to innovate and transform service delivery models due to significant in-year pressures. EY have been at the forefront of delivering an innovation programme focussed on providing transformational solutions to London local government since 2013, working in partnership with London Councils, the membership organisation for the 33 local authorities in London (our client). ‘London Ventures’ (LV) supports local authorities to adapt and respond to the climate of reduced budgets and rising demand through sourcing and incubating innovative solutions in a collaborative way across the public, private and third sectors; creating an eco-system of ideas and networks to drive sustainable change. Our fundamental aim is to improve support local authorities to deliver better outcomes for citizens.
Over the past five years, we have identified and engaged with over 500 individuals across sectors to identify, develop and promote innovative solutions to address the strategic challenges faced by local government. Of the 33 local authorities in London, 25 have implemented at least one of our 16 venture partners, with over 45 implementations during the past 5 years. We have also received national recognition for our contribution to the sector through being awarded the Public Finance Innovation award for Solutions Partner of the Year in 2018.
Our projected value created for local authorities is c.£40m over the lifetime of the programme, through both cash savings and income generation, with an initial investment of c.£3m. This means that for every £1 invested in the delivery of London Ventures, we create over £12 of value for local government.
We have also had a significant impact on outcomes for residents through the ventures we have promoted and incubated, predominantly the most vulnerable individuals and families in our society. For example, in one London borough, our application of sharing data and developing advanced and predictive analytics has identified 1,700 new families who were eligible for additional support before they reached crisis point, to support with early and less costly interventions.
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