Authority Allocates £3 Million into 'Digital Social Businesses'

The UK government has announced the launch of the Social Incubator Fund, a new initiative aimed at supporting technology start-ups that are addressing social issues in the country. This fund, which is the first of its kind by the UK government, has allocated £3 million for digital social enterprises.

Two technology start-up incubators, Wayra UnLtd and Bethnal Green Ventures, will receive a portion of this funding. Wayra UnLtd, a new joint venture between Telefónica Digital's incubator scheme Wayra and UnLtd, will receive £1.8 million. On the other hand, Bethnal Green Ventures, another company backed by Bethnal Green Ventures, will receive £1.2 million.

Nick Hurd, minister for civil society, highlighted the growing number of social entrepreneurs and innovative technology start-ups in the UK. He stated, "These entrepreneurs and start-ups are using technology to create real change for people and communities in the UK."

The Social Incubator Fund aims to support technology start-ups that are tackling social issues, such as healthcare, education, and environmental sustainability. One such company backed by Bethnal Green Ventures is DrDoctor, an online medical appointment booking service. Another example is MastodonC, a green cloud analytics provider.

Wayra UnLtd's mission aligns with this goal, as it aims to support digital social enterprises. Bethnal Green Ventures, meanwhile, invests £15,000 in digital social enterprises in exchange for a 6% stake.

While the specific organizations that will benefit from the £3 million Social Innovation Fund have not been announced, the funding is expected to boost the growth and success of digital social enterprises in the UK. This, in turn, could lead to significant positive changes for people and communities across the country.