One of the most effective components in really understanding the impact of our work is ongoing detailed evaluations of potential and existing projects.
If we are going to be a continuously learning and growing organisation it is vital that we understand the benefits of the social investments in our services and which investments represent value for money.
In recent years we have partnered with educational providers and industry to conduct detailed social impact research so we can ensure that our programs are helping those who need our support the most and that this work is having an impact in our community.
In 2020, a preliminary review of our services using the Australian Social Values Bank methodology identified that for every dollar spent in our programs we were generating an estimated five dollars in social returns.
What is Social Value?
Social Value is a measure, usually presented as a dollar figure that represents both the amount of personal wellbeing that a participant receives from taking part in a Colony 47 service, and the amount of savings to public services as a result of Colony 47 services.
How do we grow our social value?
Colony 47 is committed to putting Social Value at the heart of what we do. From service design, through data collection and analysis, to data-driven decision making, our services are managed for maximum social value.
Social impact analysis of benefits generated by existing programs
To allow funders to assess and scale up services that can generate a positive social and economic cost-benefit Colony 47 is seeking philanthropic support for a business development expert to develop a robust methodology which can be trialled using a number of Colony 47’s existing service innovations.
If you want to be a part of this work, we are actively looking for new partners and support.