With the help of Social Ventures Australia, the Woodside Development Fund has embedded a strong outcomes focused approach. Social Ventures Australia has summarised why and how corporate funders should manage to outcomes.
"We are taking a strong outcomes focused approach and want to drive continuous improvement and leverage further funding into the early childhood sector by proving the impact of innovative programs so that they can be replicated at scale"
Manager Social Investment, Woodside.
Since its launch, the Woodside Development Fund has invested in a range of place-based collaboration projects as well as programs to build capacity within the sector and enhance leadership and advocacy to drive systematic change. From June 2015, Social Ventures Australia Consulting supported Woodside to develop and embed an approach to managing outcomes for the Woodside Development Fund.
Just as shareholders demand that companies are transparent about their finances and core business activities, corporate funders are increasingly expected to be accountable for their community investments. There are a number reasons why measuring impact is important for funders:
Proving models to be taken to scale;
Clarity and communication of purpose; and
Capacity building for investees.
While there are many national and international frameworks for early childhood outcomes, the lack of consistency across these frameworks does not allow for meaningful comparison across initiatives, programs and interventions, measurement of progress in real time, or benchmarking of these frameworks. There is a real need to demonstrate in community the adoption of a useable, relevant and flexible shared outcomes framework, which can support real time feedback and continuous improvement. The Woodside Development Fund Measurement and Evaluation Framework is based on the Nest, a national plan for child and youth wellbeing developed by the Australian Research Alliance for Children and Youth (ARACY). The Woodside Development Fund Measurement and Evaluation Framework is also aligned with Opportunity Child's National Shared Measurement System to ensure consistency with leading national practice.
Click here to read Social Venture Australia's full article which covers five reasons that corporate philanthropy needs to adopt an outcomes management approach, the priorities to consider, and how Woodside has done it.
More information about the work supported by the Woodside Development Fund can be found by downloading the brochure.