It breaks away from traditional government support to focus on new technologies and networks that can make it easier and more attractive for people to help each other.
The Innovation in Giving Fund will allow pioneering, inventive ideas to get off the ground so that people can unleash untapped community spirit and even get something in return. The fund will be managed by National Endowment for Science Technology and the Arts (NESTA) who wants the money to go to those doing the most imaginative, ambitious work in the field of giving, volunteering and sharing.
Social innovators have already established exciting initiatives such as Freecycle and JustGiving. These both reflect the themes of reciprocity, pro bono, donations and sharing resources which the fund are looking for in applicants.
Nick Hurd, Minister for Civil Society, said: 'The Innovation in Giving Fund is a new approach. We want to root out the visionary ideas that too often never get the backing they need. We're very open-minded about this, but ideas must have real potential to increase the giving of time or money.
'Lots of people already get involved but many don't for a whole array of reasons, they are missing out. Simple things, like whether or not we know our neighbours, can have a huge impact on our own well-being. And more people doing more to help each other will improve our communities. There's massive untapped community spirit, skill, and other resources, I want to hear about ways to unleash it.'
The fund is offering significant investment for the right ideas. Potential applicants can find out more, and apply on NESTA - Innovation in Giving Fund by 14 October 2011.