MK Community Foundation leads Open Societal Challenges grant to launch community innovation hub

Funding through the Open Societal Challenges (OSC) programme at The Open University will support the MK Community Foundation in an ambitious project called Prototyping Community Innovation Hubs. The project is set to address significant barriers faced by ethnic minority businesses (EMBs), particularly Black and Asian collectives, in Milton Keynes and beyond. The initiative aims to empower these communities by providing vital support to foster creativity, entrepreneurship, and inclusive innovation through a prototype community innovation hub.

MK Community Foundation, in collaboration with TIN Ventures, MK Ethnic Business Community (MKEBC), and other local stakeholders, will develop the hub using the IINCOME (Inclusive INnovation COMmunity & Exchange) blueprint. This model will serve as a platform to help participants develop critical skills and leadership capabilities to tackle social and environmental challenges, while also boosting economic resilience in underrepresented communities.

Supporting Ethnic Minority Businesses

The project addresses the structural inequalities faced by many EMBs, aiming to build a supportive environment for them to thrive. A key focus of the hub will be offering tailored business support services, divided into three core areas: entrepreneurial readiness, business development support, and the creation of business networks. These services will not only enhance the operational capabilities of EMBs but also increase their investment readiness, market reach, and sustainability, both locally and internationally.

The project will engage 20 Black and Asian-led businesses, offering them a structured programme that includes workshops, masterclasses, and networking opportunities with sector experts. The overarching goal is to address the ESG (Environmental, Social, and Governance) compliance needs of these businesses, while also preparing them for the challenges of digital transformation, export scaling, and investment readiness. The hub will also provide insights into AI and other digital technologies, helping participants to leverage innovation for growth.

A Model for Inclusive Growth

The IINCOME initiative is more than just a business support programme and is designed to foster a culture of inclusive growth. It will provide participants with valuable mentorship and coaching opportunities and will support the creation of new job roles within the community. A key deliverable of the project will be the creation of a shared-service framework to promote knowledge exchange and facilitate the adoption of ESG and digital transformation practices within the EMB community. The framework will serve as a replicable model for other regions seeking to develop inclusive business ecosystems.

The project is expected to have a broad socio-economic impact, contributing to the creation of new certified jobs and strengthening local supply chains. By helping ethnic minority businesses to better access markets and investment, the initiative will contribute to the long-term goal of inclusive economic growth across the region.

This transformative initiative will run from December 2024 to April 2025, with multiple phases of intervention, capacity-building, and evaluation. The programme will culminate in a showcase event where participants will present their enhanced business models to potential corporate partners and investors. Ultimately, the success of this pilot could lead to further expansion and commercialisation, helping to scale the hub model to other areas and solidify its role as a catalyst for inclusive innovation.

Ian Revell Chief Executive of MK Community Foundation, commented on the importance of this work “By addressing the critical gaps in support for ethnic minority businesses, the Community Innovation Hub is poised to make a lasting impact, ensuring that these businesses are equipped to navigate the complexities of the modern economy while contributing to the broader societal good.”