$25,000 Awardee – Innovation
San Francisco-based Pacific Community Ventures (PCV) received the Innovation award for its work in providing health care access and financial literacy training to business owners and their low/moderate income (LMI) employees, and for providing impact measurement services to other social investors. The first community development venture capital fund in California, PCV has an innovative “360 degree” approach to rebuilding California’s LMI communities that goes well beyond providing financing to stimulate business development. PCV developed a platform for the delivery of financial literacy education to LMI employees of businesses located in and hiring from LMI communities. In 2008, PCV piloted the VidaCard, an innovative, market-based approach to providing California’s uninsured low-income workers with convenient and affordable basic medical care. In 2000, PCV developed InSight, a system that measures the social impact of its investments. In 2005, PCV made InSight available to other social investors and is now providing it to pension funds, fund managers, and foundations to help these investors demonstrate their community impacts. For these creative programs that significantly increase the impact of its financial investments, PCV received the award for Innovation.