Decision details

To approve proposals for the Southwark Pioneers Fund

Councillor Peter Babudu attended cabinet to present his work on this report in his capacity as deputy cabinet member for innovation.

RESOLVED:

Decisions of the Cabinet

1.  That the establishment of the Southwark Pioneers Fund (the Fund) to invest in Southwark’s entrepreneurs of the future be agreed.

2.  That the allocation of £2 million to the Fund from the London Devolution Reserve be agreed.

3.  That it be agreed that the next steps for the Fund will include development of a more detailed delivery plan setting out additional information on how the Fund will be delivered and including key outputs and milestones.

4.  That a progress report on the implementation and delivery of the Fund be brought back to cabinet in 12 months.

Recommendation for the Leader of the Council

5.  That future decisions on individual elements of delivery of the Fund be delegated to the cabinet member for jobs, business and innovation in consultation with the strategic director of finance and governance and the head of the chief executive’s office.