Nesta becomes a charitable foundation

1/4/12

Nesta has today moved out of the public sector to become an independent charitable foundation.

The charity will continue with its mission to help turn great ideas into successful innovations that changes lives for the better, and it will continue to benefit from the income provided by the National Lottery endowment.

Geoff Mulgan, Chief Executive of Nesta, says: 'Today marks an important step for Nesta. It gives us new freedoms to make the most of the UK's exceptional creativity and imagination and develop ideas, products and services for the common good.'

Sir John Chisholm says: 'Nesta is proud of the innovative people and organizations it has supported since its inception. The Big Green Challenge finalists, the inventor of the solar powered fridge for the developing world, the participants of the Age Unlimited programme and many, many  more people that have passed through Nesta's doors, have all gone on to make significant contributions to society.

'This is an exciting new phase for Nesta which gives it the freedom to continue and enhance its critical work in finding evidence-based solutions to some of the UK's major challenges.  This move will ensure that the UK remains one of the world's foremost experts in understanding and supporting innovation.'

Nesta will achieve its mission through a combination of practical programmes, research, providing skills and tools for innovation, investments and collaborating with partners. Over the next few months, Nesta will be launching a series of new longer-term programmes in fields where it believes big impacts are possible. These include digital education, hyper local media serving communities, innovations in giving and the arts. It will also continue and expand its work in healthcare and local government.

Nesta will be conducting research into how the UK can ensure jobs and growth over the next two decades by making the most of ideas and ingenuity. It will also increase investment in ventures, particularly those which deliver important social benefits, as well as recycling money from the sale of successful investments to further this aim.

To coincide with today's announcement, Nesta has produced a short document which sets out its ambitions which can be viewed at www.nesta.org.uk/new_nesta

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For further information please contact Jan Singleton on 020 7438 2606/ jan.singleton@nesta.org.uk or Guy Bilgorri on 020 7438 2611/ guy.bilgorri@nesta.org.uk

To read more about Nesta and to see frequently asked questions about Nesta's new status, visit www.nesta.org.uk/faqs

About Nesta

Nesta is the UK's innovation foundation. We help people and organisations bring great ideas to life. We do this by providing investments and grants and mobilising research, networks and skills.

We are an independent charity and our work is enabled by an endowment from the National Lottery.

Nesta Operating Company is a registered charity in England and Wales with a company number 7706036 and charity number 1144091. Registered as a charity in Scotland number SC042833. Registered office: 1 Plough Place, London, EC4A 1DE