It forms part of the Government’s Partnership in Public Services Action Plan, which aims to remove barriers to increased third sector involvement in public services.
The exchange will offer online resources and serve as a point of contact for social innovators and potential investors. It will also provide tailored support, training and guidance.
Valerie Hannon, director of strategy at the Innovation Unit, a government-funded body set up in 2002 to promote innovation and a lead partner behind the Innovation Exchange, said the exchange would initially build networks around two key themes: young people and supporting independent living.
Phil Hope, Minister for the Third Sector, said: “The Innovation Exchange provides much-needed recognition of the sector’s vital research and development and will help third sector organisations not to give away their best ideas, but to work together to improve them and to grow their own work.
“I am particularly pleased that the project will begin by focusing on young people and on adult social care – areas where there is a vast amount of untapped knowledge and creativity within the sector.”