10113133An innovative AI platform to help businesses fully realise 4x more social impact value in competing for public contractsClosedCollaborative R&DInnovate UKImpactAdvantage is a UK-based impact measurement SME with James Cockerton (project lead), Rees Watkins (technical lead), Lauren Jones (impact lead) and Ife Akanmu (product manager) leading the core team. The Social Value Act and PPN 06/20 require that public-sector contracts worth over £5M have a 10% weighting on social value. However, the current methodologies to assess such value are inadequate, coming from expensive consultancies SMES struggle to afford. Poor management of social value means that government suppliers are missing out on data that could help them differentiate themselves while competing for future contract awards. From 2010-2020 alone, the UK missed up to £760B in opportunities to create economic, environmental and social benefits in award-making. Given the 7% increase in government expenditures each year, this problem is growing. ImpactAdvantage is developing an AI-based platform that assesses the value of a contract applicant's social impacts 4x more accurately than existing, proxy-based methods. This solution, more accessible and affordable than consultant work, also accelerates social impact measurements, cutting such work time for one project down from six weeks to one day. This will enable all clients to communicate the true benefits of their potential social impacts to contract reviewers while levelling the playing field for businesses of all sizes to access accurate assessments.