2021-10-12 P&E Agenda - Item 10 - Attachment 1 - Social Return on Investment Evaluation

1.0 Introduction

1.1 Purpose of this report
Noosa Shire Council (Council) has operated the Peregian Digital Hub (Digital Hub) for three (3) years following
funding and constructing the purpose-designed digital workplace in 2019.

The Digital Hub is as a key initiative with Council’s Local Economic Plan to diversify the local economy and
facilitate higher-value business investment and activity, along with job-creation in new sectors.

With the Digital Hub now well established, Council is seeking to understand the overall benefits of this
initiative. To capture outcomes from the various enterprise and educational activities, a Social Return on
Investment (SROI) assessment has been selected as the evaluation methodology.

The SROI methodology has the flexibility and depth to establish the value of the social and economic activity
associated with the Digital Hub, beyond traditional “P&L” accountancy treatments.

SROI is a well-established and respected methodology to credibly assess the direct and indirect outcomes of
enterprises, inclusive of social benefits.

 Social Return on Investment evaluation:

 SROI is a framework for measuring and accounting for a broader concept of value.

 Compared to traditional direct financial evaluation, SROI seeks to understand social, environmental and
 economic costs and benefits.

 This is configured by the use of credible monetary values applied to identified benefits. This is to apply value
 to known benefits, which at times can appear intangible and/or difficult to otherwise value.



1.2 About the Peregian Digital Hub – overview
The Digital Hub is a purpose-built facility designed to house technology companies and individual workers in an
open, modern environment suited to collaboration and co-working. The Digital Hub’s flexible environment
accommodates a mix of emerging and established technology enterprises, as well as individual entrepreneurs.

The mission of the Digital Hub is to foster a digital ecosystem which attracts entrepreneurs, talent and clientele
from around the world and provides meaningful employment for thousands of residents.




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