Developing public value innovation capabilities: Supporting the development of a shared narrative -Foundational Economy, Circular Economy, and Social Value

The aim of the project was to support practitioners in Wales to develop a clearer conceptual and operational understanding of how existing statutory frameworks and concepts like the Well- being of Future Generations (Wales) Act (2015) (WFGA), Foundational Economy (FE)/ Community Wealth Building (CWB), Circular Economy (CE) and Social Value can be incorporated within their processes and practices.

This project was informed by a previous report, ‘A Scoping and Feasibility Study for a new Foundational Economy Academy in Wales’, commissioned by the Welsh Government, which explored barriers to implementing foundational economy principles in public sector organisations. The report states that the broad aims of the foundational economy were not fully understood and embedded by public sector organisations. A survey conducted as part of the report found that 56% of public sector organisations do not have a foundational economy implementation plan, while 37% of public sector bodies do not have foundational economy measures or targets. Further, the report states that 63% of respondents called for plain foundational economy language.