Innovation in Income Generation
The Innovation in Income Generation award recognises the importance of innovation in income generation. We are looking for applications that have demonstrated innovative practice in income generation and which have raised significant income to support the work of a hospice or palliative care organisation.
Loros’ commercial approach to finding sustainable income for the hospice really stood out for the judges.
As the whole sector looks to find new ways to generate income, Loros’ catering project identified the expertise and assets the hospice had at its disposal, before turning them into something that not only raised income, and increased awareness within their local community - introducing a mobile drinks van, a cafe business, external catering and tenders.
The panel particularly liked the mobile drinks van concept, that was used to overcome lockdown restrictions in retail and hospitality during the pandemic. The Loros’ business development team showed short term versatility as well as long term vision, building a future pipeline of sustainable investment and funding.
With voluntary income harder to come by, commercialising what hospices have to offer as a sector is something we should all consider.