This article contends that many critics of social capital have failed to note a gradual but significant evolution taking place at the fringes of the theory. Influenced by work conducted by both critics and proponents, but unburdened by the theoretical flaws associated with “capital” status, various authors working in network theory and related disciplines have begun, independently, to solve the practical problems of the field. Sufficient progressive work now exists to form the basis of a new formulation, with locality, function and socio-physical linkages as its core tenets. Arguing that the future of social capital lies as an “umbrella concept”, this paper delineates the theoretical adjustments necessary to construct a practical, interdisciplinary reformulation.