Term: Rolling Base
The 2022 Global Innovation Fund is now open for applications. The Global Innovation Fund, or GIF, is a social-first impact investment vehicle that works with mission-aligned development agencies, philanthropies, and other funders to find and fund evidence-based innovations with the potential to positively impact the lives of people. million people in the world. poorer people.
They play a distinct role alongside existing development assistance by taking smart risks that public agencies cannot use a variety of financial instruments to achieve our mission. They help guide entrepreneurs through their journey to scale using an entrepreneurial-style staged funding approach in which the most speculative ideas receive a smaller amount of support and more funding follows successful testing and achievement of milestones. the test points.
GIF accepts applications on an ongoing basis – your window is always open with no deadlines or funding rounds.
GIF has a tiered funding approach, where the amount of funding available is tiered based on the maturity level of your innovation and proposed activities. The three levels are:
- Pilot – the innovation is at an early stage, but you have a credible plan for how it can be developed and tested in a real-world environment. Funding of up to $230,000 is available to test basic assumptions around operational, social, and financial viability.
- Test and transition – the innovation has already shown promise for success on a small scale, and you have some information about its operational, social and financial viability that you want to consolidate before scaling up. Funds of up to $2.3 million are available to support further growth and generate additional evidence on whether the innovation can achieve social impact and market viability for business innovations.
- Scale – the innovation has a strong evidence base and a logistically credible plan to scale to reach millions of people. Funding of up to $15 million is available to expand the reach of innovations with a view to reaching millions of people in the long term if they are successful.
- Any type of organization can apply. This includes social enterprises, for-profit businesses, non-profit organizations, government agencies, international organizations, and research institutions in any country.
- Individual innovators, entrepreneurs or researchers are encouraged to apply through an affiliated organization.
- It can be based anywhere in the world, but the innovation must be targeted at people living on less than the equivalent of $5 a day (PPP) in developing countries.
- They are especially interested in innovations that affect people living on less than $2 a day (PPP) or vulnerable groups such as women and girls, the disabled, minority or indigenous groups, refugees or displaced communities, or other vulnerable populations.
While they are open to applications in any sector in any developing country, we have precise criteria that we use to assess the suitability of your application. These are described in What We Fund on our website and are summarized below.
- target market – They invest in innovations designed to bring benefits to those living on the equivalent of $5 a day and we are especially interested in funding innovative solutions that impact those living on less than $2 a day or other vulnerable or disadvantaged groups.
- Innovation and Impact – Your approach should be a new approach that is not yet common, and you should be able to demonstrate how you think you can improve on alternative solutions.
- Evidence – They expect innovations to be informed by evidence of what works. This evidence could focus on changes in the lives of your beneficiaries or clients or “how to” evidence on how your solution can be successfully implemented or scaled.
- Scale – GIF only funds innovation that has the potential to scale to benefit millions of people.
- Team – They look for innovations that are supported by teams that demonstrate a deep understanding of the problems they address and the context in which they work. Applicants must demonstrate the background and skills necessary to leverage the partnerships necessary to succeed and overcome the challenges that innovations at scale bring.
You can apply for GIF funds through a simple application form on the GIF website, but review the guide carefully before deciding whether to spend time preparing an application.
Click here to apply.
For more information visit Global Innovation Fund.