Here's an opportunity to apply for the Global Innovation Fund (GIF) which is designed to help organizations like yours grow.
This Global Innovation Fund programme is a social impact-first investment vehicle that collaborates with mission-aligned development agencies, philanthropy, and other funders to identify and fund evidence-based innovations that have the potential to improve the lives of millions of the world's poorest people.
They do offer unique functions in addition to existing development assistance by taking calculated risks that most governmental agencies are unable to achieve by utilizing a variety of financial instruments.
The Global Innovation Fund is available to help assist entrepreneurs in scaling their businesses by adopting a venture-style phased funding method.
By doing this, more speculative concepts receive less funding, and more funding is provided after successful testing and achievement of proof points.
What sector does the GIF Programme Fund?
The Global Innovation Fund does accept applications from organizations in any sector in any developing country.
This allowed organizations include the following;
- Social enterprises,
- For-profit companies,
- non-profit organisations,
- Government agencies,
- International organizations, and research institutions in any country. It is recommended that individual innovators, entrepreneurs, or researchers apply through an affiliated organization.
Although this is an open application window; not all development projects are a good fit for the Global Innovation Fund. Only innovations with great potential to improve the lives of millions of people living in poverty are however considered.
Unacceptable Organizations for the Global Innovation Fund
Just like we have mentioned earlier, the Global Innovation Fund is open to innovations that meet the criteria in any sector or country as mentioned above.
However, there are some activities that they do not fund. These include:
- Theoretical research, or purely lab-based activities that are not linked to the implementation of a specific proposed real-world pilot or demonstration project.
- Approaches that are only applicable in a single country (unless the innovation is expected to scale to a large proportion of one of the world's most populous developing countries).
- Innovations that involve supporting a political candidate or party.
- Innovations where the primary purpose is to support the broader innovation ecosystem, such as incubators, accelerators, or other innovation funds.
- Innovations involving any product or activity deemed illegal under applicable laws or regulations or subject to internationally agreed phase-outs or bans as defined in global conventions and agreements (such as dealing with certain hazardous chemicals or ozone-depleting substances, and any activity endangering protected wildlife).
- Innovations that involve the production or use of luxury goods, soliciting prostitution or engaging in human trafficking, terrorist activity, or use of prohibited drugs, gambling, and pornography.
What are the Types of Funding Available?
The Global Innovation Fund for Organizations provides a range of financing types, including grants, loans (including convertible debt), and equity investments. Applicants are expected to present a clear rationale for the type of financing for which they are applying.
If you are a non-profit for example, and your innovation does not generate revenues from users or customers, a grant is likely most appropriate. However, they have the flexibility to provide blended finance solutions depending on your funding needs.
Stages of Funding
Every investment that the Global Innovation Fund makes is designed to support innovations on their path to scale. However, they do recognize that some of the promising innovations that will change the development landscape are currently only in their infancy.
The Global Innovation Fund for Organizations is known to support innovators from early-stage field pilots right through to large-scale implementation.
The goal is not to fund small organizations that stay small and medium-sized interventions that stay medium-sized. It is to support organizations to scale up to reach millions of people.
To achieve this, they use a staged funding approach which allows them to manage the risk sensibly. In other words, they take smaller bets on riskier, unproven innovations at the pilot stage and invest larger amounts in innovations demonstrating strong evidence of success through rigorous impact evaluations.
Here are the three (3) stages of funding you can choose from;
Global Innovation Fund Application Process for Organizations
Before you proceed with your application, it's important to make sure that your organization is the right fit for this application. And you can do that by checking the boxes below:
- My innovation aims to improve the lives of people living on less than $5PPP a day.
- My innovation is a novel approach that is not already widely practiced in developing countries.
- I have a strong rationale for how my innovation improves on alternative approaches.
- I have evidence, either from existing literature or my own testing, to support my claim that my innovation can improve the lives of those living on less than $5 PPP a day.
- If successful, my innovation could be applied in several developing countries.
- My innovation has the potential to scale to reach millions of people.
- My team has expertise in this area and the skills and experience to make the innovation a success.
- The innovation is ready to be applied, tested, or scaled in a real-world setting.
- I have a clear vision of how the Global Innovation Fund can contribute to our vision of success.
- My team aims to generate, share evidence, and learn from our work.
Now that you have checked all the boxes above, you can go ahead and visit the Global Innovation Fund for your online application.
If your funding application is successful you will need to comply with Global Innovation Fund's Recipient Code of Conduct which outlines the fundamental environmental, social, governance, and business integrity standards that GIF expects to see in place.
Successful applicants will also be required to have an anti-bribery and corruption policy, a whistleblowing policy, and a grievance policy, as well as policies that outline HR practices and policies.
Depending on the size and stage of your organization, the Global Innovation Fund may require you to develop policies or processes that are deemed fundamental for your organization to maintain ethical standards.
All successful applicants in contact with children and/or vulnerable adults will be required to have in place safeguarding policies and/or procedures that are proportionate, tailored to their work, and which reflect local laws.
READ ALSO: Call for Applications: Flourish Africa Grant for Female Entrepreneurs (N3 Million Naira Grant)
FAQs
How can I apply for funding?
You can start by reviewing What they Fund and What they Don't Fund; this will help you gauge whether there is an initial match between your funding needs and GIFs investment thesis and criteria.
When can I submit my application?
Does my application have to be in English?
Will I receive feedback on my proposal if it is not successful?
But, due to the large number of applications they receive, it is not possible to provide each applicant with feedback.
Can I submit more than one application?
If my application is unsuccessful, can I reapply at a later date?
Application Deadline: There's no specific deadline, which means that the application is currently ongoing.
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