Deadline: Rolling Basis
The Global Innovation Fund 2022 is now open for applications. The Global Innovation Fund, or GIF, is a social impact-first investment vehicle that works with mission-aligned development agencies, philanthropy, and other funders to find and fund evidence-based innovations with the potential to positively impact the lives of millions of the world’s poorest people.
They play a distinct role alongside existing development assistance by taking smart risks public agencies cannot use a range of financial instruments to achieve our mission. They help guide entrepreneurs through their journey to scale using a venture-style staged funding approach where more speculative ideas receive smaller amount of support and increased funding follows successful testing and achievement of proof points.
GIF accepts applications on a rolling basis – their window is always open with no deadlines or rounds of funding.
GIF has a staged funding approach, whereby the amount of funding available is tiered according to the level of maturity of your innovation and the proposed activities. The three tiers 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 setting. Funding of up to USD 230,000 is available to test core assumptions around operational, social, and financial viability.
- Test and transition – the innovation has already shown promise of success at a small scale, and you have some information on your operational, social, and financial viability which you want to solidify before you scale. Funding of up to USD 2.3 million is available to support further growth and generate additional evidence on whether the innovation can social impact and market viability, achieve for commercial innovations.
- Scale – the innovation has a strong evidence base and logistically credible plan for scaling to reach millions of people. Funding of up to USD 15 million is available to expand the reach of innovations with a view to reaching millions of people in the long term if successful.
- Any type of organization may apply. This includes social enterprises, for-profit companies, non-profit organisations, government agencies, international organisations, and research institutions in any country.
- It is recommended that individual innovators, entrepreneurs or researchers apply through an affiliated organisation.
- You can be based anywhere in the world, but the innovation must target people living at less than the equivalent of $5 per day (PPP) in developing countries.
- They are especially interested in innovations that impact people living on less than $2 per 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 we use to assess the fit of your application. These are described on the What We Fund of our website and summarised below
- Target market – They invest in innovations designed to bring benefits for those who live on the equivalent of $5 a day and we are especially interested in funding innovative solutions that impact those living on less $2 a day or other vulnerable or disadvantaged groups.
- Innovation and Impact Your approach must be a new approach which is not already commonplace, and you must be able to demonstrate how you think it can improve upon alternative solutions.
- Evidence – They expect that innovations are informed by evidence of what works. This evidence might focus on the changes in the lives of your beneficiaries or customers or ‘how to’ evidence on how your solution can be or scaled successfully.
- Scale – GIF only funds innovation which have the potential to scale to benefit millions of people.
- Team – They look for innovations which are backed by teams which demonstrate a deep understanding of the problems they are tackling and the context in which they are working. Applicants should demonstrate the track record and skills needed to leverage the partnerships required to succeed and navigate the challenges which come with scaling innovations.
You can apply for GIF funding through a simple application form on the GIF website, but please carefully review the guidance before deciding whether to invest time in preparing an application.
Click here to apply.
For more information, visit Global Innovation Fund.