The Global Innovation Fund announced its first eight grant and equity investments last week, and as starts its next chapter, it is reflecting on the process of getting started and is looking ahead to how it will streamline operations.
For the businesses, nonprofits, researchers and academics angling for GIF funding, the first generation of awardees offers some lessons, and for the GIF it offers an opportunity to refine their investment process.
The GIF was launched in September 2014 with a $200 million commitment over five years from the British, American, Swedish and Australian governments, as well as the Omidyar Network, with the goal of creating an entity separate from government bureaucracy that could look at what different financing models can do for development. The GIF has averaged approximately 300 applications per month for its multitiered financing — it is designed to provide follow-on financing in some cases or connect recipients with other investors from the public and private sector if they prove successful.
About the author
Molly Andersmollyanders_dev
Molly Anders is a former U.K. correspondent for Devex. Based in London, she reports on development finance trends with a focus on British and European institutions. She is especially interested in evidence-based development and women’s economic empowerment, as well as innovative financing for the protection of migrants and refugees. Molly is a former Fulbright Scholar and studied Arabic in Syria, Jordan, Egypt and Morocco.
