The Global Innovation Fund (GIF) grant board believes in any idea that has the potential to improve the lives of millions of individuals living in poverty. The program was designed to solve developmental issues and to alleviate poverty striking the needy from any sector in any developing country.
Global Innovation Fund
The objective is not to support medium-sized interventions that remain medium-sized and small organizations that stay small. To help organizations expand and reach millions of people. To do this, Global Innovation Fund employ a tiered funding strategy that enables prudent risk management.
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At the pilot stage, GIF makes smaller bets on more uncertain and risky innovations and invests more in innovations with a strong track record of success and rigorous impact assessments. The following are the funding stage:
The Pilot Stage
In the pilot stage, the Global Innovation Fund offers grant of roughly $230,000 with the aim of achieving the following:
Stage of Development: Pilot innovations are still in the early stages of development, but you have a solid plan for creating and testing them in a practical environment.
Evidence: We value any pertinent data or research findings that support the necessity for the innovation, such as indications of client demand or interest. We anticipate that there will be a limited amount of evidence to support the value of the invention. Still, we require a convincing argument for why it might be more effective or cost-efficient than current methods.
Potential to scale: The innovation can scale up politically and logistically, or it has the potential to scale up commercially, as shown by customer willingness to pay.
There may be one or more potential routes for advancing innovation at the pilot level.
Using the funds: Testing fundamental presumptions about operational, social, and financial sustainability is the primary investment goal at the pilot stage. Initial research and development, bringing innovation to target customers, gauging user demand and readiness to pay, documenting societal outcomes and dissemination costs, and so on all fall under this category.
The Test and Transition
In the test and transition stage, the Global Innovation Fund offers grant of roughly $2.3 million with the aim of achieving the following:
Stage of Development: Applicants’ innovation should demonstrate the promise of success at a small scale for test and transition investment, and have some data on operational, social, and financial sustainability that the applicants confirmed before scaling.
Evidence: applicants can clearly explain why the invention might have an enormous effect at a larger scale than other methods. This will include measurements of customer demand and willingness to pay for technologies with a commercial pathway to scale. We anticipate prior evidence from pilot-level implementation before scaling up public sector or hybrid pathways (GIF need not have previously supported this).
Potential to scale: With a realistic plan to collect money for commercial innovations or evidence of interest from public sector scaling partners, the invention has the potential to be politically and logistically feasible at scale.
Using the funds: Investment at the test and transition stages is meant to help innovators who need it to continue growing or to produce solid data on whether their innovation will have a positive social impact.
Scale Stage
In the scale stage, the Global Innovation Fund offers grant of $15 million with the aim of achieving the following:
Stage of Development: Applicants’ innovation should have a solid evidence base and a convincing plan for scaling that is logistically, politically, and financially feasible to reach millions.
Evidence: Applicants’ innovation must have demonstrated its influence, cost-effectiveness, and market viability in at least one setting.
Potential to scale: There are sound strategies for taking the idea to scale, including how to finance it sustainably. This contains a plan for expanding the innovation’s reach, intending to reach millions of people if it succeeds.
Using the funds: Working with partners (such as investors, established large commercial enterprises, and developing nation governments) who will aid in scaling the invention beyond our support is likely one of the activities at the scale stage. Investment can also scale inventions while enhancing cost-effectiveness or adapting existing innovations to new contexts.
Eligibility Status
The eligible applicants are the registered organizations such as:
i. Social enterprises for profit companies
ii. non -profit organizations
iii. Government agencies
iv. International organizations
v. research institutions in any country, and;
vi. Any individual affiliated to an organized body is also eligible to apply.
Category Funded by Global Innovation Fund Grant
Click here to know the business funded by GIF and here for businesses not funded by GIF before you apply.
How to Apply
Click here to apply for Global Innovation Fund grants.
Deadline
The Global Innovation Fund accepts grants applications on a rolling basis. The program grant window is always open with no deadline.
Conclusion
As part of GIF commitment to uphold strict environmental, social responsibility, and corporate governance (ESG) standards, the body assesses each potential invention for funding.
However, accepted innovations will be held to these ongoing criteria, which include compliance with GIF code of conduct and ESG policy and safeguarding measures.
