Global Innovation Exchange
What is the Global Innovation Exchange?
The Global Innovation Exchange (GIE) is an open platform that brings funders and innovators together to democratize and accelerate innovation. The Exchange spurs innovation by offering innovators the right resources at the right time through an open platform that brings together people, funding, and data.
The Exchange was conceived and created within USAID, and launched in June 2016. In October 2016, the Exchange transitioned to third party management under Results for Development, accountable to a multi-donor Executive Board comprised of USAID, DFAT, KOICA and the Bill and Melinda Gates Foundation. The goal of the transition was to successfully spin out the emerging digital platform in order to create an impactful, stand-alone product with diversified sources of funding.
What is the Global Innovation Exchange aiming to achieve?
The GIE aims to democratize and accelerate innovation in global development to address humanity’s greatest social challenges.
How can the Global Innovation Exchange support me or my organisation?
The GIE is an open platform that brings funders and innovators together to democratize and accelerate innovation. It offers innovators the right resources at the right time by providing an open platform that brings together people, funding, and data. Innovators can direct key updates to their funders by posting and updating their own profiles, attract new funders, and efficiently discover and apply to new funding opportunities. Funders are liberated from the “small pond” problem of RFP cycles, and can quickly search for innovations that meet their criteria.
What are the GIE’s core values?
● Power of technology – While not a panacea, digital platforms have been used to democratize and disintermediate markets, bringing increased efficiency, throughput, transparency and equality.
● Innovators first – First and foremost, the Exchange focuses on innovators as the primary customer. Experiences of and feedback from innovators guide the evolution of the GIE. The effect of supporting innovators will benefit the end customers of development innovations.
● A rising tide raises all boats – We believe that an innovation can come from anywhere and we believe in the global application of local innovations. An open flow of ideas, lessons, resources and people across countries and regions will benefit all.
● Information is power – The GIE will collect, curate, and disseminate valuable innovation-and deal-related stories and data to help innovators and those who support them. The Exchange is an open platform, which allows for content generated by anyone, anywhere.
● Strength in numbers – The GIE exists within a dynamic ecosystem involving many actors, including academic and research institutes, government and international agencies, investors, innovators and entrepreneurs, and others. Representatives from each will be called upon to contribute their opinions and insights in order to support the Exchange’s utility and relevance.
● Time is money (and impact) – The GIE wants to reduce the amount of time it takes for innovators and funders to connect for catalytic and impactful engagement. They want users’ engagement with the GIE to be net positive for them.
The Million Lives Club (MLC), a new initiative that recognizes and raises awareness of innovators and social entrepreneurs that are making a significant impact in addressing global development challenges, announced its first cohort of 44 social innovations at SOCAP on 22 October.
Inspired by members of the International Development Innovation Alliance, MLC is made up of three cohorts of innovators and social entrepreneurs who are improving the lives of those living on less than $5 a day: