What is the Global Innovation Fund?
The Global Innovation Fund invests in social innovations that aim to improve the lives and opportunities of millions of people in the developing world. It uses a mix of grants and risk capital to support breakthrough solutions to global development challenges from social enterprises, for-profit firms, non-profit organisations, researchers and government agencies.
What is the iXc doing?
DFAT joined with the international development departments of the governments of the UK, US, and Sweden, and with the Omidyar Network to provide support to the Global Innovation Fund (GIF). The fund provides support for the development, rigorous testing, and scaling of cost-effective innovations targeted at improving the lives of the poorest people in developing countries. GIF aims to support a portfolio of innovations that collectively will open up opportunities and improve lives for hundreds of millions of people. Innovations that are supported by GIF are expected to eventually be sustainable without GIF funding – whether through private sector investment, public sector support or a hybrid of both private and public.
What is GIF’s approach to innovation?
GIF defines ‘innovation’ broadly to include new business models, policy practices, technologies, behavioural insights, or ways of delivering products and services that benefit the poor in developing countries; in short any solution that has potential to address an important development problem more effectively than existing approaches.
How much is the iXc investing?
DFAT will invest $30 million over the next four years in GIF. This investment will enable Australia to effectively and cost-efficiently seek ideas from across the globe with a particular emphasis on the Indo-Pacific region (both ideas from the region and ideas that positively impact the region).
Where do I learn more?
For more information or to apply please go to Global Innovation Fund.