Alliance for Global Good Innovation Fund
What a great thing it is to have more than one Global Good organization out there. While we could be competitors for the term Global Good we do not see it that way; we see it as another partner in this great big world trying to make a difference.
Our founding organization, Global Good Networks, has a similar mission which is that of Investing in Social Entrepreneurs. While the term social entrepreneur can mean running a business that is for profit and or not-for-profit such as a charity we believe in helping both.
Some of the key differences between our investments and the Alliance for Global Good’s Innovation fund is that they have a few more strict requirements and some eligibility requirements. Among their requirements are:
- 501(c)3 U.S. Organizations that have been in existence for at least 10 years and:
- Engage in one or more of the five critical areas of AFGG emphasis outside of the U.S.: poverty, health, education, environment, and world relations;
- For at least the last 5 years have had stable revenue from traditional sources averaging below $20,000,000 per year;
- Have identified a clear strategy for revenue diversification and sustainability, and have conducted enough of the needed work to frame a mature strategy for concrete initiatives;
- Possess robust systems of governance and financial accountability; and
- Can demonstrate in quantitative terms their past impacts in solving target issues and problems.
They also have a two part process for the selection including an in–person pitch and submitting a written concept RFP during an open competition. Very good! Very Globally Good! While we are primarily aimed at startups and social entrepreneurs trying to get off of the ground they are more focused on projects and firms that have existed for a while and have some more established corporate governance and infrastructure pertaining to their processes and financial accountability, something that is more ideal than realistic for new startups.
Ont heir site they explain the history of the event:
Some History: The Fund was first announced at the Inaugural Bipartisan Conference on Innovation in Giving & Philanthropy produced by the Alliance in November, 2011, at the Library of Congress. Subsequently, under the principal direction of Dr. Susan Raymond (Executive Vice President, Changing Our World) with Alliance advisor, Rodney W. Nichols (former Executive Vice President, Rockefeller University and President and CEO of the New York Academy of Science), the Fund’s focus has been sharpened.