The United Kingdom Department of International Development (DFID) welcomes applications for grants through the Global Innovation Fund in 2022.
The Global Innovation Fund is a not-for-profit innovation fund headquartered in London with an office in Washington D.C. that capitalizes in the development, rigorous testing, and scaling of inventions targeted at advancing the lives of the world’s underprivileged people.
They believe that the greatest ideas for finding solutions to some of the world’s most critical problems can come from anyone, anywhere. Through their awards and risk capital, they help breakthrough solutions to worldwide development problems from for-profit firms, not-for-profit establishments, researchers, and government agencies to take full advantage of their impact and effect meaningful change. Their teams’ focus is on finding solution to any major development problems in low- or lower-middle income nations. They seek solutions that can scale up commercially, by means of the public/philanthropic sector, or via a combination of both so as to achieve extensive adoption.
By means of grants, loans (and convertible debt) and equity investments extending from $50,000 to $15 million, they support innovations with the prospect for social impact at a large scale, whether they are novel technologies, policy practices, business models, technologies or behavioural insights. They back innovators at all phases of their life cycle, from start-up and pilot-testing through to larger scale execution.
The Global Innovation Fund (GIF) offers funding at 3 stages: pilot, test and scale – and welcomes ideas from any sector and any nation given that the innovation focuses on those living on under $5, or preferably, under $2 a day. At GIF, they are of the belief that good innovations could come from anywhere and anyone and so they are interested to receive applications from social enterprises, researchers, governments and corporate establishments with an idea to deliver development results more efficiently, quicker or cheaper than standard practice.
The Global Innovation Fund is a partnership between Department of International Development (DFID), the Omidyar Network, the United States Agency for International Development (USAID), Department for Foreign Affairs and Trade in Australia (DFAT) and the Swedish International Development Cooperation Agency (Sida). It was started at the United Nations General Assembly (UNGA) meetings in 2014 and is now accessible for business.
Worth of Award
Global Innovation Fund provides grants, loans (including convertible debt), and equity investments extending from £30,000 to £10 million.
Eligibility for Global Innovation Fund
- Candidates are required to specify their preferred capital type and amount on their application.
- For-profit establishments requesting grants are required to give convincing rationale on why they are asking for grants rather than risk capital like equity or debt, such as why the innovation can be seen as a public good that benefits society.
How to Apply for Global Innovation Fund
- After having reviewed and agreed to the crucial details surrounding their application process, you will be ready to submit an application and redirected to their online portal. The initial application entails two parts.
- First, you complete an online application form with general details about your request for funding.
- Second, you submit a short explanation of your innovation, which will be provided after filling the online form.
If you are looking to apply for funding, please make your way through these steps to begin your application:
- Understanding the application process
- What type and amount of funding should I apply for?
- Am I a good fit for the Global Innovation Fund?
- What we do not fund
- Start an application
Furthermore to this open application window, they actively look out for investments. Their review procedure is highly selective and demanding, and less than 10% of candidates are invited to submit full proposals.
Application Deadline: They take applications on a constant basis, with no closing dates or ‘rounds’ of funding.
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