Grants & Funding

GLOBAL INNOVATION FUND : APPLY FOR FUNDING

Apply for the Global Innovation Fund

DEADLINE: Not Specified

Applying for Funding

GIF accepts applications on a rolling basis – our window is always open with no deadlines or rounds of funding.

Please carefully review the guidance before deciding whether to invest time in preparing an application. Doing so will increase your chances of success.

Start by reviewing What We Fund to gauge whether there is an initial match between your funding needs and GIFs investment thesis and criteria.

If you believe that you meet our funding criteria then review the Type of Funding and the Stage of Funding section for additional criteria on the type of capital available (grant, debt, equity or a blended approach) and the amount of funding for which you can apply.

Type of Funding

GIF believe in innovative solutions can come from many different types of organisations – whether private sector or public sector, for-profit or non-profit. To that end, GIF provides a range of financing types, including grants, loans (including convertible debt), and equity investments. We expect applicants to present a clear rationale for the type of financing for which they are applying.

If you are a non-profit and your innovation does not involve generating revenues from users or customers, a grant is likely to be most appropriate. However, we have the flexibility to provide blended finance solutions depending on your funding needs.

GIF is prohibited from providing grant finance for purely commercial or profit-making activities. If your funding is for setting up or growing a commercial business, it is recommended that you apply for debt or equity. However, for-profit entities may apply for grant finance where the output will benefit the public in general. This may be when creating a new market, working in partnership with government, or when producing resources that are intended to be of general public benefit (‘public goods’). For-profit entities can also apply for grant finance to undertake evaluation activities to understand and share the impact of their innovation on people living in poverty or that is expected to benefit the development sector as a whole.

Application Process

Understanding our criteria

Before applying, please carefully read the guidance on What We Fund and the Types and Stages of Funding available. New solutions can come from anywhere and we are open to a huge range of innovations working in many different contexts, but we have precise requirements and are unable to fund work that does not meet these criteria.

Initial Application

Once you have established your work fits with GIF criteria, the next step is to complete a short application to tell us about your innovation, how it meets our criteria, and what can be achieved with our funding.

Follow-on call

If we want to know more about your innovation and how GIF can support you on your journey to scale, a member of our investment team will arrange a follow-on call to learn more.

Full application and due diligence

In the event we decide to progress to due diligence, we will request a full application which includes information on your team, budgets and plans. Due diligence processes include interviews with your team and other stakeholders, calls with referees, input from external technical experts, and potentially a visit to meet your team and observe your work. We will also request information on your organisation and key staff members to enable us to complete environment, social and governance (ESG) due diligence including anti-money laundering checks. Our due diligence process is guided by an internal investment committee and may involve feedback from, and co-creation with, the GIF team.

Decision Panel

Upon satisfactory completion of due diligence, GIF will convene a Decision Panel comprised of senior leadership at the fund and external experts. The panellists will consider the application against our investment criteria to assess whether your proposal is a good fit for the fund and decide whether to approve or reject your application.

Funding agreement

Decision Panel approval is conditional upon satisfactory completion of final financial and legal compliance, and negotiation of a funding agreement. The final funding agreement will vary for different types of capital, and may include a valuation process, conditions of loan, and agreement of deliverables and key performance indicators.

Click here to apply for the Global Innovation Fund

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Also check> The 2022 Tony Elumelu Foundation Entrepreneurship Programme

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