In other to empower Innovators in the country, the Global Innovation Fund (GIF) is offering up to $15 million to innovators in Nigeria and any country in the developing world providing innovative and cost-effective solutions that address major development challenges, including agriculture, fisheries, energy and water access.
GIF is a London headquartered $200million non-profit innovation fund that invests in the development, rigorous testing and scaling of innovations targeted at improving the lives of the poorest people in developing countries.
The fund said it is open to teams and coalitions from social enterprises, for-profit firms, and non profit organisations (NGOs), government agencies, international organisations, and researchers anywhere in the world.
According to the Fund, applicants are expected to propose the level and type of funding that is appropriate for their innovation, based on the stage of development.
Its Chief Executive, Alix Peterson Zwane, said since 2015, the fund has invested nearly $100million in innovations with the potential for outsized social impact to improve the lives of the world’s poorest people.
By 2030, he added that innovations in the GIF portfolio are expected to benefit 109 million people yearly and generate an average of 5.1 million person-years of income equivalent yearly.
According to him, some of the fund’s earliest investments are delivering transformative impact across the developing world.
He noted: “ Just four of our early investments, One Acre Fund, DMI, Paga, and SafeBoda, have generated an estimated $534million in net social value since GIF invested in them and they continue to generate additional social value today.
“Innovation is playing a central role in the global response to the COVID-19 pandemic and will be central to the economic and social recovery to follow.”
At GIF, we are proud to be supporting innovators whose bold solutions have the potential to solve big global development challenges.”
The Managing Director, Africa Lalit Kumar said GIF has a unique financing model and ability to tailor investment instruments to support growth at crucial phases.