Recently, the Fundación Avina, Avina Americas, the Omidyar Network and the Rockefeller Foundation joined forces to create the Latin America Impact Economy Innovations Fund.
This new fund seeks to support collective actions and a regional market to boost market solutions to achieve social and philanthropic goals, actions to combat poverty and the promotion of the environment. The fund invites all organizations that wish to develop the impact economy to present proposals that seek to add to the growth of the impact investing and inclusive business industry.
Who can participate?
Organizations can apply to the fund for grants of up to 12 months, for a maximum total of $150,000. Each applicant may submit more than one proposal. The fund seeks to support between five and eight proposals, as the total fund is $840,000.
The fund's investment criteria were designed by the partner network and contacts of the three contributors to the fund (Avina, Omidyar and Rockefeller). In general, project proposals will be funded that seek to:
● Develop sources of capital for the early stages
● Foster an ecosystem that promotes entrepreneurship
● Research the development of policy focused on:
○ Strengthening an ecosystem conducive to entrepreneurship at the "base of the pyramid" (BOP) and impact investing
○ Fostering the acceleration/incubation of businesses that work with the BOP
○ Ensuring fair competition
○ Ensuring BOP consumer protection
○ Building strong ties with the government and a joint understanding between businesses that favor the poor.
● Promote the necessary infrastructure for the impact investing industry (i.e. facilitating the adoption of impact assesstment tools such as IRIS, GIIRS)
● Establish the industry infrastructure/market sector by sector (i.e. a mobile payment providers association for the BOP)
● Create networks and strengthen leadership that drives common action (i.e. establishing local chapters of GIIN or ANDE; business incubators/accelerator associations focused on social businesses; sector based associations)
The fund will be managed by Avina Americas in collaboration with the Fundación Avina, Omidyar Network and the Rockefeller Foundation. All proposals and any questions can be directed to Anna Romanelli (anna.romanelli@ avina.net) and/or Carmen Correa (Carmen.email@example.com) and should follow the guides here.
The deadline to present proposals is Nov. 15.