Major donors launch new fund to support innovation
Wednesday, September 24, 2014
For some time now, major bilateral donors have been working independently to fund innovations and support startups, but a group of them announced Tuesday a new fund where they will pool capital to spur creative, pioneering interventions to tackle global development challenges.
The instrument is the $200 million Global Innovation Fund launched in New York by the U.S. Agency for International Development, the U.K. Department for International Development, Swedish aid agency SIDA, the Australian Department of Foreign Affairs and Trade and the Omidyar Network.
“[We] simply have to find more ways of doing development better, cheaper, faster and subsequently at scale,” British Secretary of State for International Development Justine Greening said during the event.