NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Patrick Varine

The Richard King Mellon Foundation is looking to invest $1 million in three companies whose members can pitch the best ideas for making a social impact in areas like economic development, economic mobility, health and well-being and environmental conservation.

The social-impact investment competition will ask for-profit companies to submit ideas with a mission aligned to the foundation’s philanthropic goals. If the foundation makes a return on the investment, the principal will be used for similar, additional investments.

“Our philanthropic goals are ambitious, and we need great ideas from the private sector, along with our traditional nonprofit grant-making, to achieve our goals at scale,” foundation Director Sam Reiman said. “There is a new generation of compassionate entrepreneurs who are using their talents to change the world. Too often they are unable to obtain the financial support they need to make their dreams a reality.”

Photo courtesy of Pixabay.