Recently Fundación Avina, Avina Americas, Omidyar Network, and Rockefeller Foundation joined forces to create the Latin America Impact Economy Innovations Fund (IEIF). The goal of the fund is to catalyze collective action and regional market development that will accelerate market driven solutions for advancing social and philanthropic goals such as relieving poverty and promoting sustainable development.
The IEIF invites proposals from organizations interested in receiving support to fuel initiatives aimed at fostering Latin America’s impact economy, specifically by aiding the growth of the impact investing industry and social enterprise sector. Organizations may apply to the IEIF for grants of up to 12 months, with a maximum total request of US$150,000. Applicants may participate in more than one grant proposal.
The IEIF seeks to support approximately five to eight proposals. The fund’s investment criteria were designed by the partner network and contacts of the three contributors to the fund: Avina, Omidyar Network and Rockefeller Foundation. In general, the IEIF will fund proposals geared towards projects that:
- Enable earlier stage capital solutions
- Foster entrepreneurial ecosystems
- Produce research into policy development focused on:
- Strengthening the enabling environment for “base of the pyramid” (BOP) entrepreneurship and impact investing
- Strengthening business acceleration/incubation for BOP centered enterprises
- Fostering angel impact investment
- Ensuring competition
- Ensuring BOP consumer protection
- Building strong relationships with government and joint understanding of goals of businesses serving the poor
- Promote impact investing industry infrastructure (e.g. facilitating adoption of IRIS, GIIRS)
- Establish industry infrastructure/market ecosystems sector by sector (e.g. industry association for mobile payments providers for the BOP)
- Form leadership and networking platforms for common action (e.g. establishment of local GIIN or ANDE chapters; association of business accelerators/incubators focused on social enterprise; sector based associations)
The deadline to submit proposals is November 30, 2012. To learn more about the IEIF and the application process, please visit the website.