The has announced the launch of a $65 million initiative to find, fund, and support high-impact social enterprises working to address the world's most challenging problems.
The new fund will award unrestricted three-year grants of $300,000 to a hundred early-stage social enterprises in the areas of health care, education, poverty alleviation, opportunity, social justice, and the environment. For the duration of the grant, a foundation staffer will serve on the grantee organization's board and help connect it to networks and contacts, facilitate meetings, and marshal critical resources. The initiative represents a substantial increase in the foundation's venture philanthropy efforts, which have supported a total of a hundred social enterprises over the last fifteen years.
"Having funded nearly a hundred early-stage organizations to date, we have learned that giving money and checking in from time to time isn't enough," said the foundation's CEO, Jim Bildner. "Our team has helped these entrepreneurs make true and sustainable impact on critical issues ranging from systemic poverty to improving health outcomes."