Announced during the U.S. State Department's Global Impact Economy Summit, the Global Development Alliance will work to identify and fund high-impact social entrepreneurs who have created workable innovations and sustainable, scalable business models. The partnership aims to deliver evidence of impact, thereby encouraging increased public and private investment in scaling the most promising innovations.
Inspired by venture capital models, USAID's Development Innovation Ventures unit invests in entrepreneurial efforts that have the power to change millions of lives at a fraction of the usual cost. To date, DIV has made twenty investments in the areas of health, energy, governance, and food security.
"Investors serious about scaling up development innovations need to scale up their own capabilities, and that's what we've set out to do with this partnership," said Skoll Foundation president and CEO Sally Osberg. "Together, the Skoll Foundation and USAID are prepared to back and grow entrepreneurial solutions to many of the world's most pressing problems. Along the way, we expect to deliver value well beyond what either of us can accomplish individually."