Searching for Extraordinary and Unorthodox Opportunities for Philanthropic Investment
A foundation seeks to identify one or a few unorthodox philanthropic investments with the potential to generate extraordinary returns to society. The foundation is interested in concentrating its capital in opportunities that have little access to alternative sources of funding.
By posting a challenge on InnoCentive, the foundation hopes to unearth one or a few such extraordinary opportunities. There is a guaranteed award of $5,000 that will be paid to the best submission. The bigger reward, however, would come from the actual implementation of ideas. The foundation is prepared to invest up to $100,000 initially, and a total of up to $1,000,000 in the very best ideas.
Key Criteria
The four key requirements that the Seeker will consider in selecting the Winner(s) are:
- The opportunity holds the potential for a transformational impact on the lives of the world’s most disadvantaged people;
- The opportunity is unlikely to attract funding elsewhere due to its risky, unorthodox, and/or neglected profile;
- Subsequent to the foundation’s initial "catalytic" funding, the opportunity should be able to attract additional capital from other sources;
- The opportunity is not on philanthropy’s list of “usual suspects”, i.e. projects already receiving significant attention and funding.
Beyond the criteria above, the Seeker poses no restrictions as to the nature and source of ideas. The Seeker is not afraid to take significant risk, where warranted, especially if the implementation funding can be scaled in as risk is reduced. The Seeker is not inclined to fund academic studies or other initiatives in which the resulting deliverable is strictly a report.
While eligible submissions are not limited to any particular discipline, the Seeker has a principal interest in supporting neglected areas of innovation, including neglected science. The return on investment to society from a scientific breakthrough, or from the emergence of an entirely new field of inquiry, can be extraordinary. Eligible submissions need not be tangible products or devices, but could also take the form of innovations in delivery and distribution models.
By way of example, the Seeker has in mind three historic examples of “extraordinary opportunities” which resulted in dramatic returns to society:
- The conception and adoption of Oral Rehydration Therapy (ORT), a simple and cheap treatment for dehydration associated with diarrhea, especially where intravenous solutions are unavailable. The breakthrough resulted from the demonstration of an astonishing 90% reduction in mortality in 3,000 cholera patients in a Bangladeshi refugee camp in India in 1971. The Lancet described ORT as one of the most important medical advances of the 20th Century, saving millions of children’s lives every year.
- The Commonwealth Fund’s experimental research grant to Dr. Georgios Papanikolaou for the scientific proof of principal of the Pap smear cancer screen. This funding was unavailable elsewhere.
- The Aravind Eye Hospital in India invested $300,000 to develop a low-cost Intra Ocular Lens (IOL) for use in cataract surgeries. The price of IOLs was reduced from $50-$150 to $2, making it viable for millions of people.
Submission Requirements
To be considered for funding, each Solver is requested to submit a 2-5 page proposal describing his or her idea. The proposal should include, but not necessarily be limited to, the following:
- A detailed description of the specific opportunity including background, core activities, and intended impact;
- A thoughtful rationale as to why the specific opportunity is more compelling than most alternative philanthropic investments; and
- A discussion of why alternative funding is not available in light of the compelling nature of the opportunity.
In addition, to the extent the information is known, the Solvers should include:
- A brief explanation of how project would be implemented or executed including relevant personnel and timeline;
- A projected budget, detailing the total amount of desired funding and the allocation of the funding; and
- A list of one or more thought leaders in the field(s) of the proposed project.
Submissions will be accepted through InnoCentive from October 18 – November 18, 2010. All inquires and submissions should go through the challenge webpage, here: bit.ly/ajku8H