GIF’s application process involves six steps:
- Initial application
- Information gathering and learning more
- Full application
- Due diligence
- Decision Panel
- Funding agreement
Here at the fund, we have tried to create a process that is light-touch at the early stages, so as not to burden innovators. If you are successful in stages 1 and 2, we will require more information and time involvement with you in later stages.
We are also always refining our processes, so our approach as outlined here may change in the future.
The first step in applying to GIF required for all applicants is to submit an Initial Application. This includes a short online form and either a document (2-4 pages) OR a slide deck (8-12 slides e.g. in Powerpoint). Applicants are also welcome to submit a video (maximum 8 minutes) as an optional addition to the application. At this time we are only able to accept application materials in English.
The purpose of an initial application is for applicants to demonstrate how their innovation is a good fit for the Global innovation Fund. Successful applicants at this stage will credibly show how their application meets our four investment criteria.
Your initial applications will be reviewed against our four investment criteria. The fund’s application process is highly selective and competitive: to date, less than 10% of applicants have passed this initial screen. You should hear back from us within 4-6 weeks of submitting your initial application as to whether you progress to the next stage.
Applicants whose initial applicants pass the initial screen are invited to a talk with GIF staff. This a chance for us to get to know each other a bit better before deciding whether to advance to a full application. These meetings are done remotely - you can dial-in from anywhere in the world. You will spend 30-60 minutes on a conference call with several GIF investment team members. We do not always have deep sector or technical expertise on a specific innovation, so this talk gives us the opportunity for us to ask more detailed questions about your innovation and its potential to scale.
If we think that you are potentially a good match for the fund, you will be invited to provide additional information through the submission of a Full Application. This application requires a more detailed description of your innovation and plan, team composition, and supporting research/evidence with quantitative estimates. We will also ask for detailed budgetary projections and financial plans.
The investment team at the fund will undertake due diligence of the innovator’s proposal at this point. This may include the following: further interviews with your team, calls with references, and input from external technical experts. We will provide further details on the due diligence process to innovators who reach this stage.
Applicants who satisfy our questions during the due diligence process will proceed to a Decision Panel. This panel is composed of senior leadership at The fund and external experts. The panelists will consider the application against our application criteria to decide whether this is a good investment for the fund.
Once an application has been conditionally approved by a Decision Panel, the fund will undertake financial and legal due diligence, as well as resolve any outstanding technical and social issues. As long as no compliance issues arise, we will negotiate a funding agreement with the applicant.
This part of the process will vary for different types of capital. For grants, there will be a grant agreement which may include milestones. For loans, the interest rate offered and conditions of the loan will be part of the agreement. For equity, there will be a valuation process and an investment agreement.