Long-term effort will focus on strengthening grantee support and knowledge codification in the Bill & Melinda Gates Foundation’s K-12 portfolio
November 5, 2015 (Boston): New Profit, a pioneering nonprofit venture philanthropy fund, today announced a four-year, $15 million pilot initiative focused on nonprofit capacity building with support from the Bill & Melinda Gates Foundation.
At the core of the effort, the two organizations will leverage New Profit’s unique model in supporting four jointly selected College-Ready Education grantees through the New Profit Innovation Fund with multi-year, unrestricted funding and strategic advisory support on growth, capital aggregation, board development, human resources, and other areas.
“Partnering with the world’s most influential philanthropic institution means we have the opportunity to change many more lives for the better,” said Vanessa Kirsch, Founder & CEO of New Profit. “We are excited to bring our unique venture philanthropy expertise into this partnership.”
In collaboration with College-Ready Education program managers, these services will be delivered by New Profit and Deloitte teams that have worked together for years on similar projects with Teach For America, KIPP, New Classrooms, Acelero Learning, Year Up, Health Leads, and dozens of other innovative, boundary-pushing organizations. As with its other funding and support relationships, New Profit will take a seat on the board of directors of each of the grantees.
“We are excited to partner with the Gates Foundation, because the hard work of nonprofit capacity building has not traditionally been a focus of large philanthropic funders, even though it can have profoundly positive impact,” said Bob Searle, New Profit’s Managing Partner, Portfolio Performance and Support. “We recognize that we are both breaking new ground with this effort, so we're approaching this with a strong learning orientation.”
In addition to the core capacity building work mentioned above, the College-Ready Education team and New Profit will collaborate in two additional areas:
- The College-Ready Education team will become a core investor and partner in New Profit’s Reimagine Learning Focus Fund, a collaborative of philanthropists, social entrepreneurs, researchers, and others working to transform the way learning happens in America so all students, including those who are marginalized or disengaged because of learning and attention or social emotional challenges, can achieve academic and life success.
- The College-Ready Education team and New Profit will also work together to codify the capacity building approach and explore a longer-term field building initiative.
For more information, please visit www.newprofit.org.