Somto BisinaUNICEF, the United Nations agency dedicated to the welfare of children, is launching a groundbreaking initiative called UNICEF Venture Funding for Frontier Technologies.
This program aims to provide early-stage funding for exceptional initiatives that support pioneering technology solutions for children and society at large.
The fund’s primary objective is to invest exclusively in open-source solutions that have the potential to be scaled and adapted to diverse contexts and needs. By doing so, UNICEF recognizes the power of technology in transforming the lives of children around the world.
One of the key areas where the fund is leveraging technology is through artificial intelligence (AI) and virtual reality (VR). These cutting-edge technologies have the potential to revolutionize learning experiences for children.
AI can also play a crucial role in providing support for mental health, while data science can guide career decisions and offer valuable insights.
The fund’s focus extends beyond AI and VR to include other emerging technologies such as blockchain, drones, machine learning, data science, and extended reality. UNICEF understands that these innovative solutions hold immense potential in addressing the complex and urgent challenges faced by children and youth worldwide, especially those who are vulnerable, marginalized, or excluded.
The benefits of the fund are far-reaching. It aims to empower children and youth by providing them with customized access to information, education, health services, protection, and other essential resources.
To achieve this, the UNICEF Venture Fund will provide up to US$100K in equity-free investments to seed-stage for-profit start-ups. These start-ups should be developing frontier technology solutions that have a positive impact on the lives of the world’s most vulnerable children and youth.
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In addition to financial support, the fund will offer assistance with product development and technology, access to a network of experts and partners, and opportunities to shape markets and influence policies. This comprehensive approach ensures that the selected initiatives receive the necessary support to thrive and create lasting change.
Eligible Applicants
Registered in one of UNICEF’s program countries.
Has a functional prototype that demonstrates results.
Possesses or is capable of obtaining an open-source license.
Those who can submit an Expression of Interest
Projects are assessed by the UNICEF Innovation Fund team and recommended for funding to the internal board.
Companies need to fulfil the following mandatory requirements to be considered for funding:
Registered as a private company
Registered in a UNICEF program country (see the list here)
Working on open-source technology solutions (or willing to be open source) under the following licenses or their equivalent:
(i) for software, a BSD license,
(ii) for hardware, a CERN license and
(iii) a CC-BY license for design or content, a CC-BY license
An existing prototype of the open-source solution with promising results from initial pilots
Solution has the potential to positively impact the lives of the most vulnerable children
Generating publicly exposed real-time data that is measurable
Eligibility Requirements for Submission of Expression of Interest
To be considered for funding, companies must fulfil the following mandatory requirements as assessed by the UNICEF Innovation Fund team and recommended to the internal board:
The UNICEF Innovation Fund supports projects falling into the following categories:
i) Projects developing new technology.
ii) Projects expanding or improving existing technology/platform, involving the creation of new technology alongside the existing one.
iii) Projects introducing new applications or piloting new use cases for existing technology, without significant new technology development, in the same location.
Application Process
How does the application process work?
Step I: Check Eligibility
Interested companies must first verify their eligibility for the Innovation Fund.
Step II: Submit the Application
Interested companies are required to submit an online application through the Fund’s website, providing the necessary information and supporting documents specified in the form.
Applicants need to note that the Fund does not guarantee automatic selection for the subsequent stages of the application process. UNICEF reserves the right to modify or cancel requirements at any point during the application/selection process.
Additional conditions may be imposed upon the investment decision.
Step III: Submit Request for Proposal
The Innovation Fund evaluates all applications and notifies companies of their decision. Shortlisted applicants are invited to submit a detailed proposal, known as the Request for Proposal (RFP) step.
Step IV: Demo Interview
After a careful review, companies shortlisted in the RFP step undergo an online demo interview. This typically involves a 30-minute interview with the Innovation Fund team and experts from the tech teams.
Step V: Final Result
Based on a comprehensive assessment of the application, RFP, and interview, the Innovation Fund makes the final investment decision and notifies all selected companies.
For more details on the UNICEF innovation fund, Click Here
The application deadline is July 28, 2023.
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