Le Lézard
Classified in: Environment
Subjects: Funding, Nonprofit

Citi Foundation Announces Recipients of Inaugural Global Innovation Challenge

Today, the Citi Foundation announced the grant recipients of its first-ever Global Innovation Challenge, a new model to identify and provide philanthropic support to community organizations that are developing innovative solutions to social and economic challenges facing low-income communities. Initially previewed at the Global Citizen Festival this weekend, the inaugural Global Innovation Challenge is providing a total of $25 million to 50 community organizations working to improve food security and strengthen the financial health of low-income families and communities around the world.

As recipients of this inaugural Global Innovation Challenge, each organization has been granted $500,000 to support programming across four key areas: food access, availability, affordability and community resilience. Innovations range from launching apps that will connect food supply and demand to piloting new technology and sustainable farming practices to setting up urban gardens and more. Highlights include:

"Philanthropic capital plays a critical role in the marketplace of social solutions and the Citi Foundation's Global Innovation Challenge is designed to help new ideas grow and scale," said Brandee McHale, President of the Citi Foundation and Head of Citi Community Investing & Development. "From providing immediate relief to those in crisis to longer term interventions, the organizations that make up our first-ever Global Innovation Challenge cohort are delivering life-changing solutions that strengthen the health of low-income communities."

The grants span two years and over the course of the initiative, grantees will have access to a learning community facilitated by IDEO.org, a non-profit design studio. Through a digital platform and a set of curated experiences, grantees will have the opportunity to collaborate, share lessons learned and exchange best practices.

"When it comes to solving the most urgent issues our world is facing, it's clear the private sector has a critical role to play in bringing innovative solutions to the table," said Liza Henshaw, President of Global Citizen. "We commend the Citi Foundation for the action-oriented approach taken in its Global Innovation Challenge, which will unleash vital resources for organizations doing critical work to serve families and communities around the world."

In February 2023, the Citi Foundation issued this global RFP, the first in its history. Over 1,000 submissions from organizations working in more than 80 countries were submitted.

The Citi Foundation's Global Innovation Challenge on food security complements Citi's strong track record in the space ? from working with clients to develop digital payment solutions to extending financing to organizations that help smallholder farmers increase productivity and more.

For more information on the Global Innovation Challenge and a complete list of grant recipients, please visit citifoundation.com/challenge

Citi Foundation
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.

These press releases may also interest you

at 10:00
SEG Solar (SEG) recently received a silver rating from EcoVadis for its superior performance, securing a top 18% position among assessed companies and obtaining a notable score of 80/100 in the labor and human rights category. This award recognizes...

at 10:00
Louélec, the leader in electric carsharing fleet management, is receiving $3 million in funding from Desjardins to support its growth. The money will allow the company to roll out its plan to acquire 400 new electric vehicles so it can provide...

at 09:52
Emirates Nuclear Energy Corporation (ENEC) has signed a Memorandum of Understanding (MoU) with British advanced nuclear technology developer MoltexFLEX in a significant step towards bringing the FLEX reactor to market....

at 09:15
Transition Industries LLC announced at COP 28 that it has entered into a Master Services and Marketing Agreement (MSMA) with Macquarie Commodities Trading, an affiliate of Macquarie Group's Commodities and Global Markets business ("Macquarie" /...

at 09:10
SLB and Northern Lights Joint Venture (NL) announced today they have signed a memorandum of understanding (MoU) with Microsoft to optimize integrated cloud-based workflows for the operation of Northern Lights, one of the first CO2 transport and...

at 09:07
Ocean Tomo announces the auction of Rotational Engine Patents, available as lot 181, on the Ocean Tomo Bid-Asktm Market. The Rotational Engine Patents introduce an innovative combustion engine technology that conserves energy by circulating pistons...

News published on and distributed by: