UNICEF Venture Fund to grant $100,000 equity-free for startups

June 27, 2023 Stan

UNICEF Venture Funding for Frontier Technologies by UNICEF will be providing early-stage funding for exceptional initiatives that support pioneering technology solutions for children and society at large.

According to UNICEF, the fund aims to exclusively invest in open-source solutions capable of being scaled and adapted to diverse contexts and needs.

Leveraging on AI

The Fund is leveraging artificial intelligence through virtual reality which can revolutionize learning experiences. Artificial intelligence can offer crucial support for mental health, and data science can guide career decisions.

Its primary focus, therefore, lies in emerging technologies like blockchain, drones, artificial intelligence, machine learning, data science, and extended reality.

It understands that these innovative solutions hold immense potential in addressing the intricate and urgent challenges faced by children and youth worldwide, particularly those who are vulnerable, marginalized, or excluded.

Benefits of the fund

The fund will invest in frontier technology solutions to empower children and youths by providing them with customized access to information, education, health services, protection, and other essential resources.

In a document seen by Nairametrics, the UNICEF Venture Fund states that it 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 with a positive impact on the lives of the world’s most vulnerable children and youth.

Additionally, 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.

Eligible applicants

Eligible applicants are those whose products meet these criteria.

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 fulfill 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 fulfill 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.

More details on the UNICEF innovation fund can be found here

The application deadline is July 28, 2023.

Note: This is not a promotional article. It is part of Nairametrics contribution to the growth of MSMEs in Nigeria