2023 Global Innovation Fund
Seeking innovative solutions that support small businesses’ growth in the areas of Environmental Sustainability and Data for Market Access.
Innovative solutions to support small business growth at scale
This fund invites proposals for digital and data-first solutions that support small businesses in two specific areas:
- Data for Market Access: Using data to enable small businesses to reach more customers
- Environmental Sustainability: Driving positive impact for small businesses and the environment
Read more about the areas of focus using the links above.
Successful applicants will receive up to $150,000 to develop and test their solutions over a 12- to 18-month period.
Applicants can be startups, established companies, nonprofits, social enterprises, academic institutions, or other organization types. Strive Community does not fund government entities. Projects must be implemented outside of the USA and Canada. Applicants can apply as single entities or as a consortium of multiple organizations. See more details in the Eligibility Criteria.
Proposed projects must:
- Support businesses with fewer than 10 employees
- Leverage digital and data-first solutions
- Be implemented outside of US and Canada
Applicants can be:
- Single organizations or a consortium of multiple organizations
- Startups, established companies, nonprofits, social enterprises, academic institutions, or other organization types (not government entities)
- Companies or multinational corporations (subject to matched funding requirements)
Applicants must:
- Be a registered and operating entity with active users, with a proven track record of legal and ethical operations and good work performance for at least 1 year
- Be fully compliant with business licensing, taxation, employee, and other relevant regulations in all countries of operation
- Be compliant with all applicable laws, including adhering to fundamental human rights and all international labor standards
- Be able to prove financial health with adequate financial systems to provide regular reporting
- Have adequate internal human resource capability to implement the proposed project and comply with Strive Community’s reporting requirements
- Not be engaged in unethical activities, such as arms production or tobacco
Benefits
Strive Community Innovation Fund winners receive funding to build and test innovative, experimental solutions they may not otherwise have been able to pursue.
Winners gain access to Strive Community and Mastercard expertise to support the development of their solutions.
Winners also benefit from increased exposure and publicity through the program.
Selection criteria
1. Significance & Impact
- Does the project address at least one of the fund’s focus areas: Environmental sustainability or Data for market access?
- What impact could be achieved if the project is successful?
- Does the project focus on supporting small businesses with fewer than 10 employees with digital and data-first solutions?
Selection criteria
2. Applicability & Transferability
- Will the project inspire others to similarly innovate on supporting small business?
- Can other organizations benefit from the learnings and insights generated by this project?
- Can the solution or insights be applied, adapted, or transferred broadly?
Selection criteria
3. Feasibility & Sustainability
- Does the articulated plan seem suitable for reaching the desired outcomes?
- Does the requested budget seem reasonable for the project proposed?
- Does the project center on a solution that has financial viability at scale?
Selection criteria
4. Additionality
- Would the innovative solution, insights, and/or body of evidence be realized without this funding?
- Would the project be implemented in an improved way with this grant?
- Is Strive Community inspiring something truly innovative by de-risking it for the awardee?
Timeline
Applications Open
Applications Close
Shortlisted Applicants Selected
Shortlisted Applicants Submit Mini Proposals
Finalist Selected
Finalists Applicants Pitch
Winners Selected
Frequently asked questions
Read more about the two solutions this fund will support in our blogs on Environmental Sustainability and Data for Market Access.
Click here to visit the Strive USA Innovation Fund page.
We aim to fund the development and testing of new ideas and models, or innovations on specific features or enhancements to existing solutions that support small business growth. We are not looking to fund business-as-usual projects or the expansion of existing solutions, unless the proposed project seeks to reach a new small business audience. While we will not fund ideas at the concept stage or solutions developed by entirely new entities, we will be happy to support early-stage projects.
The fund aims to support solutions that either drive positive impact for small businesses and the environment, or solutions that use data to enable small businesses to reach more customers. We’ve provided some examples of solutions in our blogs on Environmental Sustainability and Data for Market Access.
Grants range from USD $50,000 to $150,000.
Strive Community will share relevant insights from across our portfolio and beyond, facilitate connections with potential partners where possible, and provide mentorship and technical support.
Winners will be selected on August 28, 2023. Grantees will then be required to execute their project over the following 12 to 18 months.
We are looking for established entities with either an existing history of working with small businesses or plans to expand their solution to reach small businesses. If your organization meets these criteria, we encourage you to apply.
Yes, matched funding is encouraged, although not required (unless you are a multinational corporation). This can either come directly from your company or a third-party (such as an investor, donor, etc.). In-kind contributions will also be accepted. Strive Community will work with applicants to define these contributions.
No. We are happy for the micro- and small businesses to be either informal or formal.
Applicants can be single organizations or a consortium of multiple organizations. Applicants can be startups, established companies, nonprofits, social enterprises, academic institutions, or other organization types. Applicants can be multinational corporations (subject to matched funding requirements). We do not fund government entities.
This Strive Community Innovation Fund will not support the implementation of solutions in the US and Canada. Applicants can be based in these countries, but the proposed project should be designed for and implemented in other regions.
If you are interested in our Strive USA Innovation Fund, you can find out more here.
Strive defines small businesses as those with fewer than 10 employees that are on the path to digitization and formalization. Strive does not include startups in its definition of small businesses, though startups are eligible for funding if supporting small businesses through their solutions.
We will work with grantees to define success metrics at the contracting stage. In particular, we are looking for projects that will drive significant improvements in small business resilience and growth, provide a digital delivery mechanism that can scale in a cost-effective way, and generate lessons and insights that other organizations can benefit from.
A requirement of the grant will be that we can share insights with the broader community of organizations seeking to support small businesses. We will work with you on an insights collation and dissemination strategy. There may be an opportunity for successful projects to receive follow-on funding from Strive Community to scale up their solutions.
The application deadline for the first round of applications is May 26, 2023 at 23.59 CET. Please look at the Timeline to see more details of when application rounds open and close, and when winners will be announced.
We understand that some applicants may intend to commercialize solutions, and so they may be commercially sensitive. We can assure you that:
- Only individuals actively involved in evaluating applications will have access to them. This comprises the Strive team, Center for Inclusive Growth staff, and select external reviewers who will sign contracts to agree to maintain confidentiality of all entries and proprietary information.
- Your organization will maintain ownership of intellectual property developed using grant funds.
Click this link to apply.
You can read more about our current Innovation Fund winners here.
Yes, we will review applications that include aspects from both areas.
If the e-commerce platform is testing an innovative solution then yes, however these grants are not intended to fund business as usual.
More innovation funds
2024 EU Innovation Fund
Seeking innovative B2B solutions specifically designed or tailored for European small businesses with fewer than 10 employees.
2025 USA Innovation Fund
Award grants to organizations that are testing new products and services that improve the financial health of small businesses with high potential for impact and scale.
