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Private Foundations Double Government's Social Innovation Fund

SOCAP Global June 9, 2010

First Lady Michelle Obama announced that private philanthropists and foundations have doubled the $50 million dollars the United States Government has allocated to the first Social Innovation Fund. The Social Innovation Fund was set up by Obama to promote social entrepreneurship and foster private and public collaborations through grants. The first round of grants will come from the $50 million dollars matched by philanthropists and foundations to the Social Innovation Fund. Among them Skoll foundation , Omidyar, Eli and Edyth Broad Foundations, Open Social Foundation’s Special Fund for Poverty Alleviation have each given $10 million, and the John and Ann Doerr’s Family Foundation has given $5 million. In addition to the $45 million given by these generous foundations, a group of regional and national funders have pooled together $5 million dollars, to help record and document that lessons learnt in the first round of funding and make sure that each organization learns from each other.
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