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The data for multilaterals and bilaterals is based onthe OECD’s Creditor Reporting System rather thansurvey data. Data on foundations and corporationsare drawn from the survey, but based on a small numberof responses to the questions (responses fromeight foundations and seven corporations).were more likely to report larger budgets for eachproject; only 1 reported an average budget size of lessthan $500,000, whereas half of foundations and corporationsreported average budget sizes of less than$500,000.Large-scale research conducted in 2011 showed thanfewer than 20 percent of Fortune 500 companiesmake donations to education in developing countries,and the corporate sector spends approximately 14times more on global health than it does on global educationinitiatives. 42Finding 1.7: Almost half of survey respondents,across all institution types, reported using a typeof innovative financing, such as impact investing,program-related investments, and strategies toleverage corporate assets to further girls’ education(see box 2).In contrast to the broader trend among corporations,survey findings suggest that at least among asmall group, education is a major priority for giving.Although corporations have education budgets thatare many times smaller than multilaterals or bilaterals,they are more likely than these institutions toconcentrate assets in one or several sectors and inspecific countries. 43Finding 1.6: More than half of survey respondentsthat provided data report that the average sizeof funding for each girls’ education program orproject is over $500,000, and that they fund 10 orfewer girls’ education programs per year.Of the 27 survey respondents to the relevant question,11 reported that the average size of funding forgirls’ education projects and programs in 2013 wasover $500,000. Seven institutions reported smalleramounts, and 9 reported “unsure” or “not applicable.”Thirteen out of 26 institutions reported that theyfund 10 or fewer programs or projects per year. Sixreported that they fund 11 or more, and 7 were unsureor wrote “not applicable.” Multilaterals and bilateralsBox 2. Types of Innovative Financing• “Impact investing” refers to investmentsthat aim to generate positive social andenvironmental impact along with financialreturn.• “Program-related investments” refer toinvestments to support charitable activitiesthat involve a potential return of capitalwithin a specified time frame. Financingmethods include loans, loan guarantees,linked deposits and equity investments.• “Leveraging corporate assets” refers tocorporate strategies that utilize core assetsfor social impact, recognizing that doingso can be aligned with its business modelsand goals, and improve its competitive advantage.Corporations and multilaterals were more likely to reportusing one of these strategies than bilaterals andfoundations. Among these strategies, program-relatedinvestments are slightly more common. At leastone respondent from each institution type reportedthat they are using each strategy. Table 3 shows thenumber of institutions that reported that they areaddressing girls’ education with various types of innovativefinancing.10 GLOBAL ECONOMY AND DEVELOPMENT PROGRAM

Table 3. Number of Institutions Addressing GirlsEducation with Innovative FinancingType ofInstitutionImpactInvestingProgram-RelatedInvestmentLeveragingCorporateAssets Other N/ATotal Number ofRespondentsMultilaterals 2 3 1 1 3 7Bilaterals 2 2 1 1 4 9Foundations 1 1 1 2 6 12Corporations 1 5 5 1 4 10Total 6 11 8 5 17 38Finding 1.8: The range of approaches allows forpartnership and innovation.Funding institutions are partnering in unique waysto advance girls’ education, by leveraging differentstrengths and sharing resources. For instance, thePartnership for Strengthening Innovation and Practicein Secondary Education partners with the Results forDevelopment’s Center for Education Innovation tosupport their grant-making platform, and also withregional institutions to build capacity for their grantees,many of which are local organizations. The GucciFoundation’s Chime for Change—founded by FridaGiannini, Salma Hayek Pinaul, and Beyoncé Knowles-Carter—has brought celebrities into their campaignfor girls’ education at a concert to raise money forgirls. They partner with the Huffington Post to ensurecoverage of girls’ issues and with GlobalGiving tomatch donors to projects for women and girls.An important and growing trend in girls’ educationis for bilaterals or multilaterals to provide matchingfunding to corporations, encouraging them toleverage core company assets to make an impact ongirls’ education. For example, DFID’s GEC recentlylaunched a partnership with the Coca-Cola Company,Discovery Communications, Avanti Communicationsand Ericsson to improve educational outcomes formore than 100,000 marginalized girls in Ghana,Kenya, Nigeria and Myanmar. The partnerships applyBox 3. The Business Accelerator ModelBusiness accelerators (also called seed or ventureaccelerators) are a type of incubator for innovationthat gained popularity a decade ago in the UnitedStates. Early accelerators generated well-knownbusinesses, including DropBox and AirBnB, contributingto the popularity of the approach.Each accelerator program is unique, but in generalparticipants are selected through a competitive poolbased on their proposals and backgrounds. Smallteams of entrepreneurs enter an intensive programin a cohort for a defined period of time, sometimesin temporary offices or a secluded location, wherethey have access to the program founders, mentorsand educational and informational resources basedon business and product advice. When products areready for demonstration, participants in some programsare invited to pitch to the founders and/orinvestors, which generally take a share of equity inexchange for seed investment. 47Building on the accelerator approach, a growingnumber of impact accelerators focus on mission-drivenbusinesses with the potential forenvironmental, social and financial returns. Thismodel is also being employed to promote startups,products and services that improve the lives of adolescentgirls. Accelerator founders note the importanceof self-sustaining initiatives for girls that gobeyond traditional charity. Shaifali Puri, executivedirector of global innovation at Nike Foundation,has remarked, “To unleash the massive scale ofresources that matches the massive scale of theseproblems, and to do so in a way that is self-generatingand sustainable, is going to require havingprivate sector resources and markets work for adolescentgirls in extreme poverty.” 48INNOVATION AND ACTION IN FUNDING GIRLS’ EDUCATION 11

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