Financing Innovation in post-crisis 2010

One of the clearest lessons to come out of the funding vacuum that exists in the aftermath of the recent financial crisis is that the old institutionalised ways of doing things are not really effective in the 21st century. New models need to created and experimented with based on targeted funding and close relationships. Financing Innovation in the developed world needs to be closer to sophisticated internet dating via matchmaking rather than reliance on staid institutional investors. This is Globe Forum’s thought in developing its Crowd-funding approach. In the developing world, microfinance and related mechanisms have emerged to challenge traditional notions of development and how best to address poverty and these innovative processes can provide lessons and inspiration for coming up with new funding mechanisms in the developed world. Acumen Fund and Kiva are two firms that have instituted new and unique practices.

The Acumen fund, founded by Jacqueline Novogratz has been developing the notion of ‘Patient Capital.’ Their unique business is based on combining small amounts of philanthropic capital with big dollops of business acumen. for more details on how they do it and the projects check out this video:

At Globe Forum Dublin, there is a theme session on ‘Financing Innovation within the Marketplace.’ There, we will be joined by Kiva, The Bright Green Energy Foundation and Johan Gorecki (CEO of Globe Forum) to think through the experiences and acheivements that have occured in funding entrepreneurship and how we might find some blue sky for funding innovation in Ireland and beyond at a time when traditional funding sources are highly limited. I will leave you with a video by Jessica Jackley, co-founder of Kiva who in a powerful talk shares how she came up with the idea to connect people lending small amounts of money to a diverse array of entrepreneurs from all around the world.

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