Typical innovation challenge funds follow a three-step process.
Palladium actively promotes and supports innovation in a development context through innovation challenge funds, complemented by expert assistance. The goal of innovation funds is to identify and support innovations with the potential to create social impact. We focus on market-driven solutions to intractable social issues in areas such as health, education and pro-poor economic development.
Typical innovation challenge funds follow a three-step process. First, applicants submit a concept note outlining their idea and its intended social impact, which is reviewed and scored by a technical review panel. If approved, applicants then submit a detailed business plan, which is assessed by an independent grant committee. Successful applications then receive funding through the challenge fund. Throughout the process, applicants receive ongoing expert technical support to ensure the sustainability of their projects.