Paving Pathways: A Review of the Impact Investment Ready Growth Grant, February 2018: Click here to read the report.
In 2014, the Australian Advisory Board on Impact Investing (AAB) published Delivering on Impact, which outlined a strategy for accelerating and growing the market for impact investments in and from Australia. One of the five pillars of the AAB’s strategy was the establishment of a fund to support the growth of mission-driven organisations, both for-profit and not-for-profit1. The main objective was to enable these organisations to access capital by bridging the gap between their needs and investors actively seeking impact investment opportunities.
The strategy was implemented in March 2015 with the establishment of the Impact Investment Readiness Fund by Impact Investing Australia. The fund was co-designed with The Difference Incubator and received staged seed-funding of a total of $1.75m from National Australia Bank (NAB)2. In February 2017, the Impact Investment Readiness Fund was rebranded as the Impact Investment Ready Growth Grant (Growth Grant).
This coincided with the creation of a partnership between Philanthropy Australia and NAB to launch a related initiative, the Impact Investment Ready Discovery Grant (Discovery Grant). The Discovery Grant was designed to support earlier stage not-for-profits to explore sustainable revenue streams and enterprising opportunities. The $500,000 of available grant funding was allocated over two grant rounds in 2017.
This report therefore focuses on the activities, data and learnings of the Growth Grant.