The Social Innovation Fund Reference/FAQ

The Social Innovation Fund  |  New Profit, Inc.  |  The “Pathways Fund”  |  Impact on iMentor

THE SOCIAL INNOVATION FUND (“SIF”)

What is the Social Innovation Fund?

• The Social Innovation Fund (“SIF”), a new public-private investment vehicle established by the 2009 Edward M. Kennedy Serve America Act, is designed to identify and expand innovative solutions with evidence of effectiveness to critical social challenges throughout America.  Congress appropriated President Obama’s full $50mm request for the SIF for FY2010.

What is the purpose of the SIF?

• The SIF is designed to:
  • Support innovative and effective non-profits as they grow
  • Forge new partnerships between government, philanthropy, and nonprofits
  • Generate new evidence and knowledge about how to address critical social challenges
  • Create an environment where this evidence and knowledge can be shared throughout the sector
  • Build the grant making infrastructure and supportive environment necessary for proven social innovation organizations to expand their reach

NEW PROFIT, INC

Who is New Profit?

• New Profit (“NPI”) is a national venture philanthropy fund that seeks to harness innovation and entrepreneurship to solve America’s biggest social problems.  NPI exists to help innovative social entrepreneurs and their organizations dramatically improve opportunities for children, families, and communities. Some of NPI’s current investments include: Year Up, KIPP, College Summit, Project HEALTH.  Past investments include: Citizen Schools, Teach for America, and Freelancers Union.  Further details regarding NPI’s investment strategy and portfolio can be found at www.newprofit.com.

What is iMentor’s existing relationship with NPI?

• In 2009, NPI selected iMentor as a portfolio investment.  NPI provides multi-year financial and strategic support (2009-2012) to iMentor. 

THE “PATHWAYS FUND”

What is iMentor’s relationship with New Profit’s SIF application – the “Pathways Fund”?

• iMentor was honored to be selected for inclusion into New Profit’s application for the SIF grant.

What is the Pathways Fund?

• New Profit is the lead partner of the Pathways Fund, a public-private SIF initiative designed in partnership with Robin Hood Foundation, Open Society Foundations, SeaChange Capital Partners, and Blue Ridge Foundation New York. 
• The Pathways Fund is focused on investing in non-profits that target key outcomes relating to high school graduation, college enrollment and persistence, and living wage employment, with funding being directed towards a diverse set of geographic areas.
• Three pre-selected grantees for the Pathways Fund were identified in New Profit’s application for the SIF: iMentor, College Summit, and Year Up.
• Per the SIF regulations, New Profit will hold an open and competitive application process to identify additional grantees for the Pathways Fund.
• Details about the Pathways Fund, including information about investment selection and application to receive funding, are available at www.newprofit.com/pathways.

On what basis was iMentor pre-selected as a grantee of the Pathways Fund?

• iMentor was selected on the basis of its innovative, technology-enabled mentoring model, measurable outcomes achieved through its direct service mentoring program, ability to scale through its national technical assistance and programmatic support platform, iMentor Interactive, and its expertise and commitment to youth development, educational support, and long-term economic stability of youth.

IMPACT ON iMENTOR

What is iMentor’s role in the Pathways Fund?

• As a pre-selected grantee, iMentor will seek to fulfill the mission of the funder collaborative of targeting key outcomes relating to high school graduation, college enrollment, college persistence, and living wage employment by (i) continuing to deliver and expand its high quality, high impact mentoring program and services, (ii) developing new models of collaboration with other grantees in the portfolio and (iii) rigorously evaluating the impact of its work.

How much funding will iMentor received from the Pathways Fund?

• iMentor will receive $750,000 from the Pathways Fund.  iMentor is required to match the amount of funds granted from the Pathways Fund one-to-one with new and/or unrestricted funds as a prerequisite to receiving the initial granted amount.  The funding is not assured to be reappropriated by Congress year-to-year.

How will iMentor use the SIF funds?

• iMentor will use SIF funds to both (i) scale its successful direct service program in NYC, (ii) bring high quality mentoring programs to non-profits and schools throughout the country by leveraging its technical assistance and programmatic support platform, iMentor Interactive, and (iii) explore collaborative and strategic efforts with other grantees of the Pathways Fund to target key outcomes relating to high school graduation, college enrollment, college persistence, and living wage employment.

How will SIF funds change iMentor’s mission or priorities?

• SIF funding will NOT change iMentor’s plans for expansion or strategic focus.  The additional funding will be used to scale our direct service program in New York City, expand iMentor Interactive’s reach through signature national partnerships, and invest in the next phase of evaluation of iMentor’s impact.  In short, the funding will allow iMentor to impact a greater number of young people in New York and across the country.

Why is iMentor excited about the SIF?

• Allows iMentor to collaborate and work closely with some of the nation’s most respected and socially innovative organizations
• Provides iMentor with a significant source of new funding, while introducing iMentor to new private sector funders, to fund expansion locally in New York and nationally through iMentor Interactive
• Serves as a unique branding opportunity for iMi as a critical mass of non-profits would learn about iMi and iMentor for the first time, increasing the potential for collaboration with large, national partnerships
• Provides funds for evaluation development that provides the data necessary to unlock programmatic insight, partnerships, and new funding