Abake Assongba: Funding for Cross-Sector Non-Profit Endeavors Is Crucial
The Alliance for Global Good is seeking to establish partnerships between cross-sector, collaborative organizations through its new Innovation Fund. Abake Assongba, founder of Abake's Foundation, supports this venture.
BROOKLYN, N.Y., June 26, 2012 /PRNewswire/ -- The Alliance for Global Good is seeking support through its new Innovation Fund, according to a Wall Street Journal article. The Alliance wants to bring together organizations for one main purpose: to solve global problems. Some of those partnerships could be a domestic violence shelter teaming up with an affordable housing developer. A nonprofit organization that helps African refugees could partner with a jeweler in need of more capital to expand the business. A global health organization might need financial advisors to look over its "micro-insurance" model for HIV/AIDS patients' antiretroviral treatment. Abake Assongba, founder of Abake's Foundation, supports the Alliance's concept of cross-sector, collaborative models.
The Fund is awarding $60,000 grants to encourage financing models. The models can range from starting new social security entrepreneurship revenue streams to cost-sharing initiatives to partnerships to decrease overhead and ramp up efficiencies. Abake Assongba said the nonprofit organizations are always "contemplating solutions which can achieve several goals simultaneously."
"Self-sustainability, social good and responsibility in the NGO sector has shown to eliminate many challenges brought forth through economic inequality," Abake Assongba said.
David Brand , President and Chief Executive Officer of The Alliance, said that if organizations rely too heavily on traditional funding sources, such as the government or individual contributions, they can easily fall victim to the "economic see-saw." He said a "mix of traditional funding and self-sustaining, earned revenue can provide for greater resilience."
The Alliance announced the Fund at its Inaugural Bipartisan Conference on Innovation in Giving & Philanthropy last November. The Fund was created through market research that looked at similar resources. It was also endorsed by 10 presidents of today's leading global nonprofit organizations.
"We're looking for applicants that have a mature strategy for concrete initiatives that could benefit from late-staging finance," said Dr. Susan Raymond , Executive Vice President of Changing our World, who worked with the Alliance team to shape the Fund's focus.
Abake Assongba encourages interested parties to apply for The Alliance's grants before the June 27 deadline. Applications will be reviewed by an Alliance-appointed, independent panel of professionals from the philanthropic, academic and venture capital sectors. Abake Assongba looks forward to seeing which organizations receive grants.
Abake Assongba is the founder of Abake's Foundation. The non-profit organization strives to help women and children in New York and West Africa. She has developed several programs and initiatives to improve the education of children and the economic opportunities of their parents. These programs encompass a long list of charitable donations and economic efforts, including school supply donations, scholarships, food distribution, and micro-loans. Abake Assongba, her husband, Anthony JW De Rosa, and her team have positively impacted multiple lives through their efforts. She looks forward to improving more communities around the world.
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