One of the interesting comments I received on my Social Innovation Fund (SIF) posts came from Steve Goldberg, who participated in the proposal review process. He writes, “by selecting the best intermediary proposals irrespective of extraneous considerations like geography and social issue, the SIF fosters a more coherent and intelligent nonprofit capital market.” I tend to agree with Steve’s statement and don’t believe I called into question the geographic or priority issue distribution. My post earlier this week focused more on noting the absence of innovation and health-focused funding – a theme that echoed results from the recent Social Impact Exchange conference – and the current distribution of SIF subgrantee funding in the northeast.
Steve’s second point about fostering a more coherent and intelligent nonprofit capital market is true. But here, I think that’s the case only to a limited degree. The way the SIF has been established and managed has resulted in a list of both intermediaries and subgrantees (which will expand as more are identified) that warrant additional growth capital and investments.