The funding is awarded in 2-3 tranches based on an agreed work plan with the Venture Fund portfolio managers.
The funding is intended for prototype testing and validation, and to get the solution to a stage where the company has proof that the solution and the business model work. This includes being able to generate data to show impact, usability and strategy.
The Venture Fund makes fiat and crypto investments. Each call for funding indicates the kind of funding that investees will receive.
Over 4-5 months, companies receive tailored support for product development, building a business model and strategy around Open Source technology, and user testing. Startups will likely receive a combination of technical and strategic mentorship from the Venture Fund. They also gain access to the Ventures team’s tech expertise, networks, and platforms to help them reach the stage where they can prove that their solutions work and tap into larger funding sources.
Validation methods to optimize software delivery performance will look at code quality, technical specifications, system architecture, user requirements, development methodology and frameworks, and testing. Requirements and considerations enabling the solution to be nominated as a digital public good will also be addressed.
Data security and privacy measures have to be in place especially for solutions that have direct touch points with vulnerable populations. More broadly, this mentorship also covers compliance with various regulations and best practices related to data security and privacy, including UNICEF’s data security standards, and other relevant international regulations.
Solutions involving artificial intelligence and data science (AI/DS) are supported for optimal model deployment, prototype building, and AI-based functionality for existing digital public goods.
In democratizing sustainable access to digital innovation, it’s vital to understand the different forms an Open Source (OS) project and community may take. This mentorship covers the foundations of Open Source intellectual property (legal and licensing), OS business models, common OS tools and workflows, documentation, continuous integration for continuous contribution, and OS archetypes.
This mentorship looks at the development of effective value proposition, business and revenue models, partnership and customer journeys, scaling and fundraising, user group identification and testing, and revenue generation. It also uniquely shares business modalities for developing and scaling Open Source digital solutions.
Evidence of impact is vital to attracting further investment and enabling growth and scale. growth. Topics here include defining, measuring, and using data for driving greater social impact; how to create impact measurement plans using theory of change, performance- or results-based metrics, and translating data to insights for practical use.
Covers human-centered UI and UX design, predicting user behavior to create optimal experiences, creating user personas, and user journey mapping.