Giving Compass’ Take:
• Raj Kumar shares innovations that will be discussed at Devex World on June 12th and how they have the potential to change the global aid industry.
• How can philanthropy support the development, management, and implementation of effective aid innovations?
• Learn how design thinking can impact development aid.
Where is the aid industry headed?
Tools include real-time data from development initiatives around the world. One such tool is immediate feedback.
Companies such as San Francisco-based Premise, and its global network of cellphone-wielding data collectors, are moving the aid industry away from preconceived projects and toward iterative business models that morph and change based on what’s working and what’s not. It’s agile technology methodology meets global development.
Then, there’s the revolution happening in financial inclusion, notably around the credit score for the poor being pioneered by Tala.
The ability to digitally identify, wirelessly connect with, and send money or services to billions of people previously off the grid, could transform the way those at the bottom of the income scale respond to health emergencies and other personal economic shocks, and the way aid and microcredit are delivered.
If we can get this right — and there are huge institutional, cultural, and data hurdles in the way — we may see an upswing in global development efforts designed around pay-for-performance modalities including tiered funding, challenge grants, and development impact bonds.
Read the full article about innovation for the aid industry by Raj Kumar at Devex International Development.
If you are looking for more articles and resources for Global, take a look at these Giving Compass selections related to impact giving and Global.
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