A new scheme which makes cash awards to emerging markets social enterprises from fund management group Alquity has been endorsed by serial entrepreneur Sir Richard Branson.
The sustainable fund firm, together with Philanthropy University, is inviting applications for a new awards programme, offering $600,000 to emerging markets social enterprises that are making an outstanding contribution to the United Nations Sustainable Development Goals.
The Transforming Lives Awards scheme has secured the endorsement of several business leaders including Virgin Group founder Sir Richard Branson.
He said: “Alquity and Philanthropy University have launched an exciting initiative to identify the most innovative and scalable models to promote economic growth in developing countries.
“I look forward to seeing the organisations which emerge from the programme as they strive to help make greater progress towards ending poverty around the world.”
The awards programme has also secured the endorsement of the Charities Aid Foundation, the World Bank, World Merit and UBS.
In a media statement, Alquity said that the awards programme offers new paths to capital, profile, and expert advice so that winning organisations can invest in their work, improving the future of the communities and people they serve.
Alquity said it was launching the scheme because of its commitment to its “shared values” business model. The business already invests in emerging markets with ESG issues integrated into its investment process and donates a minimum of 10% of its revenues to the Transforming Lives Foundation.
Paul Robinson, Founder of Alquity, said: “The Transforming Lives Awards will be the catalyst for increasing our impact through uncovering organisations delivering sustainable solutions and supporting more equitable economic development across all of our key emerging markets.
“If we truly believe in meritocracy then everyone deserves the opportunity to succeed irrespective of where they are born.”