Great news, and excited to see more effective careers organizations start and scale!
Question: why non-renewable by default? Funder diversity is obviously the ideal, but that can trade off with value alignment (especially as projects scale). Are you anticipating building longer-term partnerships with organizations that outperform other grantees?
[No expectation to respond here, but wanted to ask in case]
The non-renewable default comes from a couple of things: (1) we see these RFP grants as more experimental and hits-based than our standard portfolio. We’re casting a wider net to find promising new efforts, and by nature not all of them will work out. (2) we don’t want to tie up most of our budget in renewal commitments, since that would limit our flexibility to respond to new opportunities.
That said, this isn’t a hard rule. For organizations with a solid track record that we can see fitting really well into our portfolio on an ongoing basis, we’d definitely consider making renewable grants. And for orgs we seed through this RFP that end up doing well, we’d likely consider bringing them into our portfolio on a more ongoing basis further down the line.
Great news, and excited to see more effective careers organizations start and scale!
Question: why non-renewable by default? Funder diversity is obviously the ideal, but that can trade off with value alignment (especially as projects scale). Are you anticipating building longer-term partnerships with organizations that outperform other grantees?
[No expectation to respond here, but wanted to ask in case]
Thanks for your question pete!
The non-renewable default comes from a couple of things:
(1) we see these RFP grants as more experimental and hits-based than our standard portfolio. We’re casting a wider net to find promising new efforts, and by nature not all of them will work out.
(2) we don’t want to tie up most of our budget in renewal commitments, since that would limit our flexibility to respond to new opportunities.
That said, this isn’t a hard rule. For organizations with a solid track record that we can see fitting really well into our portfolio on an ongoing basis, we’d definitely consider making renewable grants. And for orgs we seed through this RFP that end up doing well, we’d likely consider bringing them into our portfolio on a more ongoing basis further down the line.