1. Submission of Project Proposal to NVF
A change leader develops an idea for a project, including identifying potential sources of funding and writing a detailed proposal that outlines the budget, timeline, and key activities for generating the intended impact.
2. Approval of project proposal
The New Venture Fund team reviews the proposal to ensure the project has the capacity to fulfill its stated mission and achieve impact, complies fully with nonprofit law, and aligns with the New Venture Fund’s overarching mission and values.
3. Appointment of an independent advisory board for project
Every project has an independent advisory board, with a three-member minimum. Advisory board members are nominated by project leaders, funders, and other stakeholders, and provide subject-matter or operational expertise unique to the project’s needs.
4. Planning for the team and project structure
If a project requires additional support beyond the project leader and advisory board, employees and contractors are identified.
5. Approval of the project plan
While staff work for a specific project, the New Venture Fund hires all employees and contractors, providing HR, compliance, financial, legal, and operational support across all projects.
6. Implementation of the project by the team and advisory board
Project work is carried out, which could involve directly engaging in project activities or starting the grant-making process to award funds to sub-grantees to further project goals. Advisory boards oversee this work.
7. Ongoing project-specific fundraising
Projects typically have start-up funding when they launch, but ongoing projects continue to fundraise and compete for grants, similar to other nonprofits.
8. Provision of additional services and support by the New Venture Fund
The New Venture Fund continues to provide a range of support to projects, including HR assistance, grants and financial management, and legal and compliance guidance. In addition, the New Venture Fund provides capacity-building training to its projects and provides opportunities for project leaders to connect.