There's a new way to fund development in some of the world's poorest countries, and it doesn't involve putting multinational companies in charge of projects.
Instead, it's called "incubator financing," and it's designed to empower locals to make decisions on their own, the Guardian reports.
It's a shift away from international aid agencies, which tend to "marginalize local actors of change," according to an essay in Foreign Policy.
In fact, the concept is so new that it's "understudied" in the non-profit sector.
In Senegal, for instance, an organization called Collectif des Volontaires du S ? 'n ? 'gal works to organize and support local social entrepreneurs.
But most international aid goes to well-established NGOs.
"This leaves a broad swath of informal actorssuch as civic associations or social entrepreneurs not legally registered and recognized by the stateout of the equation," the essay states.
So what's called an "incubator" and how does it work? It works like this: An organization raises money for an informal organization, which in turn raises money for an informal organization, which in turn raises money for an informal organization.
In the case of Senegal, Read the Entire Article
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