26th May 2020
Impact 100 London joined Prism the Gift Fund as a Collective Fund in February 2020. Based on the successful Impact 100 model, which started in the US over 20 years ago, the aim of this Collective Fund is to offer transformative grants to charities working primarily to benefit women and girls in Greater London. By awarding significant grants of up to £100,000, Impact 100 London can help strengthen not only the infrastructure of charities but also invest in charities’ new programmes. As part of the granting process, Impact 100 London aims to share learnings about the challenges facing marginalised women and girls in London and shed a light on dynamic local charitable organisations supporting them. Their focus on charities working with women and girls reflects both a chronic shortfall of funding in this area and increasing demand for their essential services.
The concept and idea of Impact 100 London is simple, 100 members are asked to each contribute £1,000 towards the yearly Grant Fund. For contributing, members get to participate in deciding which charity is awarded the grant with each member receiving one vote. Also known as Collective Philanthropy, this process is a collaborative form of charitable giving, providing a platform for individuals who want to pool their money to make a bigger difference. Their approach of collective philanthropy means not only building a group of members who contribute funds equally but also jointly decide on the grants that they make.
In light of the Covid-19 crisis that has had a global effect on charities all over the world, the role of projects such as Impact 100 London, that offer an innovative funding source to charities, will be more important. The Covid-19 crisis has had a particularly devastating effect on vulnerable women in the UK and the charities supporting these women. Impact 100 London is in a unique position to offer vital support to charities in the UK operating within this area.
Impact 100 London have just closed their first funding cycle and have in fact exceeded their initial goal of 100 founding members, and have raised a grant fund of £130,000! Following a rigorous grant review process, Impact 100 London will be presenting three finalist charities to their members. The members will then take part in a vote to be held on June 3rd. This will decide which of the finalists will be the recipient of the £100,000 award. The two other finalists will be awarded a merit grant of £15,000 each.
For more information on Impact 100 London and to stay up-to-date on the charities they will be supporting – https://www.impact100london.org/
For more information on the Prism Collective Fund model and how it can facilitate your charitable project – https://prismthegiftfund.co.uk/collective-funds/