African Diaspora Innovation Fund

Despite its vast resources and entrepreneurial potential, Africa faces persistent challenges: high unemployment, limited access to capital, and systemic barriers that hinder the growth of local organizations and businesses. According to The Diaspora Collective in its African Diaspora: A Collective Global Impact report, the African diaspora is estimated to number over 170 million people, with the largest portion residing in Latin America and North America. The African diaspora sends over $50 billion in remittances annually; these funds are primarily used for basic needs rather than sustainable development and investment. According to the United Nations, Africa has a median age of 19.2, an age group that may be motivated to engage in fruitful entrepreneurial activities and invest back into their communities. As a result, African and African-descendant entrepreneurs struggle to secure the necessary funding to launch and scale impactful social organizations and ventures in sectors like education, healthcare, youth employment, and climate resilience.

With this in mind and as part of its 2024-2028 Strategic Plan, the African Diaspora Network (ADN), in collaboration with Myriad USA, is launching the African Diaspora Innovation Fund (AfDIF) to enable and leverage diaspora philanthropy for sustainable development and transformational impact in Africa and diaspora communities. Although Africa’s diaspora has been a key driver of the continent’s development, contributing to poverty reduction through remittances and supporting growth in healthcare, education, fintech, and governance through investments in businesses and social impact organizations, their collective impact and full potential remain limited at scale and across borders. The AfDIF aims to bridge this gap by introducing philanthropic capital to amplify the impact of social entrepreneurs and locally-driven solutions across Africa.

The African Diaspora Innovation Fund (AfDIF), a joint initiative of the African Diaspora Network (ADN) and Myriad USA, seeks to bridge the financing gap for African and diaspora social entrepreneurs by mobilizing $1 million in 6 months, with a minimum donor contribution of $500. Collectively, the $1 million in funds will be utilized to provide grants of up to $25,000 to high-impact social entrepreneurs selected through a transparent, donor-driven process based on their ability to drive meaningful and sustainable change. 

The mission and objectives of the AfDIF are to facilitate philanthropic grants for African and African diaspora social entrepreneurs to foster sustainable development and organizational growth, and to provide an enabling environment for youth development and access to opportunities that can build generational wealth, both in the United States and in Africa. The fund’s philosophy is to democratize philanthropy by encouraging diaspora individuals and friends of Africa to make tax-deductible contributions of $500 or more to the African Diaspora Innovation Fund.