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Guggenheim Partners Selects Third Cohort of Network for Social Innovation

Venture Strategy Identifies Promising, Early-Stage Organizations Using Innovative Solutions to Solve Enduring Social Problems

/EIN News/ -- NEW YORK, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Guggenheim Partners is proud to announce the selection of five non-profit organizations for the third cohort of the Network for Social Innovation. The Network for Social Innovation is Guggenheim’s Corporate Social Responsibility venture philanthropy strategy that identifies promising, early-stage organizations using innovative solutions to solve enduring social problems. The initiative exemplifies Guggenheim’s long-standing commitments to giving back to our local communities and supporting organizations that promote social justice, diversity, and equality.

The five new Network for Social Innovation partners are:

  • Embarc, a provider of community-driven, experienced-based learning opportunities for low-income high school students and their teachers
  • Start Small Think Big, a network for under-resourced entrepreneurs to receive pro bono legal, financial, and marketing services
  • UPchieve, an on-demand tutoring platform for low-income students to get free academic support when they need it
  • Upsolve, a free web application to help families file for Chapter 7 bankruptcy so they can relieve their debt, rebuild their credit, and re-enter the economy
  • VOCEL, a two-generation early learning accelerator program for young children and their caregivers in under-resourced communities

The organizations were selected by the firm’s Corporate Social Responsibility Committee following an extensive and deliberate eight-month evaluation process which included:

  • Two-hundred-eighty-six initial application submissions received from nonprofits all over the world.
  • One-hundred-ninety-six employees collectively completed approximately 1,000 evaluations of 50 semifinalists.
  • Ten finalists submitted a comprehensive secondary application and underwent deep due diligence that encompassed a virtual site visit to meet with the leaders and observe programs, interviews with management and governance, comprehensive financial analyses, and more.
  • Five organizations were ultimately approved by the Corporate Social Responsibility Committee through a systematic assessment of the organizations’ leadership, mission, impact, financial management, and employee engagement potential.

Guggenheim Partners will award each Network for Social Innovation portfolio organization $100,000 over the next 12 months. In addition, the firm will engage its global “creative capital,” comprising employees’ time, talent, and relationship networks to provide support tailored to each partner organization. Guggenheim aims to support the organizations with the financial and creative capital they need in order to succeed.

“At Guggenheim, we pride ourselves on offering innovative solutions,” said Robert Rutkoff, Head of Corporate Social Responsibility and Chair of the Corporate Social Responsibility Committee. “Our newest Network for Social Innovation partners are scaling innovative solutions in the social sector to bring about desperately needed change. We are thrilled to welcome Embarc, Start Small Think Big, UPchieve, Upsolve, and VOCEL to the Network for Social Innovation community and look forward to a meaningful partnership.”

Guggenheim has now selected 15 visionary nonprofits for NSI. The organizations previously selected for NSI are:

  • Drive Change, a hospitality training program for young people returning home from prison
  • FreeFrom, a provider of financial empowerment tools and training for survivors of domestic violence
  • Global Health Corps, a fellowship for young talent at global public health NGOs
  • Hot Bread Kitchen, a culinary workforce development program and small business incubator for women facing economic insecurity
  • JustFix, a creator of technology tools for tenants and advocates fighting housing displacement
  • Moneythink, a tool that utilizes research-driven coaching to help students complete an affordable postsecondary education
  • Pursuit, a provider of free coding education for individuals from underserved communities
  • Sanergy, a manufacturer of low-cost sanitation facilities for urban slums abroad
  • Sanitation and Health Rights India, a system of toilets and safe drinking water to achieve health equity in rural India
  • SIRUM, a platform connecting unused, surplus medications with people who need them most

Media Contact

Steven Lee
Guggenheim Partners
212.293.2811
Steven.Lee@guggenheimpartners.com


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