Yesterday, their hard work came to fruition, as they announced that One Million Degrees will be the first local nonprofit to benefit from SVP Chicago’s venture philanthropy funding model. One Million Degrees works to empower low-income, highly motivated community college students in Chicago. Being an SVP Chicago investee means that One Million Degrees will have the opportunity to receive $75,000 over the next three years, and will have access to the professional skills of the SVP partners in 10 capacity-building areas, including strategy and planning, leadership and board development, financial management, information technology, marketing, human resources, legal, program design and evaluation, and fund development. Formerly the Illinois Education Foundation, One Million Degrees was founded in 2006 by a group of social entrepreneurs who saw that the needs of community college students were being overlooked. Through a unique program that provides academic, personal, professional and financial support, the organization helps low-income community college students graduate, apply to four-year universities, and find jobs. SVP Chicago operates like a venture capital fund for local early-stage nonprofits. Investment recipients receive a three-year funding commitment and access to the skills and expertise of the partners, allowing them to scale more quickly. SVP partners vet the applicants, shape outcomes and ensure wise investment of their pooled funds. Each year, the partners at SVP will decide on a sector to fund. The next investment cycle will begin in fall 2013. For more information on becoming a partner, visit www.svpchicago.org. To learn more about One Million Degrees, visit www.onemilliondegrees.org.
