Sec. 6. Development Innovation Ventures program
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There is established in USAID a program to be known as the Development Innovation Ventures program (in this subsection referred to as the program ). In carrying out the program, the Administrator shall provide flexible funding to global innovators to test new ideas, build evidence of what works to improve development outcomes, and transition to scale up those proven solutions with rigorously demonstrated potential to improve millions of lives on a cost-effective basis. In carrying out the program, the Administrator shall assess applications for funding under this subsection according to the following three core principles:
Rigorous evidence of impact. Cost-effectiveness. Potential for scaling up proven solutions. In carrying out the program, the Administrator shall— provide funding under this subsection using tiered, evidence-driven funding to allow for risk-taking at early stages while mitigating risk at later stages, thereby maximizing impact per tax dollar spent; and work across all countries and sectors supported by USAID, with the goal of finding, testing, and scaling up proven solutions. Not later than 60 days after the date of the enactment of this Act, the Administrator shall submit to the appropriate congressional committees and make available to the public a report on the implementation of the program that includes— an assessment from USAID of the extent to which proven solutions have been scaled up, inside and outside of USAID; and a description of USAID’s decision-making process, including with respect to use of funding received from external sources.
Amounts authorized to be appropriated under section 5 are authorized to be made available to carry out this section. Amounts made available to carry out this section are authorized to remain available until expended.