Development innovation ventures program

(a) In general There is established within the relevant foreign assistance agency a program to be known as the Development Innovation Ventures Program (in this section referred to as the Program). (b) Duties In carrying out the Program, the relevant foreign assistance agency shall provide flexible funding to global innovators and researchers to test new ideas, build rigorous evidence of what works to improve development outcomes, and transition to scale those solutions with rigorously demonstrated potential to improve millions of lives on a cost-effective basis. (c) Core principles of program In carrying out the program, the relevant foreign assistance agency shall assess applications for funding under this subsection according to the following core principles: (1) Rigorous evidence of impact. (2) Cost-effectiveness. (3) Potential for scale and financial sustainability. (d) Administrative provisions In carrying out the program, the relevant foreign assistance agency shall— (1) provide funding using evidence-tiered funding to allow for risk-taking at early stages while mitigating risk at later stages, thereby maximizing impact per taxpayer dollar spent; and (2) work across all countries and sectors supported by Department assistance programs, with the goal of finding, testing, and scaling up proven solutions. (e) Reporting requirement Not later than 60 days after the date of the enactment of this Act, the relevant foreign assistance agency shall submit to the appropriate congressional committees and make available to the public a report on the implementation of the program that includes— (1) an assessment of the extent to which proven solutions have been scaled up inside and outside of the Department; and (2) a description of the relevant foreign assistance agency’s decision-making process, including with respect to the use of funding received from external sources.