Foundations Seek to Leverage Innovation Funding

A dozen foundations that have been key players in efforts to improve schools are pledging $506 million this year to spur education innovation, including a joint effort to help districts, schools, and nonprofit groups secure matching funds for the federal Investing in Innovation grant competition.

The new, collaborative effort is not a pooled fund of grants; each foundation will retain control over its contribution, and decide how it will award its funding. Nor is the initiative announced by the U.S. Department of Education April 29 a commitment of additional funding from those foundations—the $506 million represents the total amount of money they had planned to spend this year on what they consider education innovation.

“This is about being smarter and leveraging all of the funds available. This gives us greater visibility and greater focus,” said Bibb Hubbard, a program officer at the Seattle-based Bill & Melinda Gates Foundation, one of the philanthropies. “This potentially could improve...