GitLab Foundation, Ballmer Group and OpenAI Join to Launch New Fund to Foster AI Innovation, Grow Economic Opportunity

August 19, 2024 — Artificial intelligence (AI) has the potential to reshape economic opportunity and positively impact millions of lives. To harness this potential, GitLab Foundation and Ballmer Group have partnered to launch a multi-million dollar, second round of the AI for Economic Opportunity Fund, which will focus on demonstration and scaling, and consist of two distinct funding phases. This collaborative fund will invest in frontline organizations, enabling them to experiment with emerging technologies, build evidence and scale effective solutions to transform lives.

During the fund’s “Demonstration” phase, GitLab Foundation will provide a minimum of $3.5 million to help organizations developing project prototypes, technical teams and evidence of outcomes. During this phase, OpenAI, a returning partner, will provide both financial and technical support, including additional funding, access to early product releases, API credits and technical advice.

“While AI continues to rapidly evolve, nonprofit organizations are often last in line to prototype and test new tools and technologies, build evidence of their efficacy and implement them at scale,” said Matt Zieger, senior program officer at the GitLab Foundation. “Collaborating with like-minded funders allows us to ensure nonprofits have the resources they need to leverage emerging technologies to increase opportunities and incomes.”

In the fund’s second phase, Ballmer Group will provide funding to scale high-potential projects, awarding either 1-year or 2-year grants ranging from $500K to $1.5M per year to a maximum of six selected grantees.

“We’re excited to partner with Gitlab on the AI for Economic Opportunity Demonstration and Scaling Fund. Far too often, nonprofits have been left to innovate without the capital and support necessary to prototype and test new technologies in the sector without disrupting their critical existing work.” said Kevin Bromer, executive director of data and technology strategy at Ballmer Group. “We believe economic opportunity for all Americans can be expanded by helping organizations leverage the innovative energy that defines the nonprofit sector. “

In line with GitLab Foundation’s North Star ROI, the goal of the fund will be to generate $100 in additional lifetime earnings for every $1 spent. The second round of the AI for Economic Opportunity Fund will build on the impact of the inaugural AI for Economic Opportunity Fund cohort and GitLab Foundation’s $10 million commitment to accelerate how emerging technology can create economic opportunity globally. 

To learn more about the fund and to apply, visit https://www.gitlabfoundation.org/futureofwork.