The Social Innovation Fund

Last night we got more details on the proposed Social Innovation Fund from Michelle Obama (WP):

President Obama's budget for next year will include $50 million to help expand nonprofit programs across the country to promote national service, first lady Michelle Obama announced tonight at an event in New York.

The White House initiative, known as the Social Innovation Fund, is a component of the new Serve America Act. Mrs. Obama said that it would provide capital to support innovative nonprofit organizations and to help social entrepreneurs expand "their successful approaches to tackling our most pressing national challenges."

[...] Mrs. Obama added, "By focusing on high-impact, results-oriented nonprofits, we will ensure that government dollars are spent in a way that is effective, accountable and worthy of the public trust."

Via @auerswald, @vppartners and @socialcitizen. More details at the Chronicle of Philanthropy's Conference Notebook.