The New Schools Venture Fund has announced a commitment of up to $10.5 million from the Los Angeles-based Broad Foundation to accelerate the pace and quality of charter school growth in the United States.
The New Schools Venture Fund's Charter Accelerator Fund will incubate four to six nonprofit charter management organizations — institutions that manage systems of public charter schools — in the next three years. Nonprofit charter management organizations are designed to build accountable, sustainable institutions for entrepreneurial educators, and parents seeking quality public education opportunities and choices for their children. Within five years of start-up, the Fund expects the newly established organizations to run sixteen schools each, totaling eighty schools and almost 30,000 students collectively.
"I believe that charters, choice, and competition create important forces that help us to better serve children in our nation's neediest communities," said Broad Foundation founder Eli Broad. "Our investment in New Schools Venture Fund will provide new, high quality schools for children and create maneuvering room for innovative school principals and superintendents who, in the current system, simply cannot get the kind of freedoms and flexibility they need to radically improve America's urban public schools."