One week ago Michelle Obama and Patrick Corvington, the CEO of the Corporation for National & Community Service, announced the initial phase of philanthropic commitments to the Social Innovation Fund (SIF) at a White House event.

The SIF will fund innovative results oriented solutions to the country’s most pressing social problems. It has three areas of focus: Economic Opportunity, Youth Development/School Support, and Healthy Futures.

The following private foundations and philanthropists are committing a total of $45 million over the next two years to match SIF grants or invest in other innovative community solutions:

• The Eli and Edythe Broad Foundation ($10 million over 2 years)

• John and Ann Doerr's Family Foundation ($5 million over 2 years)

• Omidyar Network ($10 million over 2 years)

• The Open Society Foundations’ Special Fund for Poverty Alleviation ($10 million over 1 year)

• The Skoll Foundation ($10 million over 2 years)

Additionally, Mrs. Obama announced that more than 130 community foundations around the country signed a letter in support of the SIF and the Administration’s commitment to social innovation.

In July, the SIF will announce the first awards to intermediary organizations from the approximately 260 organizations that collaborated to submit 69 applications from more than 25 states and the District of Columbia for the initial SIF grant competition.

The event was attended by over 100 innovators, foundations and philanthropists including our very own Andrew Wolk. Read his thoughts on the event on his blog.

Click here for a video of the press conference.