20 U.S.C. § 10007: Innovation Fund

a local educational agency; or one or more local educational agencies; or a consortium of schools. From the total amount reserved under section 10001(c) of this title , the Secretary may reserve up to $650,000,000 to establish an Innovation Fund, which shall consist of academic achievement awards that recognize eligible entities that meet the requirements described in subsection (b). expand their work and serve as models for best practices; and work in partnership with the private sector and the philanthropic community. have significantly closed the achievement gaps between groups of students described in section 6311(b)(2) 1 of this title; or 1 See References in Text note below. have demonstrated success in significantly increasing student academic achievement for all groups of students described in such section; have made significant improvement in other areas, such as graduation rates or increased recruitment and placement of high-quality teachers and school leaders, as demonstrated with meaningful data; and demonstrate that it has established one or more partnerships with the private sector, which may include philanthropic organizations, and that the private sector will provide matching funds in order to help bring results to scale. In the case of an eligible entity that includes a nonprofit organization, the eligible entity shall be considered to have met the eligibility requirements of paragraphs (1)(A) or (1)(B) and (2) of subsection (b) if the nonprofit organization has a record of significantly improving student achievement, attainment, or retention and shall be considered to have met the requirements of subsection (b)(3) if it demonstrates that it will meet the requirement relating to private-sector matching. In the case of an eligible entity that is a partnership described in subsection (a)(1)(B), the partner serving as the fiscal agent may make subgrants to one or more of the other entities in the partnership.