Anthony and Susan Wood created the WoodNext Foundation to make grants and investments that would advance human progress and remove obstacles to a fulfilling life.
Anthony is an entrepreneur, inventor, and philanthropist. The CEO and founder of the TV streaming platform company Roku, Anthony also previously invented the digital video recorder (DVR) and launched the digital video recording company ReplayTV. Anthony and Susan both grew up in Texas and attended Texas A&M University, leading them to develop deep ties to the state.
WoodNext funds a range of initiatives in Texas, as well as national and international efforts, that address mental health; homelessness; economic opportunity; youth services; neurological, cardiovascular, and other conditions; physical sciences; recovery from disasters; and nature conservation.
We see our grants as opportunities to learn how we can be most effective. We approach our philanthropy with a few principles in mind
We seek to support people and organizations that are knowledgeable and passionate about the issues they work on, not to micromanage the ways in which our funds are used.
While we remain nimble to respond to emerging situations, we also invest in understanding and addressing the “why” and “how” of entrenched problems.
We aim to fund people, projects, and organizations that do not currently have the government or philanthropic support to achieve their goals. Even our grants to major nonprofits are generally targeted at an under-funded area of research or activity.
We have roots in Texas and the South, and much of our grant making targets opportunities in those communities.
There can be unintended consequences to even the most sincere efforts. We seek to keep learning and to support organizations that have thought through the full ecosystem of the problems and solutions they target.
Grant Applications Process
Our grant process is by invitation.
Identifying potential grantees
WoodNext’s staff identifies a potential grantee and they present a short concept note for consideration.
Inviting approved organizations to apply
Upon greenlight, we conduct programmatic due diligence. Where possible, we rely on diligence other funders have already conducted. In cases where we need to supplement, our diligence might include reviewing documents and interviewing the grant seeker’s staff, beneficiaries, board members, funders, experts, and/or other stakeholders.
Conducting programmatic due diligence
We invite approved organizations to formally apply for a grant. Our application generally requests standard information and is designed to take no more than a few hours to complete.
Reviewing applications and conducting financial due diligence
We review applications, conduct basic financial due diligence, and then submit the grant for final approval.
Approving grants and disbursing funds
Once the grant is approved, we coordinate with the grant seeker on the agreement and disbursement of funds.
Urgent relief grants
In cases in which funds are required quickly to respond to an emerging situation, WoodNext employs a streamlined process. Our staff identifies a potential grantee and they present a short concept note for consideration and rapid turnaround.
Quick renewals
We also have streamlined processes for grant renewals.
Ongoing Grantee Engagement
Once an organization is a WoodNext grantee, we aim to build relationships and connect them with resources without creating undue demands on their time.
Grant reporting requirements
Our grant reporting requirements generally include a brief report and phone call every six months of the grant period.
Visiting grantees and their projects
If convenient for the organization, we sometimes visit grantees or their projects virtually or in person.
Connecting grantees to additional resources
We regularly try to connect grantees to funders and other useful resources.