Social entrepreneurship competitions are platforms that can give a leg up to entrepreneurs with a business idea and the hunger to grow. Of the competitions taking place in the upcoming months, there are some that are internationally renowned, standing out thanks to the prestige they have accrued over the years.
The Chivas Venture
This global contest kicked off in 2014 with the objective to cement its position as the leading support platform for social and environmental entrepreneurs. Since then, each year the competition distributes $1 million between the winning startups, who also receive expert coaching and the visibility they need in order to get themselves known. Over the course of its five-year history, this contest has received more than 10,000 applications and has supported 120 new businesses with financing and training.
Applications are now being accepted for the 2020 contest and interested entrepreneurs can register by filling out this online form. To qualify to participate, the application must be submitted by a founder, cofounder, or a senior person from the company, who must be 21 years old or older, and have a good command of English. With respect to the company itself, the main requirement is that it is an already registered company in its country of origin, it is operational, and has an annual income of less than $1.5 million.
Each application will be jointly reviewed by the Skoll Center for Social Entrepreneurship and the University of Oxford so that those business proposals with the most potential are selected. The applicants who pass this stage will have the opportunity to attend the final contest where they will publicly present their business plan in front of a panel of experts who will be tasked with making the final selection.
The Hult Prize is one of the most important competitions in the world. In collaboration with the Bill Clinton Foundation, it focuses on promoting social entrepreneurial projects. In its annual flagship competition, which is already accepting applications for the 2020 event, the organization challenges startups to propose an idea that will have a positive impact on the planet. Its objective is to mobilize university students with social and environmental concerns and encourage them to present a business idea that solves the stated challenge.
The challenge is not easy. Each year some 100,000 candidate ideas are submitted, of which 50 are selected. The winning ideas will be developed with the help of a team of mentors and advisors in the social entrepreneurship incubator, operated by the foundation out of Ashridge (United Kingdom). After five weeks of training and business plan preparation, six finalists are selected and will have the opportunity to present their idea at the final award ceremony. The winning team will receive $1 million to fund their project.
The D-Prize international competition is already accepting applications for the 2020 contest. It seeks to support aspiring entrepreneurs who have projects geared at combating poverty.
Any person or team with any business model (either an NGO or a company) qualifies to participate in the event. The categories for the competition include girl’s education, agriculture, energy, health, and general education. The competition awards a $20,000 prize to be used to develop a project dedicated to tackling extreme poverty somewhere in the world.
BBVA Momentum offers an 18-week long blended training program.
The BBVA program that supports social entrepreneurship is in the middle of its most ambitious round to date. Currently, 169 entrepreneurs from Colombia, the United States, Mexico, and Turkey are immersed in the program training while they work to refine their business growth plans hand-in-hand with mentors and specialists. The 2020 application process, anticipated to kick-off in March, will see the program grow its entrepreneur participant base with innovative companies that are providing solutions to modern social and environmental challenges.
Entrepreneurs who pass the 2020 program selection process and are chosen by the jury of experts will benefit from: an 18-week long blended training program, which will combine online and face-to-face training sessions; mentoring delivered by a group of BBVA experts who will help the participants add strategic vision to their growth plans and address queries as they arise; access to the powerful BBVA Momentum ecosystem, which comprises entrepreneurs, customers and investors; strategic collaboration to give participating companies visibility and increase their access to finance. All participant companies will receive the boost they need to go far and create new future opportunities.
Click here to learn more about the entrepreneurial ventures supported by BBVA Momentum 2019.