Interested in £50,000 in investment for your social business or charity? No? You’ve obviously clicked the wrong link somewhere along the way then; probably best to go back to Google. For everyone else, that is exactly what’s being offered by the new Tech for Good Challenge offered by The Big Issue and its partners.
The usual things are required in order to be eligible. A good team, strong history and an inventive plan for where you want to take your business forward to. Rooting out the strong from the weak will be done via a process referred to as the “Caterpillar’s Cocoon” – a contradiction to the well known Dragon’s Den. This will give prospective winners the chance to work with leading corporate partners that will offer skills and advice prior to the actual decision. The deadline for entrance is the 15th April, and requires filling out a concise online application on Big Issue Invest, and a two minute video pitch which must be sent which concisely explains your business venture. After that there is a formal interview, followed by the “Caterpillar’s Cocoon”. The end result will be that a seriously impressive TEN applicants will receive up to the maximum £50,000 each.
Proof of concept is required if you’re thinking of applying, though it is not a prerequisite that you have already launched to market. It also essential to ensure that your business will in some way benefit an English audience. Wider UK and international targeting is acceptable, but there should be a – according to the guidelines – focus, "primarily or significantly on the benefits it can deliver to an English audience”.
The Tech for Good challenge is a fantastic opportunity for certain companies. Entrants will be judged on social impact, business model and the ability of the team; if you feel you’re a strong contender for each, then Startacus suggests strongly you get to it.
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