Social investment challenge to launch next month
Up to £175,000 on the table for budding entrepreneurs
Twenty five inspirational entrepreneurs will benefit from funding of up to £175,000 under a new government scheme designed to stimulate social investment.
The Big Venture Challenge will launch next month, under the management of UnLtd with financial support from the Big Lottery Fund, and will strive to find 25 emerging businesspeople whose ideas can positively impact on society.
The window for applications will open on May 9 and shut on June 30. Shortlisted applicants will then be invited for a formal interview, before the final 25 are announced in late September.
Each of the winning applicants will receive first-stage funding of £25,000, and then will be invited to pitch, in two stages, for co-investment seed finance totalling £150,000.
To secure the co-investment finance, the entrepreneurs will have to provide their own match funding – providing an opportunity for Angels and venture capitalists to get involved.
Jonathan Jenkins, of UnLtd, told Growing Business that “the whole thing, for us, is to capitalise on the social business Angel investment market space. The challenge is to find 25 inspirational people who can stimulate new social investment, and we can’t wait to take it on.”