A competition to find 25 of the nation’s most ambitious entrepreneurs was launched today, giving the lucky winners the chance to take their ventures to the next level.
Young Academic, committed to bringing you the latest in student news as well as world and UK news, brings our latest competition along with all the relevant information to take part. Conducted by UnLtd and supported by the Big Lottery Fund and the Millenium Awards Trust, the ‘Dragon’s Den’ style initiative named Big Venture Challenge offers more than £1.2m of capital investment to the winners.
“We are looking for 25 exceptional people with the ambition to grow their ventures and deliver significant social impact at scale.” – Cliff Prior
The three stages to the competition are sure to be fierce with a potential £175,000 on offer to the winners. The first stage, which opens today, begins the search for 25 winning entrepreneurs. The process is simple, a short question and answer application form which gives details of the entrants venture, its scale, impact and financial support. From the first stage 25 winners will be picked and rewarded funding of £25,000 each, along with invaluable business support from the competitions financial partners, including Deutsche Bank, Hogan Lovells, Coutts and The Supper Club.
Of the 25 winners, the ten best ventures will be picked and rewarded a further £50,000 and then a final two who demonstrate the most success will receive an additional £100,000. These rewards will only be given if the applicants are able to match the amount with loans or equity from co-investors which will prove the skills of the applicant and the success of the venture. The capital investment and grants put into the competition reflect the competition’s main ambition to attract new investors to the social capital market place.
Up until today more than 1000 people registered their interest in the competition and now with the application process open, UnLtd are sure to see a lot more interest in the initiative hoping to bag the prestigious prize. The shortlisted applicants, who will be chosen on the basis of their venture’s potential and their ability to take it to the next level at speed, will be invited to a business pitch in front of a panel of experts who will offer the entrepreneurs valuable advice.
Cliff Prior, CEO of UnLtd, said “It is a time of great opportunity and great need for a new generation of innovative social entrepreneurs. The overwhelming interest to date demonstrates Britain’s entrepreneurial and ambitious spirit to change society for the better. We are looking for 25 exceptional people with the ambition to grow their ventures and deliver significant social impact at scale. Help us find these 25 people – the search is on!”
Applications for Big Venture Challenge open today, 9th May, and close at 5pm on 30th June. Ambitious social entrepreneurs should visit www.bigventurechallenge.com to apply.