Social Start-ups Sought!
Posted on 17th April 2013
A competition with prize money of £100,000 has been launched to find the UK start-up with the biggest potential to make a difference to society through driving positive social or environmental change.
The Decide Now Act (DNA) Profit with Purpose Prize was launched last week and is offering an investment of £100k in the winning business in exchange for a 10 to 30 per cent equity stake, plus ongoing hands-on support and expertise from the Bridges Ventures Angels Group, as well as the broader Bridges Ventures network of investment professionals, partners and advisors.
DNA says that the prize will go to a “charismatic entrepreneur committed to making a positive change in the world by building a scalable business delivering both attractive financial returns and compelling social or environmental impact.”
Qualifying businesses must be less than two years old, have fewer than 25 full-time employees and have no more than £200,000 of gross assets immediately before investments.
Applicants must also not have raised money previously under the Enterprise Investment Scheme or Venture Capital Trust schemes and must have registered the business in the UK, although the company’s impact can extend anywhere in the world.
The organisers describe the sort of people who would enter the competition as dynamic entrepreneurs with the “passion and experience to change the world” and expect their business to be at the stage of development whereby a £100,000 investment would accelerate its growth by enabling it to achieve significant milestones before attracting future institutional funding.
Entrepreneurs have until May 13th to apply and the winner will be announced at the DNA Summit in London in June.
There has been a growing trend in social entrepreneurship projects in the UK of late, such as the Government’s Social Incubator Fund and Big Issue Invest’s Tech for Good Challenge, which aims to provide £50,000 to technology-based social start-ups.