Application Deadline: September 6, 2017:
About the $500,000 Global Under 30 Impact Challenge
The $500,000 Global Under 30 Impact Challenge, the inaugural competition by The Rise Fund, Echoing Green, and Forbes, celebrates creative entrepreneurs under the age of 30 who are building successful for-profit enterprises that drive positive social and environmental impact. The winner will qualify for an investment offer by The Rise Fund of up to $250,000 in value, comprised of a combination of cash investment and business-building support, and an in-kind media grant by Forbes of $250,000.
The competition submission consists of an online questionnaire and additional requested information, as set forth on the submissions page located at: www.therisefund.com/under30impactchallenge. Follow the instructions on the submissions page to register for the competition and to view and complete the submission form.
We encourage you to register for the competition as soon as possible and to make note of all submission requirements. We also suggest that you compile all components of the submission offline and then upload and copy/paste your responses.
Submissions will be accepted beginning on August 17, 2017 at 1:00 PM EST. The submission deadline is September 6, 2017 at 11:59 PM EST. No late entries will be accepted. Please plan ahead. To avoid any technical issues with your browser, do not submit during the last few minutes.
Applicants may be asked for follow-up information by competition judges. Finalists will be selected and notified by September 15, 2017. Finalists will pitch their businesses to The Rise Fund and Echoing Green investment teams during the week of September 18, 2017, either in person or via video or telephone conference. The winner announcement will be made by Cheryl L. Dorsey (Echoing Green) and Bill McGlashan (The Rise Fund) on October 2, 2017 at the Forbes Under 30 Summit in Boston, Massachusetts. All finalists must be available to travel to Boston, Massachusetts from October 1-4, 2017 at their own cost and expense. A full pass to the summit will be provided by Forbes. International applicants are responsible for their own visa and other logistics issues.
True to the competition’s name, this challenge seeks creative entrepreneurs under the age of 30 who are building successful for-profit enterprises that drive positive social and environmental impact. The determination of finalists shall be at the sole discretion of The Rise Fund and Echoing Green, taking into consideration their determinations regarding the amount and type of social and/or environmental impact inherent and intentional in the enterprise’s core strategy and the potential for competitive financial returns. Winner determination shall be at the sole discretion of the judging panel, based on the same judging criteria. In the case of a tie at any stage of the competition, the determination of The Rise Fund (based on the approach described herein) will control.
The Rise Fund takes a data-driven approach to assessing impact. Assessments are undergirded by independent, rigorous, published research that demonstrates whether a given product or service leads to one of 30 key target impact outcomes, which are aligned with the United Nations Sustainable Development Goals. The Rise Fund’s impact underwriting methodology applies a formula to quantify a company’s social or environmental impact in dollar terms, with the dollars calculated representing the positive value to society of the goods and services created by the company. Entrants to the Under 30 Impact Challenge do not need to have quantitative impact assessment systems, but the impact generated by their businesses must be meaningful and measurable, in keeping with The Rise Fund’s approach.
The competition winner award package will consist of the following:
Investment offer of up to $250,000 USD, comprised of a combination of cash investment and business-building support, from The Rise Fund and its affiliates; and
$250,000 USD in-kind media grant from Forbes.
The winner announcement will be on Monday, October 2, 2017.
The investment offer will be subject to mutual agreement on investment terms (including investment size and valuation) between the winner and The Rise Fund and its applicable affiliates.
The in-kind grant will be credited to the winner outright, without any equity consideration.
To be eligible to participate in the competition, an applicant must be:
An active entrepreneur who is under the age of 30 at the time of the competition (i.e., born after October 2, 1987) who is a founder, co-founder or top executive of their business with the authority to enter this competition on their business’ behalf.
In the “growth phase” of its business, with either (a) at least 2 full 12-month periods of generating revenue above $100,000 in each period and/or (b) at least $1 million in cumulative revenue since inception.
In a business that (a) creates a positive social and/or environmental impact as an inherent and intentional part of its core strategy and (b) operates in one or more of the following seven sectors: (1) education, (2) energy, (3) food and agriculture, (4) financial services, (5) growth infrastructure, (6) healthcare, or (7) technology, media, and telecommunications.