The Impact Toolbox venture development prize is awarded to exceptional youth innovators to develop pilot projects or minimal viable products. The prize fund ranges from $250 to $2000 in equity-free financial support. Applicants must be referred by one of Impact Toolbox’s community partners and ambassadors. To seek a referral kindly send us an email at email@example.com. We will be happy to connect you.
You must meet the following criteria to be eligible for the Prize.
- Ventures must demonstrate a clear plan for revenue generation, profit, or financial sustainability.
- Venture’s core focus must be solving a societal problem or meeting the community’s critical needs.
- The venture must be innovative.
- The venture must demonstrate potential for significant social impact.
- Legal registration/Incorporation and corporate bank account are not required at the point of application, but beneficiaries must provide a detailed financial and project report.
- Selection will be based on the venture’s potential to make social gains while being financially sustainable. As well as technical feasibility and the innovative features of the idea, credibility of the impact and revenue projections, the assumption upon which it is based, and the team’s implementation capacity.
- Teams that have secured more than $5,000 capital or grant from any other source must disclose the amounts and sources in their application. Applicants that have already secured significant investment from venture capital firms, private investors, or other industry sources may not be considered or be subjected to a different type of assessment on a case-by-case basis.
- The originality and clarity of ideas and implementation plan are critical. It is important to keep it simple and succinct.
- The pitch deck, pitch video, and venture memo quality must be illustrative and error-free.
The application process will require the following
- A 100-word description of your social venture or idea
- A full Venture Memo
- An 11-minute full video pitch
- 100-word profiles of team members
- One-page resumes of the founder(s)
- Website URL, social media, and other relevant links