Most of our revenue is dedicated to providing a small amount of funding to our beneficiaries to develop viable prototypes for their ventures. At the same time, the rest is spent on scholarships, and R &D., The Impact Toolbox prototype funding program, provides up to $3000 to exceptional social ventures with high potentials created on our platform. These funds are invested in helping founders launch their ventures and position for bigger investments. Carefully read over our guidelines below to learn how to apply.
To be eligible for the prototype fund, the following criteria must be met.
- Only the Impact Toolbox community members who have completed the evolving social entrepreneurs’ curriculum may apply for prototype funds. Applicants must first complete the emerging social entrepreneur’s curriculum or meet the requirements for waiving this pre-requisite based on the level of growth of their social venture.
- Applicants must have completed all the required training on impact toolbox based on the growth stage of their venture, as explained below.
- The venture must be based in Africa, serving local communities
- Ventures must demonstrate a clear plan for revenue generation, profit or financial sustainability.
- Venture’s core focus must be towards solving a civic problem or meeting the community’s critical needs that it serves.
- Legal registration/Incorporation is not required at the point of application but is required before disbursement of funds.
- Selection will be based on the potential of the venture to make social gains while being financially sustainable. 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 venture memo and pitch. Applicants that have secured significant outside investment from venture capital firms, private investors, or other industry sources may 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.
- Quality of pitch Deck, Pitch Video and Venture Memo. Error-free documents and clear pitch videos with appropriate illustrations are appreciated.
How we invest
The prototype funds are in the form of grants or SAFE (Simple Agreement for Future Equity) agreement if the social venture is a for-profit entity. Please note that grants are awarded in exceptional cases where the non-profit venture has a strong sustainability strategy and compelling potential to make a great impact.
Click here to learn more about the SAFE Agreement.
Not until joining the platform, did I understand the need to be deliberate in strategic planning and management. The program has immensely improved my skills in leadership, community development and has practically demonstrated the importance of networking and collaborations. I am grateful for being a member of this great community of vibrant minds who are willing and ready to make positive changes for a better world. At Vision Redefined Foundation, we offer affordable and accessible eye health services to visually challenged children and adults living in hard-to-reach rural communities in Nigeria. We have improved the sight of over 600 school-aged children suffering various challenges of poor vision and have improved quality of life of over 2000 visually challenged adults.
My mantra in life is to Learn, Unlearn and Relearn. This was the mindset I brought to this program and there has been no room for regret. Joining this platform has not only prepared me to become a better leader but it also made me to appreciate my wins and milestones. I’ve learnt thus far that problems exist everywhere, however my ability to discover the problem and proffer lasting solutions makes me a leader. This platform has also proven that collaboration has become the next big thing in the developmental space.
Since I have been attending training and fellowship programs, I have never encountered the kind of learning experience I’ve got on this platform so far. I never believed I could garner as much relevant learning experience, knowledge and skills needed to help with the smooth running of my organization in the shortest possible time. The curriculum is way too mind blowing and the network of social impact leaders I got was top-notch. So far, my organization, The Mindset Africa has trained over 350 teenagers across 4 communities in south west Nigeria with relevant leadership and digital literacy skills needed to prepare them for the future of work.
I have not attended a training that is so insightful and impactful as this. I have better understood my target audience and rebranded my idea to better position it for global opportunities. I had the golden opportunity to interact and meet with social change leaders from across the continent that answered my questions personally. This is the best social change training I have attended. My organization, Brace-up The Young educate and mentor young people to become innovative and accountable leaders in Nigeria. We have empowered over 323 youth with leadership skills needed to thrive in the 21st century.
The platform feels like a closely knitted nuclear family, collaborating and growing together. Impact toolbox offers a well-planned and strategic platform that has so far helped me redefine, reshape and reposition myself and Yattiyr Scholarship Initiative as a better social change venture. Yattiyr Scholarship Initiative has provided 50 scholarships to indigent students, trained 1500 public secondary students on leadership.
The evolving social entrepreneurs’ curriculum is for already active social entrepreneurs who have is built a Minimal viable product, developed a strategic plan and VP and tested their product with some consumers and ready to seek investment and go to market. You have gotten some feedback from your early customers, validating your idea and ready to launch. Applicants must complete this track before being eligible to receive the prototype fund.
The emerging social entrepreneurs’ curriculum is for aspiring social entrepreneurs whose ventures are still at the idea or preliminary phase. This track is for social entrepreneurs who need to validate their idea, talk to potential customers about their idea, and create a minimal viable product and a strategic plan. Emerging social entrepreneurs must first complete this track to graduate to become evolving social entrepreneurs and apply for prototype funding. Depending on the level of growth, social entrepreneurs who have already grown beyond the emerging stage may skip this pre-requisite.
Applicants who fail to meet these requirements or failed to complete all the required courses for their level of growth would automatically be disqualified.
Begin the process now by selecting the appropriate curriculum for your venture’s stage of growth.
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 and team members
- Website URL, social media, and other relevant links