Twenty five social entrepreneurs will benefit from funding of up to £175,000 under a new government scheme set-up to stimulate social investment.
The Big Venture Challenge will launch next month, under the management of UnLtd with financial support from the Big Lottery Fund, and will endeavour to find 25 up-and-coming businesspeople whose ideas can positively impact on society.
Jonathan Jenkins, of UnLtd, told Startups that “the whole thing, for us, is to capitalise on the social business Angel investment market space. The challenge is to find 25 inspirational people who can stimulate new social investment, and we can’t wait to take it on.”
The opening for applications will start on May 9 and close on June 30. Shortlisted candidates will then be invited for a formal interview, before the final 25 are announced in late September.
Each of the winning applicants will receive first-stage funding of £25,000, and then will be invited to pitch, in two stages, for co-investment seed finance totalling £150,000.
To secure the co-investment finance, the entrepreneurs will have to provide their own match funding – providing an opportunity for Angels and venture capitalists s to get involved.