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Announcements

Social Innovation Competition and Accelerator Program

Applications are now open for the 2021 Social Innovation Tournament, organized by the European Investment Bank Institute. The aim of the competition is to recognize and support the best social entrepreneurs in Europe. Project ideas can be for-profit or non-profit, provided they focus on social problems and threats. Submitted projects may be at different stages of implementation. Applications can be submitted with innovative ideas that will be implemented within a reasonable timeframe, or with projects that have already been implemented, produced tangible social impact, and offer best practices and replicable models. All applicants are expected to commit to using any winnings in line with the objectives of their project. An applicant may submit more than one Social Innovation Idea. Applications must be submitted in English or French. Participation in the competition is free.

Definition of Social Innovation: Social innovation is the process of generating and implementing innovative solutions to existing social, cultural, economic, and environmental problems in order to ensure a sustainable life for people, society, and the planet.

Competition promotional video: https://youtu.be/Hn3CHTZ8ZUo

Past award winners: https://institute.eib.org/whatwedo/social-2/social-innovation-tournament-2/sit-previous-results-2/

Deadline for applications: Wednesday, March 3, 2021 (23:59, CET)

Announcement: https://institute.eib.org/social-innovation-tournament-2/

Online application form: https://institute.eib.org/social-innovation-tournament-2/sit-application-forms-and-guidelines/

Who can apply?

The tournament includes EU Member States, Enlargement Countries (including Türkiye) Individuals or teams representing the following For-Profit and Non-Profit Organizations and Associations from EFTA Member Countries, as well as Students, can apply:

  • Young Entrepreneurs

  • Social Enterprises

  • Social Responsibility Departments of Companies of All Sizes

  • NGOs

  • Public Institutions

  • Local Governments

  • University Communities

  • Student Groups

The Implementation Location of Project Ideas

Applicants are expected to have their projects implemented in one or more of the following countries: EU Member States, Enlargement Countries (including Türkiye), and EFTA Member States.

Categories and Awards

Categories

Awards

Explanation

General Category

Business ideas on any topic can be submitted. Projects should address issues such as combating unemployment, marginalizing disadvantaged groups, increasing access to education in many fields, health, environment, urban environment, and the use of new technologies, systems, and processes.

  • Second Prize: €30,000

Special Category

The 2021 Social Innovation Competition Special Category will focus on the theme of "Sustainable Living".

  • First Prize: €75,000

  • Second Prize: €30,000

People's Choice Award: One applicant will be selected by public vote from among the competition participants and will receive a cash prize of €10,000.

All finalists will be included in the Social Innovation Tournament (SIT) Alumni Network (SIT Network) and Impact Bootcamp, online seminars, SITolarship is an innovation grant program., They will gain the opportunity to participate in investor fairs and other mentoring activities. The European Investment Bank, within the framework of SIT, supports a growing community of social entrepreneurs, aiming to foster synergies and complementarity within this group, which is based in Amarante (Portugal). IRIS It also supports a social incubator called [name of incubator].

The owners of the two finalist projects will have an event in Fontainebleau, France. INSEAD Social Entrepreneurship Programme They will be given the opportunity to participate in the event.

Evaluation criteria

Stage

Criteria

  1. Stage

  • What social and environmental problems do you aim to solve?

  • What stage is your project in?

  • How will your project make a difference in solving problems?

  • Who will benefit from the solution and how?

  • What are your current and expected funding sources? Can your project generate sustained income? What is your value proposition to investors?

  • If you win the competition, how do you plan to spend the money?

  1. Stage

  • Considering the scope of the social vision of the proposed innovation, its likelihood of being implemented

  • Overall cost effectiveness

  • The proposing team's commitment to the project objective, strategy, and implementation capacity.

Application and evaluation process

  • Application deadline: March 3, 2021

  • 7-minute online video interview: On a date and time requested by the applicant in March 2020.

    • Applicants will be asked the following questions during the interview.

      • Background of the project and the motivation behind carrying out the project.

      • The innovative aspects that set the project apart from others

      • The transformative potential of the project for humanity and/or the planet.

  • Announcement of the 15 finalists: May 15, 2021

  • Mentorship workshop for finalists (Vienna, Austria): June 29-30, 2021

  • Online training on presentation techniques: July 29, 2021

  • Final proposals regarding presentation materials must be submitted by September 8, 2021.

  • Submission of final presentations: September 27, 2021

  • Rehearsal camp (Lisbon, Portugal): 6 – 6 October 2020

  • Final event (Lisbon, Portugal): October 7, 2021 (Each final presentation will be given 7 minutes, followed by a 5-minute Q&A session with questions from the jury.)

Points to consider

  • Those wishing to apply should first Rules for Applicants And FAQ They are advised to review these sections.

  • Applications must be submitted in English. Presentations at the Final Event must also be in English.

  • An applicant may submit more than one Social Innovation Idea.

  • Project ideas can be for-profit or non-profit, provided they focus on societal problems and threats.

  • An applicant may be eligible for a maximum of one award.

  • Projects that have received awards in previous years cannot be resubmitted; however, owners of projects that have received awards in previous years can resubmit new ideas/projects.

  • Projects that were finalists in previous years or that qualified for mentorship support may be resubmitted, provided they are improved.

  • All applications must include a general business plan and financial baselines. While a formal business plan is not expected, it should be clear and convincing and include a description of the proposed product or service, the financial and other resources required, and general sustainability considerations. The business plan may also include a unique value proposition, number of users/impact groups, investment and grant information, and how the funding will be used. Financial baselines are expected to include operating costs and large-scale items in the budget, past, present, or projected revenues, and break-even point scenarios.

  • The proposed innovation does not have to be on a global scale; it is possible for the proposed solution to focus on a local problem.

  • The European Investment Bank Group or the European Investment Bank Institute does not claim any intellectual property rights over the submitted ideas/projects.

  • For the second stage of the application process, travel expenses will be covered for two individuals from the participating teams traveling to Lisbon, Portugal. Travel expenses will also be covered for two individuals from the teams attending the Impact Bootcamp in Lisbon, Portugal. At least one of the two individuals attending the Impact Bootcamp and the final event must participate in the online video interview, attend the Impact Bootcamp and rehearsal camp, and give a presentation at the final event.

For more information and questions:

email: institute@eib.org

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