Deadline: 26 August 2015
Open to: active nonprofit and for-profit social entrepreneurs under 30 years of age from anywhere in the world
Prizes: overall winner will receive $500,000 USD
The Forbes Under 30 $1 Million Change the World Competition is the largest ever for young social entrepreneurs. The competition calls on social entrepreneurs with disruptive and scalable ideas with the potential to change the world. It is open to both nonprofit and for-profit enterprises. This is not a business plan competition – organizations or companies must already be in operation and the prize money should be utilized to accelerate the most promising ideas. The competition is looking for exceptional teams executing bold ideas with the potential to make a huge impact. Judges are looking for solutions in the areas of education, extreme poverty, sustainability, global health and any other number of other social problems.
The challenge is open to:
- Active social entrepreneurs who were born after October 6, 1985, who are a founder, co-founder, or top executive of their organization;
- Applicants from anywhere in the world;
- Those who are already actively engaged in a social enterprise – this is not a business plan contest, but rather one that will reward and accelerate those entrepreneurs already making a difference;
- Both nonprofit and for-profit social entrepreneurs – finalists will come from both categories;
- All submissions and any presentation at the Forbes Under 30 Summit must be made in English. Any submissions not submitted in English will be deemed ineligible;
- Finalists must be available to travel to Philadelphia, PA, USA on October 5-6, 2015 to participate in the Forbes Under 30 Summit.
Five or six finalists, selected from the complete pool of competitors, will receive a cash award of $100,000 USD. They will then compete on-stage at the Forbes Under 30 Summit in Philadelphia on 6 October 2015 in front of 2,000 world-class mentors and the best young entrepreneurs and game-changers in the world. The overall winner will receive at least $400,000 USD in additional cash and in-kind support, bringing their award total to at least $500,000 USD, and the overall award total to $1,000,000 USD.
- Nonprofit prizes – nonprofits will receive their cash award in the form of a grant or other charitable commitment (subject to the terms and conditions of the respective sponsoring organizations);
- For-profit prizes – for-profit companies will receive their cash award in the form of an investment, in the form of equity at the same valuation and on the same terms as their current or previous funding round, or if no funding round is underway, in the form of a convertible note. The investment will be completed no later than 60 days following the announcement of the winner;
- In-kind prizes – in-kind awards, as part of the grand prize, will be given to the company outright, without any equity consideration.
How to apply?
The submission deadline is 26 August 2015 at 11:59 PM Eastern Time. The competition submission consists of under 30 questions that require to complete short answers, upload documents, and create short videos. To participate in the competition please register in official website HERE and complete the submission form. All submissions must be submitted on HeroX.com. Applications will be screened by the Wharton Social Impact Initiative of the University of Pennsylvania. The finalists will be announced in early September, before competing on the main stage at the Forbes Under 30 Summit on 6 October. The finalists will be notified by email on or around 12:00 noon ET on 9 September 2015.
For more information please visit the official website.