2017 Rice Fund Under 30 Impact Challenge: USD500,000 in prize

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2017 Rice Fund Under 30 Impact Challenge

The winning company in the 2017 Rice Fund Under 30 Impact Challenge will qualify for up to $250,000 in value from The Rise Fund and its affiliates on mutually agreeable investment terms. Forbes will offer $250,000 in an in-kind media grant, bringing the total value to $500,000.

The Rise Fund invests in companies that create positive impact at scale through their core business operations, such that financial success and meaningful social and environmental impact reinforce one another. Echoing Green catalyzes the impact of emerging social innovators, identifying leaders early in their career and investing in their success by providing seed funding, leadership development, hands-on support and networking opportunities during their fellowship and beyond.

Submissions will be accepted from August 17, 2017 to September 6, 2017. Submissions will be reviewed by Forbes, The Rise Fund, and Echoing Green. Finalists will pitch their businesses to The Rise Fund and Echoing Green teams during the week of September 18, 2017, and a winner will be awarded by Cheryl L. Dorsey and Bill McGlashan at the Forbes Under 30 Summit on Monday, October 2, 2017.

Applicants must be under 30 and the businesses must be in a growth phase, with two full 12-month periods of generating revenue above $100,000 in each period and/or $1 million in cumulative revenue since inception. Businesses must operate in one or more of the following seven sectors: education, energy, food and agriculture, financial services, growth infrastructure, healthcare or TMT (technology, media and telecommunications).

You may review the submission form in PDF here. However, all entrants must complete and submit the online form. Paper or PDF submissions will not be accepted.

Terms & Conditions

From October 1-4, 2017, the Forbes Under 30 Summit, the world’s greatest gathering of young entrepreneurs and game-changers, is expected to bring together in Boston more than 6,000 of the planet’s current and future leaders in every major field. Summit participants will converge across nine interconnected themed stages: Tech, Create, Capital, Impact, Discover, Wealth Advisor, Women@Forbes and Ideas, as well as a Main stage for Forbes 30 Under 30 honorees.

About the $500,000 Global Under 30 Impact Challenge

The $500,000 Global Under 30 Impact Challenge, the inaugural competition by The Rise Fund, Echoing Green, and Forbes, celebrates creative entrepreneurs under the age of 30 who are building successful for-profit enterprises that drive positive social and environmental impact. The winner will qualify for an investment offer by The Rise Fund of up to $250,000 in value, comprised of a combination of cash investment and business-building support, and an in-kind media grant by Forbes of $250,000.

Submission Requirements

The competition submission consists of an online questionnaire and additional requested information, as set forth on the submissions page located at: www.therisefund.com/under30impactchallenge. Follow the instructions on the submissions page to register for the competition and to view and complete the submission form.

We encourage you to register for the competition as soon as possible and to make note of all submission requirements. We also suggest that you compile all components of the submission offline and then upload and copy/paste your responses.

Submissions will be accepted beginning on August 17, 2017 at 1:00 PM EST. The submission deadline is September 6, 2017 at 11:59 PM EST. No late entries will be accepted. Please plan ahead. To avoid any technical issues with your browser, do not submit during the last few minutes.

Applicants may be asked for follow-up information by competition judges. Finalists will be selected and notified by September 15, 2017. Finalists will pitch their businesses to The Rise Fund and Echoing Green investment teams during the week of September 18, 2017, either in person or via video or telephone conference. The winner announcement will be made by Cheryl L. Dorsey (Echoing Green) and Bill McGlashan (The Rise Fund) on October 2, 2017 at the Forbes Under 30 Summit in Boston, Massachusetts. All finalists must be available to travel to Boston, Massachusetts from October 1-4, 2017 at their own cost and expense. A full pass to the summit will be provided by Forbes. International applicants are responsible for their own visa and other logistics issues.

Judging Criteria

True to the competition’s name, this challenge seeks creative entrepreneurs under the age of 30 who are building successful for-profit enterprises that drive positive social and environmental impact. The determination of finalists shall be at the sole discretion of The Rise Fund and Echoing Green, taking into consideration their determinations regarding the amount and type of social and/or environmental impact inherent and intentional in the enterprise’s core strategy and the potential for competitive financial returns. Winner determination shall be at the sole discretion of the judging panel, based on the same judging criteria. In the case of a tie at any stage of the competition, the determination of The Rise Fund (based on the approach described herein) will control.

The Rise Fund takes a data-driven approach to assessing impact. Assessments are undergirded by independent, rigorous, published research that demonstrates whether a given product or service leads to one of 30 key target impact outcomes, which are aligned with the United Nations Sustainable Development Goals. The Rise Fund’s impact underwriting methodology applies a formula to quantify a company’s social or environmental impact in dollar terms, with the dollars calculated representing the positive value to society of the goods and services created by the company. Entrants to the Under 30 Impact Challenge do not need to have quantitative impact assessment systems, but the impact generated by their businesses must be meaningful and measurable, in keeping with The Rise Fund’s approach.

Winner Award

The competition winner award package will consist of the following:

  • Investment offer of up to $250,000 USD, comprised of a combination of cash investment and business-building support, from The Rise Fund and its affiliates; and
  • $250,000 USD in-kind media grant from Forbes.
  • The winner announcement will be on Monday, October 2, 2017.
  • The investment offer will be subject to mutual agreement on investment terms (including investment size and valuation) between the winner and The Rise Fund and its applicable affiliates.
  • The in-kind grant will be credited to the winner outright, without any equity consideration.

Eligibility

To be eligible to participate in the competition, an applicant must be:

  • An active entrepreneur who is under the age of 30 at the time of the competition (i.e., born after October 2, 1987) who is a founder, co-founder or top executive of their business with the authority to enter this competition on their business’ behalf.
  • In the “growth phase” of its business, with either (a) at least 2 full 12-month periods of generating revenue above $100,000 in each period and/or (b) at least $1 million in cumulative revenue since inception.
  • In a business that (a) creates a positive social and/or environmental impact as an inherent and intentional part of its core strategy and (b) operates in one or more of the following seven sectors: (1) education, (2) energy, (3) food and agriculture, (4) financial services, (5) growth infrastructure, (6) healthcare, or (7) technology, media, and telecommunications.

Rules; Additional terms

  • All submissions must be completed on www.therisefund.com/under30impactchallenge and during the entry window described above. No late submissions will be accepted. All submissions and any presentation at the Forbes Under 30 Summit must be made in English. Any submissions not submitted in English will not be reviewed.
  • All finalists must be available to travel to Boston, Massachusetts from October 1-4, 2017 at their own cost and expense.
  • Applications will be retained. By submitting an application, applicants represent that (i) they recognize that their applications (including all ideas, concepts, plans or other elements contained or described therein) may be identical or similar to other submissions or materials already known to The Rise Fund or its affiliates, Echoing Green and/or Forbes; (ii) they have submitted their applications voluntarily and not in confidence and that no fiduciary or confidential relationship is intended or created between the applicants and any person who may review the applications; and (iii) they understand that by receiving or reviewing the application, The Rise Fund and its affiliates, Echoing Green and Forbes assume no obligation of any kind.
  • Application to the Under 30 Impact Challenge is neither related to nor has any bearing on consideration for the Echoing Green Fellowship.
  • Any applications will go through a process of due diligence; any application found to be misrepresentative, plagiarized, or sharing an idea that is not their own will be automatically disqualified.
  • All ineligible applicants will be automatically removed without notice from the competition with no recourse or reimbursement.
  • No purchase or payment of any kind is necessary to enter or win the competition.
  • Applicants must be 18 years or older at the time of submission.
  • Applicants invited to be finalists will be required to sign a release document as a condition to their participation in the competition and eligibility to be selected as a winner. Such release will set forth additional details and legal requirements relating to the competition and awards.

Good Luck as you apply.

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