Deadline: 26 August 2015
The Forbes Under 30 $1 Million Change the World Competition is currently open for applications! Young social entrepreneurs are invited to submit their innovative ideas and to grab a chance to win USD 1 Million to change the world.
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. Organizations or companies must already be in operation and the prize money should be utilized to accelerate the most promising ideas.
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 October 6, 2015 in front of 2,000 world-class mentors and the best young entrepreneurs and game-changers in the world, as culled from the Forbes 30 Under 30 lists.
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.
Prizes
Individual prizes:
- The challenge will award a total of $1,000,000 USD in cash and in-kind prizes.
- Five or six $100,000 USD prizes (or equivalent); and
- One $400,000 USD prize (or equivalent) to the overall winner
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.
Eligibility Criteria
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.
How to Apply
- 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 October 6.
- The finalists will be notified by email on or around 12:00 noon ET on September 9, 2015.
For more information, please visit Forbes 30 Challenge.
