Sparkseed Social Innovation Competition FAQs
What will I get if I win?
Sparkseed social innovators receive six months of comprehensive support to launch and scale their ventures. This includes:
- Mentoring from entrepreneurs and executives
- $20,000 in pro-bono services, such as legal, finance, design, accounting, strategy, etc.
- $11,000 in seed money, $1,000 up front and up to $10,000 in follow-up funding
- Skill-building webinars on writing a business plan, managing a team, pitching to investors, leveraging social media, measuring impact, and more
- $10,000 in web tools, including web design, hosting, and SEO consulting
- A four-day social innovation summit in Silicon Valley.
Is there an opportunity to receive support after the six months?
Yes! The top three ventures from the six-month incubator will join Sparkseed’s portfolio. These ventures will get everything they received during the six-month incubator on an on-going basis. This is when some ventures will get up to $10,000 in follow-up funding.
Most importantly, Sparkseed is committed to scaling its portfolio ventures’ social impact and financial success. Sparkseed will make equity investments in its for profit ventures and serve as a fiscal sponsor for its nonprofit ventures.
How many winners will there be?
Sparkseed will select up to 10 winners.
What are the key dates I need to know?
February 7 – Deadline for submitting elevator pitch videos.
March 7 – Deadline for submitting business plans (semi-finalists only)
April 1 – New Sparkseed Innovators announced
The 2010 Sparkseed Social Innovation Competition is now closed. Check back in April to see our new class of student innovators. Sign up for our newsletter to stay updated on the competition for next year and the 2010 finalists.
Is there any incentive to applying sooner rather than later?
Yes! The five applicants with the most votes will automatically be selected as semi-finalists. The sooner you submit your video, the more time you have to get votes. So apply now!
Can you explain the entire application process?
Sure. There are three rounds:
- Elevator pitch video competition. If you’re an undergraduate student with an idea for a nonprofit or for profit venture that will make the world a better place, upload your elevator pitch for a chance to win tons of support to make your dream a reality.
- Business plan competition (semi-finalists only). Based on public voting and Sparkseed judging, the top ideas from round one will be invited to submit a business plan. There will be an opportunity to get feedback before and after submitting final drafts to our judges.
- Final presentations. Finalists will have an opportunity to pitch their ideas to a panel of judges. Depending on the finalist’s location, the presentation may be in-person or virtual.
Who are the judges?
Sparkseed’s judges include venture capitalists, entrepreneurs, business professors, issues experts, and nonprofit leaders.
Can you provide examples of successful video pitches from last year?
Yep. Here you go…
Green Handkerchiefs Initiative
Northwestern Sustainability Fund
INeedAPencil
Isn’t making a video a lot of work?
No. It’s actually really easy. If you have a computer with a web cam, you can make one in minutes. If you want to get fancy and use a video camera and editing software – even better. If you are serious about scaling your social venture, having a good video for marketing is a smart move.
What advice can you provide on how to make a great video?
- Tell us what you do. The primary purpose of your video is to clearly communicate your idea: what your venture does, why it’s important, and why you are the right person to do it. Hit on these key points.
- Be clear and concise. To accomplish #1, you need to make sure that we can hear you (literally, make the audio clear) and that we can hear your message (don’t use jargon or be long-winded. Get to the point).
- Be creative. If you have pictures of the people you help, schemas that explain your process, or a demo, include them.
If Sparkseed takes a small equity stake in the top 3 out of 10 winners, is the competition open to non-profits? How does that work with the equity stake?
Non-profits are definitely encouraged to apply. Many of the 10 ventures that receive 6-months of support will be nonprofit. Since they are not for profit, Sparkseed cannot have an equity stake in them. Therefore, if one of the 10 ventures is a nonprofit and successful enough to be invited into our portfolio, we may work out an arrangement similar to a fiscal sponsorship agreement in which Sparkseed administers a small fee (% of donations) in exchange for additional funding and on-going support. This would only be for portfolio ventures (selected in October 2010).
