The first round of Washington University’s Social Entrepreneurship and Innovation Competition is complete and six semi-finalists are now in the running for $120,000 in funding.
The semi-finalists progress to the final stage of the competition where they will complete a full sustainability plan for their ventures and then make a presentation to the judges in April. Winners will be announced at the Awards Ceremony on May 3, 2007.
At a private event last week, judges representing area non-profits, corporations, service providers, and universities selected the six finalists from a pool of sixteen teams. The judges’ criteria for selecting the finalists included the project’s concept and market; the team; the sustainability plan; the social value and the presentation.
The finalist teams are:
- Let’s Start with the Kids plans to provide expert training and consultation for the educators and social workers who work with the children of incarcerated parents.
- Miriam Center will be offering comprehensive services for children with multiple learning disabilities.
- MS Repository wants to create an information portal for sharing scientific data about advances in the cure for multiple sclerosis.
- Nest plans to assist women in developing countries to begin or maintain art or craft-based businesses using microfinance loans.
- One World Neighborhood Café, a new venture by the Center for Women in Transition, will be a unique catering service providing education/training for immigrant and ex-offender women.
- The Bridge St. Louis is developing a youth entertainment center in St. Louis where teens can connect to healthy activities and adult mentors.
In addition, three teams remain in the competition for the $5,000 prize awarded to a student who has founded or supported a team:
- Cents City plans to build real world financial habits and classroom skills through an interactive and virtual experience for teachers and students.
- MOAR for Life, a new venture by the South Grand Senior Ministry, will provide services to meet the needs of the elderly population in St. Louis.
- Our Education’s mission is to improve K-12 education in America by engaging and empowering students across the country in a national youth movement for better schools.
After the private judging event, all semi-finalists repeated their elevator pitches at a public event and audience members had the opportunity to select their own top choices, with a prize going to the person whose selections were the closest match to the judges. Four members of the audience tied for that honor and will receive $250 each: Libby Peters, Jim Matush, Dan Mitchell, and Sr. Rose McLarney, CSJ.
The annual Social Entrepreneurship and Innovation Competition is operated by the Skandalaris Center for Entrepreneurial Studies at Washington University in St. Louis in partnership with the YouthBridge Association. The Incarnate Word Foundation has returned as a sponsor for the second year, and is joined this year by the Deaconess Foundation. Additional sponsors for all Skandalaris Center activities include Commerce Magazine/St. Louis Regional Chamber and Growth Association and Sonnenschein, Nath, and Rosenthal, LLP. In this second year of the competition the submissions increased by 33%.
“I think all the teams found it very valuable to see each other’s elevator pitch,” said Ken Harrington, managing director of the Skandalaris Center. “It was the first time most of them had that opportunity. It was inspiring to see them collaborate afterward and help each other. The audience said they were impressed with the content and quality of all of the ideas.”
Throughout the year, the YouthBridge Workshop Series promotes learning, collaboration and team formation. The workshops and other events, including IdeaBounce and Coffee with the Experts, contribute to the competition’s goal of supporting social venture ideas and growing the concept of social entrepreneurship in St. Louis.
Washington University is one of several Kauffman Campuses which have received funding from the Ewing Marion Kauffman Foundation to make entrepreneurship education available across campus and transform the way entrepreneurship is viewed, taught and experienced. In addition, Bob and Julie Skandalaris and other private donors have generously contributed to this broad initiative.