John Edwardson, '72, Social New Venture Challenge
In 2011, given growing student interest in social entrepreneurship, Chicago Booth and the Polsky Center for Entrepreneurship developed a new track of the NVC uniquely focused on new social ventures. The Social NVC, co-organized by the Polsky Center for Entrepreneurship and the Social Enterprise Initiative at Chicago Booth, helps students launch for-profit and nonprofit ventures that have a social impact mission and a model for financial sustainability.
The SNVC spans several months, allowing students to conceptualize, develop, and launch new social ventures through classroom instruction, mentorship, and coaching. Qualifying companies and organizations can be structured either as for-profits or nonprofits but must show a focus on social impact as well as a model for financial sustainability - either through profits, earned income, philanthropy, government aid, or some combination thereof.
Students accepted into the SNVC take the New Social Ventures course, which includes case studies, lectures, and readings about social organizations and related institutions and focuses on various topics relating to launching a new social enterprise - including evaluation, financing, management, performance and impact measurement, and governance.
In the winter, teams are selected and given the opportunity and resources to develop their social venture, create a detailed plan for its creation and growth, and pitch the plan to faculty, social entrepreneurs, domain experts, foundation officers, and philanthropists. In May, six finalist teams present to a panel of esteemed judges and compete for a total of $50,000 in prize money, as well as in-kind resources and services.
Apply to the SNVC
Students with an original new idea for a for-profit or nonprofit venture with a focus on social impact are encouraged to participate in the SNVC and turn their entrepreneurial ideas into reality. Each team is required to have at least one current University of Chicago student in order to participate.
Note: NVC and SNVC applications are the same. Teams may apply to both programs; however, applications must be emailed separately to each track for consideration. Teams will only be allowed to compete in one track.
For more information about applying to one of the NVC tracks please visit our resources page.
Contact Erica Phillips with questions related to the 2014 Social New Venture Challenge.
Check back here in the fall for a full calendar of SNVC deadlines.
The SNVC typically awards $50,000 in cash prizes to the winning and finalist teams.