The Social Venture Competition celebrates and rewards students who have developed solutions intended to impact society’s biggest problems. Do you want to help with these problems? This is your chance to share your ideas, enlist others in your quest, and earn resources to realize your vision. YOU can be the spark that ignites change!
Social ventures offer products and services like other ventures, but offer a clear, measurable social or environmental “benefit” (learn more and see examples here). These benefits are included in the venture’s mission, have a planned source of revenue sufficient to sustain the venture, are potentially scalable, and are likely to provide significant societal impact. We welcome ALL UCF students from all disciplines to participate in this important innovation and entrepreneurship showcase event.
What kind of ideas qualify as social ventures?
A social venture provides a new approach to solving a societal problem. They are ideas which drive social change, be it local or global, through the power of business. Qualifying venture proposals will have a clear, measurable social or environmental benefit included in the venture’s mission, have a planned source of revenue sufficient to sustain the proposed venture, be potentially scalable, thus increasing the likelihood of significant societal impact, and include at least one UCF student on the founding team; note, only students may pitch ideas during this event.
Important Dates
Info Session: Wednesday, November 2nd from 12 P.M. – 1 P.M.
Application Deadline: Sunday, November 6th at 11:59 P.M.
Finalists Announcement: Friday, November 11th.
Orientation for Competitors: Tuesday, Nov. 15th from noon – 1 P.M.
Finals: Thursday, Nov. 17th from 2 P.M. – 4 P.M. (in person at BA1 135 with a reception to follow)
Win over $5,000 in cash awards.
We celebrate the entrepreneurial efforts of student starters across campus and introduce them to community leaders to provide key resources to help launch their ventures.
Eligibility
The competition is open to all full-time and part-time undergraduate and graduate students enrolled at UCF during the 2022-2023 academic year. A venture’s management team must consist of at least one UCF student who has a key role and ownership stake in the venture. Alumni and non-students may participate as members of a venture’s founding team. However, only UCF students may participate in presentations or answering questions from judges.
Submissions may be entered by individuals or teams. The size of the teams is not restricted. A team may enter only one idea, and students may participate on only one team.
Entries must be the original work of entrants, and only complete applications will be considered.
New venture proposals that have earned scholarship awards in a previous UCF Social Venture Competition are not eligible to participate.
Evaluation
Idea/Concept
– Venture addresses a clearly defined social problem
– Venture targets a market in which there is potential economic opportunity
– Venture offers a clear value proposition(s) to its customers, beneficiaries, and other key stakeholders
– Venture has a viable revenue model that shows clear understanding of key cost drivers, revenue streams
Social Impact
– Social impact scales as company grows
– Social impact projections are based on reasonable assumptions and credible data
– Team has designed a clear plan for measuring social impact
People
– Team has a clear execution plan and is prepared to address potential risks
– Venture’s legal form (e.g. for-profit, non-profit, etc.) supports its vision and desired outcomes
– Members are passionate, committed, and resourceful
Context
– The conditions (i.e. regulatory, tax, political) are favorable
– Market need, size of opportunity, competitive landscape, and potential risks are identified and manageable
Resources
– Funding sources are identified and a plan for securing initial investment is articulated
– The funding plan is sensible in terms of capital required to launch and operate
Performance Measurement
– The plan provides a clear plan to deliver high performance
– The plan takes a practical approach to milestones and organizational outcome measurement
Communication and Presentation
– The team was persuasive in communicating the idea and its potential
Event Format
Presenters will be given up to 6 minutes to present the problem they intend to address, the solution they plan to offer, and a financially sustainable and scalable business/organization model capable of delivering the solution to those in need. They will then have 4 minutes to respond to questions from the judging panel.
Prizes and Awards
- 1st Place – $2,500
- 2nd Place – $1,250
- Honorable Mention – $500
The order of presentations will be determined randomly prior to the beginning of the event. After the presentations are completed, participants and audience members will be invited to enjoy a networking and awards reception that honors our participants and our sponsor.