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2012 Chicago Booth
Social New Venture Challenge Robert Gertner, Joel F. Gemunder Professor of Strategy and Finance Linda Darragh, Director of Entrepreneurship Programs, Clinical Associate Professor of Entrepreneurship
Overview The Social NVC is a track of the New Venture Challenge designed to help students launch for- and non-profit ventures that have a social impact mission and a model for financial sustainability. How is the Social NVC similar to the Traditional NVC? o Process spans several months; o Includes extensive coaching and mentorship; o Selected teams enroll in spring course (two sections offered in Spring 2012: Wednesday morning and Wednesday evening. o Finals competition held in May before a panel of seasoned investors and entrepreneurs. $25K in prize money from (Social NVC platinum sponsor) will be awarded. How is the Social NVC different from the Traditional NVC? o Ventures must have a deep social mission; o Course includes teaching modules; o Finals prizes are monetary awards, not investment.
Social NVC Timeline & Important Dates Autumn Quarter October 27: Social NVC Info Session November 9: Big Problems, Big Ideas & Social NVC Idea Generation Event Ongoing: Work on building your team and conducting market research! Winter Quarter January 9, 10: Social NVC Application Workshop February 6: Applications due at 10 a.m. February 23: Announcement of teams that will advance to Phase II Late February: Orientation Session for Phase II teams
Spring Quarter March 26: BUS 34115 New Social Ventures course begins May 30: Social NVC Finals Competition
Entry Rules What defines a social venture? You must apply with a social venture: a business or organization designed, managed, and governed to sacrifice profit for mission or seek funding from investors who are willing to sacrifice returns for mission. o Must plan to be financially sustainable – through profits, earned income, philanthropy, government aid, or some combination thereof. o Can focus on any sector, including: community development, education, orphan drugs, global health & poverty alleviation, environment. o Can be for-profit, non-profit with significant earned income strategy, or non-profit relying on philanthropy or government funding. o Cannot be an innovative government-operated program.
Entry Rules, Continued o Idea must be original and innovative: some aspect of the offering, funding, organizational structure, or the ways in which they are combined is new. o Idea may be developed in conjunction with a research project done for another course (with faculty permission); students can enlist faculty and outside help. o Proposed venture must not have been in operation for more than three years. o Ventures that have already been launched that have received some funding must disclose the amounts and sources in the application. o Business plans that have participated in other university business plan competitions are not eligible unless approved by one of the SNVC faculty or coaches.
o Intellectual Property Protection: The organizers of the Social NVC have taken all reasonable measures to assure that all contestants retain their rights to the business plan and IP. The protection of these rights is the ultimate responsibility of each contestant. Contestants are urged to mark as confidential any portion of their entries that they consider to be proprietary or of a sensitive nature.
Entry Rules, Continued o Students may apply to both the Traditional and the Social NVC; please tell us your preference on your application and we will coordinate. o Participating in both the SNVC and NVC courses simultaneously is discouraged for your own sake. o Students may submit multiple applications (one idea per application). o If teams are the same, let us know which idea you like better. o If teams are not identical but have overlap, let us know on applications what to do if both ideas qualify (change teams or which to choose). o Students may not participate as registered students (in New Social Ventures) on two teams.
Entry Rules: Team Composition Team Composition o No minimum or maximum team size. o Teams must include at least one currently-registered University of Chicago student. o Preference given to teams that include at least one Chicago Booth student. o At least one University of Chicago student must be a founder or integral member of the team (students cannot be consultants or minor players; must be part of senior management team). o Teams can include non-students and/or students from other institutions. o At least one member of each team must register for the spring-term Social New Ventures course. Teams may include students who do not register for the course, but only registered student(s) can give the presentations, including the finals presentation. Non-students can help answer questions during presentation Q&A. o In your application, be sure to distinguish between team members who do and do not wish to register for the course.
Entry Checklist Deadline: All entry materials must be submitted by 10:00 am (CST) on Monday, February 6, 2012. Your application packet must include (collated in the following order): o Application Cover Sheet; o Resumes from all team members; o Venture description that is no more than five pages, typed and double-spaced, not including resumes; o Signed Certifications and Agreements document; o Which sections of New Social Ventures your team can attend. Submit one electronic copy (email to [email protected]
) and one hard copy (deliver/mail to Polsky Center: 5807 S. Woodlawn Ave, Suite 207) of all entry materials. Do not staple or bind any materials.
Preparing Your Application Plan to attend the Social NVC Application Workshop on Monday, January 9 (Gleacher) or Tuesday, January 10 (Harper). Dates and times are listed on www.polskycenter.com/socialnvc. Questions to consider when preparing your application venture description: o What does your organization do? o What problem does it solve? o What is your theory of social impact? o How is your idea innovative? o How does it differ from other competing organizations? o What is the target market? o How will you become financially sustainable? o What is your operating model? o Who is your team? o Why will this succeed?
Notification and Registration Procedures February 23, 2012: Teams will be notified as to whether they will advance to Phase II of the competition. Selected teams have approximately one week to accept or decline. We will view acceptance as a commitment to register for the class. If the class fills up, we will create a waiting list and let you know if you are accepted from the waiting list by the end of February. If the class is not full, we may allow some last-minute applications and registrations.
New Social Ventures – BUS 34115 New Social Ventures, taught by Robert Gertner, is structured as a course with the development of an innovative social organization as the main course project. Two sections offered in Spring 2012: Wednesday morning and Wednesday evening. Traditional Academic Component o Cases, lectures, and readings about social organizations and related institutions o Topics include: evaluating a new social enterprise, financing a social startup, managing a social organization, managing and financing growth, measuring performance and social impact, and governance. Social New Venture Challenge Component o Conceptualize innovative social venture and create detailed plan for creation/growth. o Receive coaching/mentorship from Rob Gertner, Linda Darragh, and others. o Pitch the plan to faculty, social entrepreneurs, domain experts, foundation officers, and philanthropists for the chance to win $25K from
New Social Ventures: Class Structure Developing a Social Venture o Students learn how to develop an effective business model to turn an innovative idea into a successful social venture. o Multiple rounds of pitch presentations, where students give, receive, and respond to feedback. o Detailed industry and market research. o Coaching, contacts, and feedback from faculty and friends. Studying the institutions and role of social entrepreneurship o Case studies, lectures, guest lectures, readings. o Topics will include: evaluating social ventures, financing social startups, managing and financing growth, measuring performance and impact, governance.
Social NVC Website www.polskycenter.com/socialnvc Link to entry forms, instructions on preparing an application, and sample business plans. Info on last year’s Social NVC teams
Key dates and events for the 2012 Social New Venture Challenge
NVC Website www.chicagonvc.com • Link to key dates, deadlines, and events for the 2010-11 New Venture Challenge
• Link to online team building site where people can post ideas and team openings • Link to sample business plans, NVC class workshops, sample equity agreement • Link to official rules and regulations, sample application venture descriptions
• Check here for the latest news on current & former NVC Companies
A Word on the Social Entrepreneurship Lab Format o Focus on project management and tactical help on survey design/market research o Specific classes on the ‘businesses’ of microfinance, fair trade, education, workforce development, and technology. Application Process: Booth Students o Apply through regular bidding process; if accepted, you will receive an email. o Choose 3 projects and email your resume. o Professor forms teams and announces teams by mid-December. Application Process: Non-Booth Students o Application form due by Nov. 21, 2011 to [email protected]
o Describe relevant background and your potential contribution. o Explain how taking this course will advance your career and academic objectives. o Choose 3 projects and send your resume; if accepted, you will receive an email o Professor forms teams and announces teams by mid-December.
Questions? Robert Gertner Joel F. Gemunder Professor of Strategy and Finance, Chicago Booth
Linda Darragh Director of Entrepreneurship Programs, Polsky Center Clinical Associate Professor of Entrepreneurship, Chicago Booth
Remember to attend the Big Problems, Big Ideas Event & Social NVC Idea Generation Session: November 9, 5:30-8:30 pm, Harris Auditorium For more info on the Traditional NVC, plan to attend: o Traditional NVC Kickoff (Harper): Nov 1, 6-8 pm in Harper C25 o Traditional NVC Kickoff (Gleacher): Nov 19, 12:15-1:15 pm in Gleacher 206