Social Impact is currently developing a differentiated range of services within its Social Impact Finance program, to close the gaps in financial support for social startups and build bridges between social startups and sponsors.
For the first time, any startup with a public-benefit status aiming to improve the socio-economic situation of refugees living in Germany can apply for the Wirkungsfonds at Social Impact Finance. The program has previously only been accessible for Social Impact scholars and alumni, so this is really great news!
The Social Impact Finance currently focuses on three pillars: Crowdfunding, Ready for Finance and the Wirkungsfonds. Registered public benefit companies that aim to support the socio-economic situation of refugees in Germany can currently apply for the Wirkungsfonds . With that, they have the chance to win up to EUR 25,000 to scale their impact. In addition to that, selected teams will receive financial advise, workshops and mentorship by an SAP or/and Deutsche Bank employee. The application deadline is November 15, 2016.
The Wirkungsfonds kick-started in early 2016 and is a joint program from SAP, Deutsche Bank and Social Impact.
The application process
1. Apply online
You can find the application form here. Make sure you are eligible to apply and you meet the criteria. Social Impact, Deutsche Bank and SAP will select 50 projects for the online voting.
2. Online Voting
If you are amongst the 50 best application, you will make it to the public voting. Here, the general public can vote for you and your idea. These results and the decision of the expert jury will decide which 6 projects will make it to the finals.
3. Boostworkshop & Idea Reframing
If you are amongst the sixth most popular and convincing teams, then you will be invited to the Boostworkshop which will help you optimise your business concept and financial plan, and make you fit for the final pitch event.
All six teams will present their idea and business concept in a public pitch. The expert jury will decide about the awarding of the financial support, which can up as much as €25,000.
Who can apply?
- You must be officially registered as an organisation or business
- You must be a public benefit (non-profit) organisations (annerkannte Gemeinnützigkeit)
- You must be based in Germany
- You must be able to participate in the Boostworkshop and the Idea Reframing Workshop
- And you must be able to communicate in German
And these are the criteria:
- Viability – Is your social-enterprising idea viable?
- Social Impact – Is your concept improving the living conditions of refugees in Germany?
- Innovation – Is your concept innovative?
- Social Return on Investment – How big (or how much bigger) can your impact be with the funding?