New Social Entrepreneurship Award at Kellogg School of Management to Help Students Launch Post-Graduation Social Ventures
The Kellogg School of Management at Northwestern University last week announced a new annual award designed to help a student launch a social venture post-graduation.
The new $80,000 Kellogg Social Entrepreneurship Award is one of a range of initiatives supported by the school’s Carol and Larry Levy Social Entrepreneurship Lab. Other activities aimed toward inspiring and assisting social entrepreneurs include student conferences, a speaker series and social business plan competitions.
The first Social Entrepreneurship Award will go to a member of the Class of 2010 who presents a sustainable, well-developed business plan to address a social or environmental challenge. In addition to the $80,000, the award recipient will benefit from ongoing mentorship and guidance through the Levy Social Entrepreneurship Lab.
“The Kellogg Social Entrepreneurship Award provides a platform to support the innovative ideas of Kellogg students who accept the challenge of harmonizing financial success and social impact,” Jamie Jones, associate director of the Social Enterprise at Kellogg program, said in a statement. Jones hopes that the award will help position recipients to make a meaningful impact in their communities, organizations and the world.
To be considered for the award, students from the Class of 2012 were required to submit an application last week providing detailed plans about their social venture. Applicants will now go on to pitch their ideas in two rounds of competition to a panel of Kellogg professors, staff and leaders in the entrepreneurship, venture capital and social change fields. The final competition round is scheduled for mid-April.
Beyond having a good idea, the winning student will also provide a three-year implementation and operational plan, explain in detail how his or her venture will create systemic social change and be prepared to pursue the venture full-time after graduation.
Judges will determine a winner based on the viability of the plans submitted, the social value and innovativeness of the models and the qualifications and commitment of the applicants. The panel of judges must agree unanimously that the winning venture merits the financial support and seems both financially viable and socially significant.
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