50K Social Entrepreneurship Competition Frequently
Asked Questions
What is social entrepreneurship?
- Adopting a mission to create and sustain social value (not just private value),
- Recognizing and relentlessly pursuing new opportunities to serve that mission,
- Engaging in a process of continuous innovation, adaptation and learning,
- Acting boldly without being limited by resources currently in hand, and
- Exhibiting a heightened sense of accountability to the constituencies served
and for the outcomes created.*
*J. Gregory Dees, "The Meaning of Social Entrepreneurship," Stanford University, 1998.
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Why is there a social entrepreneurship business plan competition?
The Social Entrepreneurship Competition was created to encourage members of the
Tufts University community to think about developing new ventures that benefit
society and promote active citizenship. By combining entrepreneurship and social
purpose, the competition is intended to foster collaboration between business
and social ventures, and implement lessons learned from the entrepreneurial and
business world in the non-profit world. The competition provides an opportunity
for students to give back to the community more than they have received in
educational benefits.
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Who is eligible to enter the competition?
The Social Entrepreneurship Competition is open to all members of the Tufts
community. Entries may be individuals or teams, but individuals should consider
forming or joining a team. At least one member of each team must be a Tufts
student.
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If I entered last year's competition, can I re-enter this year's
competition?
Plans that have previously received a Social Entrepreneurship award may not be
re-entered. Previous participants are encouraged, however, to submit business
plans for new ventures.
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Can I enter a business plan for an already existing business?
Plans for existing businesses are eligible to compete, provided that the plan
addresses a new idea or significantly expands or modifies an existing service or
product.
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Can the business plan have outside funding?
Plans should not have received over $10,000 in funding (excluding owners' contribution).
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How does the competition work?
Participants in the competition will be required to submit an application and a
business plan. Teams must sign up on
YouNoodle using the following
link:
http://younoodle.com/groups/tufts_bpc. The judges will determine the finalists from the submissions.
Feedback will be given to the finalists, and finalists will be requested to
submit a revised business plan. The finalists will present their business plans
to the judges before an audience of entrepreneurs and Tufts alumni. The
presentation will last approximately twenty minutes and will be followed by
questions from the judges. A reception will take place after the presentations,
and the awards will be announced at the conclusion of the reception.
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What information should the business plan contain?
To enter this competition, you must submit a 10-20 page business plan. The business
plan should include the following sections:
- Executive Summary
- Concept of Enterprise
- Services/product description
- Target clients/market
- Competitive/collaborative analysis
- Financial projections
- Biographies of principals
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Where can I learn more about preparing a business plan?
One source is available on the Tufts website at:
http://ase.tufts.edu/ten/.
In addition, numerous publications on the subject of business plans are
available at the Tisch Library and at bookstores.
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What are the judging criteria?
The business plan should clearly define the social mission, the expected impact
of the enterprise on the community, the implementation plan, and the plan of
sustainability after funding. In addition, the business plan should discuss the
changing need in the marketplace, the number of people served by the plan, and
proof of an improved quality of life. Overall organizational excellence will
also be taken into consideration.
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Will my plan be confidential?
Most plans and ideas incorporated therein will remain the participants'
property. However, Tufts reserves the right to determine whether it maintains
any interest in the ideas. This determination typically occurs in cases where
proprietary ideas or technology have been developed using Tufts money, such as
university funded research. Tufts will also review any plans that could include
use of Tufts trademarks or copyrights.
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What are the prizes?
A total of $50,000 in cash and in-kind services will be awarded to the winning
plan(s). This money will be disbursed in any manner and among as many finalists
as the judges deem appropriate.
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When are applications due?
Applications with accompanying business plans are
due in the Entrepreneurial Leadership office (Suite
2400, 200 Boston Avenue) by noon on January 25, 2010.
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Where can I learn more about social entrepreneurship?
The following resources may be helpful in providing an understanding of social
entrepreneurship:
- J. Gregory Dees, Jed
Emerson and Peter Economy, 2001, "What is Social Entrepreneurship?"
Enterprising Nonprofits: A Toolkit for Social Entrepreneurs (New York, John
Wiley & Sons, Inc.).
- J. Gregory Dees,
1994, "Social Enterprise: Private Initiatives for the Common Good," Harvard
Business School, 9-395-116, (Boston, Harvard Business School Publishing).*
* This resource is available at the reference desk in the Main Library.
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Where can I obtain additional information about the Social
Entrepreneurship Competition?
If you have questions, contact Pamela Winer Goldberg, Director of
Entrepreneurial Leadership Program, at x72153 or
els@tufts.edu.
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