THE NHT SOCIAL VENTURE BUSINESS CHALLENGE 2023/2024 CHALLENGE
Social enterprises are businesses that tackle social and environmental problems. They create jobs and generate income like other businesses, but instead of channeling their profits to owners they reinvest them to support their social mission.
The National Housing Trust Social Venture Challenge 2023/2024 aims to engage the growth and development in NHT schemes as a means of ensuring greater sustainability in communities. This competition targets community groups that are already interested in or engaged in social entrepreneurial activities or interested in starting up.
WHO CAN ENTER
- Social enterprises residing within existing and nascent NHT Schemes and on areas targeted by housing and infrastructure development by the NHT.
- Community groups whose membership comprise NHT schemes and communities targeted for housing and infrastructure improvement.
HOW TO ENTER
To enter the NHT Social Venture Challenge, complete the application form on the NHT’s website.
WE ARE LOOKING FOR
- Impact: Social Ventures must be able to demonstrate a positive social, financial and/or environmental impact in their community or neighborhood.
- Innovation: Innovative ways of approaching existing solutions, or the applications to new contexts.
- Financial and Operational Viability Participants should present realistic plans to sustain business operations; demonstrating how they would mobilize financial, human resources, the public/private sector or support networks. Participants should not only describe how they plan to seek funding, but also their plan for sustainability.
- Growth and Leadership Potential: The initiatives must be feasible and include growth projections from a marketing and financial perspective. Participants should demonstrate leadership and commitment to influence the community
APPLICATION PROCESS
The steps are as follows:
- Phase 1: Application form will be posted on the NHT’s website. Applicants will receive a notification acknowledging receipt. After applications are received they will be screened.
- Phase 2: Workshop Session: A weekend workshop will be held to assist communities to build and/or enhance their social ventures. The following areas will be included : Marketing, Business Model Canvas, Finance, and Corporate Social .
- Phase 3: The Social Venture Pitch. Communities will be given 15 minutes to present their social ventures to an expert panel. The judges will determine the winners based on the judging criteria.
- Phase 4: Awards Ceremony.
PRIZES
- The Grand Prize for first place is One Million Dollars ($1,000,000 JMD).
- First Runner up will receive Five Hundred Thousand Dollars ($500,000 JMD).
- Second Runner up will receive Two Hundred and Fifty Thousand Dollars ($250,000 JMD).
- Youth Award will receive One Hundred and Twenty-Five Thousand Dollars ($125,000 JMD)
DURATION
The competition will run from January 10, 2023 to February 10, 2024.
APPLICATION FORM