Supporting social ventures

1/7/2011 - The Carol and Larry Levy Social Entrepreneurship Lab supports a variety of activities at the Kellogg School to inspire and help social entrepreneurs, including student conferences, a speaker series and social business plan competitions.

This year, the board will expand that support through the Kellogg Social Entrepreneurship Award, which will bestow $80,000 to a student to assist him or her in launching a social venture post-graduation.

Starting with the Class of 2012, the award will back a business idea that addresses a social or environmental challenge through a novel, sustainable and well-developed business plan. Along with the monetary support, the award recipient will also receive ongoing mentorship and guidance from 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,” said Jamie Jones, associate director of the Social Enterprise at Kellogg program. “Recipients of this prestigious award will be well-positioned to make a meaningful impact in their communities, organizations and the world.”

To be eligible for the award, students must submit an application with detailed plans about their social venture idea by Jan. 10. Students will 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 will be held in mid-April.

Successful applications will include a three-year implementation and operational plan and will detail how the venture will address root causes or create systemic social change. Students also must show a willingness to pursue the venture full-time after graduation.

Judging criteria for the award includes the venture’s viability, the social value created and the innovativeness of the model, along with the qualifications and commitment of the applicant. An award will only be granted if judges unanimously agree that a venture merits the financial commitment and demonstrates both significant social impact and financial sustainability.

For more information about the award, including additional application criteria, please visit: kellogg.northwestern.edu/academic/seek/fellowaward/index.htm