Big Issue Invest and the Nominet Trust have partnered with five corporates to launch a competition giving start-up technology initiatives supporting unemployed young people the chance to win a share of £500,000.

The Tech for Good Challenge will select 20 teams to take part in a mentoring programme and 10 finalists will be awarded up to £50,000 and ongoing support. It is the first in a series of initiatives that Big Issue Invest is running as part of its Corporate Social Venture Challenge.

It is open to charities, social enterprises, academic institutions and private companies in the early stages of developing a product that will create opportunities for young people in England. Investment will only be awarded to ventures judged to have “identifiable public benefit”. The deadline to apply is 15 April.

Nigel Kershaw OBE, chief executive of Big Issue Invest said: “Everywhere you look, people’s lives are being transformed by technology. We’re setting out to find ten enterprises that are using technology to positively transform the lives of young people. It’s not just about providing these ventures with money. It’s about our corporate partners providing their resources, expertise and market knowledge too.”

Nominet Trust has contributed £250,000 and the five corporate partners (Bank of America Merrill Lynch, LDC, MITIE, Salesforce Foundation and Unity Trust Bank) have contributed £50,000 each. Big Issue Invest and the Big Lottery Fund are funding the costs of running the competition.

'Lack of funding for start-ups'

Annika Small, chief executive of the Nominet Trust said: “Although there are several key initiatives supporting start-ups that use technology for social good, there is currently a lack of financing available to those in their growth phase.”

Teams must apply through the website www.bigissueinvest-csv.com. A panel of experts will select 40 applicants to interview between mid April and early May. The 20 shortlisted teams will then receive six weeks of mentoring from a corporate partner or expert and have to submit a business plan by 27 June before pitching their idea to a judging panel. Winners will be announced on 15 July.

 

 

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