You can find all the information you need about the Innovation Challenge on our microsite. Visit our Resources section and download the full Briefing Document or the Application Pack.
The Innovation Challenge is a YBI initiative that sets out to challenge network members to propose new ways in which they can improve the support services offered to young entrepreneurs in four areas: mentoring, training, access to finance and access to markets. We want to spur real, effective, scalable innovations in our network and beyond, while also building an overall culture of innovation at YBI.
During the implementation phase, participating organisations must focus on the development of the MVP – Minimum Viable Product of the new product or service. Winners will set out their own targets in the application phase. The MVP doesn’t need to be in its final form and it can use existing tools. What we’re looking for is the ability to test the concept and entrepreneurs’ appetite for the new product/service, and therefore its potential to scale.
Yes, there are a few key differences based on learnings from our pilot. The major differences are: we have made it easier to apply by sharing an Expression of Interest (EOI), from which 10-12 will be invited to formally apply; we have doubled the implementation period from 3 to 6 months, to give winners more time and space to go through the customer development and prototyping processes; we have given the network team more weight in judging and selecting the finalists; and we have customized our expert consultant workshops around sequential phases of the customer development process to ensure applicants get more focused support each time. Also we now have $80,000 available for two (or possibly 3) winning ideas.
One of the Challenge requirements is that innovation must be tested within the implementation phase in the form of an MVP. This is to identify whether there is a market for the innovation and whether it works.
No, it needs to be something which has not been implemented at all yet. The Challenge is just for the earliest stages of innovation.
You will not be required to share it with the network, but certainly encouraged. We want the innovations to have the ability to scale, but it’s totally up to your organisation what you do with the product/service developed once the Challenge is complete. The Intellectual Property will belong entirely to you.
Yes. You will have to include any costs associated with the partner in the application in the section on the budget. There is also a section in the application form in which you will have to describe why and how any external partners have been included in the project.
No, there is no requirement for the project to have a digital element. We are looking for any idea, which has the potential to scale and serve our members and help reach more entrepreneurs worldwide.
All funds need to be spent by the end of May 2020. The grant will be allocated in three instalments starting in November upon being named winners, and moving through checkpoints near the end of January and March.
We have not yet committed to this, but intend to share learnings from all applicants for the use of the wider community. Sharing such information is an important part of building a culture of innovation across the YBI network.
Yes.
No, this project will have no impact on Skills to Succeed.
No. The Innovation Challenge consultant and winners will meet regularly for one hour on a schedule determined by them, and will communicate in between calls as needed.
No, there is no limit to the number of project applications a member can send.
The innovation can focus on a single pillar, or more than one. The number of pillars the innovation covers is not a selection criteria, and will not contribute to the score either. The focus should be on clear impact within the pillar(s).
You have to account for the expenses in the two intermediate reports (Jan/Mar 2020) and final (June 2020) reports.