We have included some of the most frequently asked questions below but feel free to reach out if you have any additional questions.
What is The Good Money Challenge?
The Good Money Challenge calls aspiring social innovators and entrepreneurs to submit a business model or an innovative idea that includes a social or environmental impact. The challenge is open to any ambitious team or individual who has an idea to create positive social change. The finalists will make a live pitch on November 7, 2014. We want to award money to innovative change makers who have the passion and vision to do good things.
What is the format of The Good Money Challenge?
The Good Money Challenges is a live pitch event for seed money. Ten finalists will be selected to pitch their innovative ideas in front of an audience and judges. The top three finalists will be awarded seed money to take their ideas to the next level.
What is the prize?
The top three teams receive prize money. The first place team wins $14,000. The second place team will take home $7,000 and the third place team earns $3,000. There will also be an audience choice winner that receives $1,000.
In addition the winning teams will receive mentorship support from Brady Corporation.
What is The Good Money Challenge Schedule?
2014 Good Money Challenge - Dates and Deadlines
|Application Deadline||September 26, 2014 (5 PM CST)|
|10 Finalists Notified||October 10, 2014|
|The Good Money Challenge
Finalists Pitch, Reception, & Awards
|November 7, 2014|
I thought this was called the Midwest Social Innovation Start-Up Challenge?
You are correct, in the past this event was called the Midwest Social Innovation Start-Up Challenge. The name was recently changed to The Good Money Challenge to emphasize the use of seed money for good purposes. We want to fund ideas that can make a real impact.
How do I know if I am selected as a finalist?
If you are selected as a finalist you will be contacted by someone from Marquette University’s Social Innovation Team by October 10, 2014
Last year there were semi-final rounds. Is that happening again?
No. this year there will only be one time when the finalists pitch. This will happen on November 7th. All finalists will be notified by October 10th.
Who helps with the Good Money Challenge?
The Good Money Challenge is a signature program of the Social Innovation Initiative at Marquette University. Brady Corporation is the presenting sponsor and makes this event possible.
How can those in the community get involved?
Community members can get involved by submitting an idea and coming to the live pitch.
Do I have to be a Marquette Student to be eligible to enter?
No. The competition is open to anyone regardless of age, background, and/or affiliation with Marquette University. We encourage anyone with a great idea to enter. Just fill out the form.
How do I enter my idea?
The application is online. Click Apply to start the process. You will need to enter some general information about your team and then attach some supplemental documents explaining more details about your idea.
Can I start and then save my application online?
If you click on the Apply link you can see all of the information you need to enter. This way you can start on the attachments as early as you want.
When is the deadline to submit my application?
All applications are due September 26th by 5:00 PM Central Standard Time.
What is the importance of the application?
This year, there will be no semi-final rounds. The finalists will be chosen based on the quality of their application, the innovative approach, and the idea.
Is the Good Money Challenge open to nonprofits?
Yes. We are looking for socially oriented initiatives that are also profit generating. Therefore, an initiative could be a for-profit, nonprofit, hybrid, co-op, social enterprise organization, individual, team, etc. Just make sure you note how the effort will be sustainable.
Can I enter more than one idea?
Sure! If you have a few good ideas we would love to hear them. Just remember that each application will be evaluated individually.
Can I reapply if I am a previous winner of The Good Money Challenge
Yes, previous winners can reapply for this year’s competition IF they have a new project.
I want to make sure my entry form what received, who should I contact?
You should receive a message once your application is submitted. You can also email the Social Innovation team at Marquette for a second confirmation.
Why is there a question about mentorship in the application?
The finalists will have an opportunity to work with mentors as they prepare for the live pitch. We want to make sure we match finalists with mentors that have strengths in areas they finalists indicate they would like support.
Who can be a mentor?
All of the mentors will be from Brady Corporation in Milwaukee, WI. We will pair the finalists up with mentors in areas that they indicate they want support. This helps to prepare finalists before the pitch. In addition, the winners of the Good Money Challenge have access to mentors at Brady after the Challenge ends.
How much does it cost to apply?
There is NO FEE for applying to the Good Money Challenge.
What is social innovation?
Social innovation is a novel solution to a social problem. The key is that it is more sustainable, efficient, effective, or just than what is currently in place and that value is created for the benefit of the human community.
Innovations can be big or small, entirely new ideas, or rethinking a current product, process or service to improve a situation and add value to society.