Companies Trying to Do Good Face Stiff Competition – From Each Other
By Sarah Shearman
Competition for funding among companies trying to do good by doing everything from harvesting rainwater to making prosthetic limbs can be fierce.
Taking part in international contests that reward the best business ideas with prize money is a way for social enterprises to raise funding without giving away equity.
Some of the largest contests include Facebook’s Social Entrepreneurship Award, the Global Social Venture Competition in Berkeley, Calif., and the Tata Social Enterprise Challenge in India.
“Going to fairs and events is time consuming and also very expensive, with participation fees and travel… especially if you are a small startup like us,” said Valentina Longobardo, co-founder of Vegea, an Italian social enterprise.
Photo courtesy of Steven Lilley.