About The Venture Impact Award
About the Venture Impact Award:
The Venture Impact Award (VIA) was founded in 2020 amidst the global pandemic and financial turmoil. The vision was to support Greece’s brightest and most talented teams, helping them create ventures that are scalable, sustainable and able to demonstrate not just a quick return on the investment but also a broader impact on the society at large.
VIA was founded with the initial support of The Helidoni Foundation, founded by Dimitris and Sarah Georgakopoulos in 2019 and the Estate of Charles Condes.
The Helidoni Foundation is bearing the Greek name for the swallow, a bird that has symbolized rebirth, hope and good fortune since ancient times, The foundation aims to promote renewal and progress by nurturing philanthropic and social impact ventures from ideation to viability.
Charles Condes† was a successful entrepreneur who loved Greece and wanted to support budding Greek entrepreneurs.
The VIA runs under the broader umbrella of programs that The Hellenic Initiative administers and supports on the economic development sector. Since 2012 The Hellenic Initiative has supported thousands of entrepreneurs with millions of dollars, helping them unlock third party investments, salaries and boost their revenues. The Hellenic Initiative’s economic development efforts follow a long term approach aiming at job creation through the promotion of entrepreneurship.
Eligibility:
To be eligible for funding through the VIA, you need to meet the following criteria:
- The proposed idea/business plan should showcase impact in Greece’s economic and/or social sectors.
- Applicants must have incurred less than $2,000,000 in debt, grant, equity or other sort of funding.
- Early-stage applicants should be able to demonstrate a complete proof of concept.
- Applications are welcomed from for-profit and hybrid for-profit/nonprofit legal entities, such as social enterprises.
- Ventures are expected to be able to demonstrate a high impact, be sustainable and scalable.
The Prize:
Minimum $25,000 max $150,000 in prize money per winner.
Process:
Applicants need to submit their proposals through the VIA website following this link. The ones meeting the eligibility criteria will pass on the next phase being reviewed by a group of judges. During a special ceremony winners will be announced and presented with their awards.
Payments of Prizes:
Winners must be present to receive a cash award. The cash awards paid by the Venture Impact Award sponsors do not constitute an investment in the winning proposals and sponsors do not receive equity or issue a loan in exchange for the prize money. Awards will be issued in the name of the company. The award sponsors will issue a letter confirming the use of the funds and the terms of payment. Each award will be split into 2 equal payments that will lie 6 months apart. Before releasing the 2nd payment winning teams should submit a 6-month report detailing how they used the funds previously transferred to them and also how they plan to use the future ones. Sponsors will review and approve the 6-month report before releasing the 2nd payment. At the end of the 12 months, winning teams should submit a 12-month report detailing how they used the cash awarded together with a cover letter addressed to the award’s sponsor.
Timeline:
September/October - Applications are open
October/November - Applications are due. Review of proposals.
December - Finalists and Winners announced.
