NESsT UK
Galeforce Capital – Global LGBT Social Enterprise Competition
The Global LGBT Social Enterprise Competition is an initiative of NESsT designed to promote excellence and innovation in LGBT social enterprise. The Competition is the first of its kind and serves multiple purposes:
- to increase awareness of the benefits of and opportunities for LGBT social enterprise;
- to recognize and reward excellence and innovation in LGBT social enterprise;
- to demonstrate the depth of the LGBT social enterprise market internationally; and
- to develop a pipeline of high-impact social enterprises for the Galeforce Capital portfolio.
The competition will be announced in 2012 (see timeline, above right) and promoted globally by NESsT with the assistance and support of a global network of supporting partners.
Competition Tracks
The Competition includes two tracks (and corresponding awards) for both LGBT organizations with new ideas and for those with existing social enterprises:
Track 1: Innovation – for new LGBT social enterprise ideas: Benefiting LGBT organizations seeking assistance to test the feasibility of new social enterprise ideas
Track 2: Impact – for existing LGBT social enterprises: Benefiting LGBT organizations with existing social enterprises seeking to improve their management capacity or performance and/or those seeking support to expand or replicate a social enterprise.
Eligibility
The Competition is open to all types of LGBT social enterprises, however preference will be given to:
- LGBT social enterprises that create economic opportunity, income generating opportunities, job training and/or permanent professional employment for low income, unemployed or otherwise marginalized LGBT individuals;
- LGBT real estate social enterprises that create permanent, safe places for LGBT individuals to live, meet, organize or socialize;
- LGBT tourism social enterprises, particularly those in so-called “emerging” or “developing” countries.
Language
The operating language of the competition is English. All applications, correspondence and other communication related to the competition must be completed in English only.
Applications
Applications will be accepted online only. We will not accept applications to the competition that are not submitted through the online competition system.
Criteria
Applicants will be assessed against a series of criteria with an eye for LGBT social enterprises that demonstrate sustainable, high social impact or the potential thereof:
- innovation: new LGBT social enterprise ideas that are creative, unique and entrepreneurial with the potential for high social impact;
- social impact: existing LGBT social enterprises that have demonstrated a high ‘social return’ in their community;
- financial sustainability: LGBT social enterprises that have the potential to be financially self-sufficient and sustainable in the long-term;
- employment & economic opportunity: LGBT social enterprises that create economic opportunity for low-income or otherwise marginalized LGBT individuals;
- positive role models: LGBT social enterprises that help to project a positive image of the LGBT community, encourage cooperation and links with the LGBT business community, and help to educate and engage the wider (straight) community.
Judges
A group of distinguished judges from the LGBT business, philanthropy and social sector will work closely with the Galeforce Capital team to select the competition finalists and winners.
Prizes
Prizes will be awarded to competition winners in each of the two tracks of innovation and impact. Prizes will include a package of financial and business development support from Galeforce Capital tailored to each winner’s individual needs, including a combination of:
- financial capital: venture grant and/or loan financing to support social enterprise start up or expansion;
- intellectual capital: one-on-one mentoring, group training and technical assistance from the Galeforce Capital team and our network of LGBT business volunteer. In-kind services and support may also be provided by competition supporting partners;
- social capital: access to an international network of LGBT business, philanthropy and social enterprise professionals to help with all aspects of management and strategy.