The Tournament runs in two rounds: key evaluation criteria for the 1st round selection include the relative significance of the problem targeted, the sustainability of the innovation proposed and the estimated social impact of the proposed solution. The second round assessment will take account of the likelihood for implementation based on the scope of the proposal’s social vision and its overall cost effectiveness as well as the team’s commitment, strategy and implementation capacity.
A Selection Committee comprised mainly of EIB Group experts in innovation, environment and other relevant disciplines selects up to 15 projects to proceed to the 2nd round. The finalists, of which at least four should also qualify for the Special Category Prize, are announced and invited to a mentoring bootcamp to provide them with the necessary guidance for the finalisation of their proposals.
The Final Event, where all finalists will present their proposals, will be held in Copenhagen, Denmark.
A Jury, composed of specialists from the academic and business worlds, will identify and nominate the winners. All projects compete for the General Category and Special Category 1st and 2nd Prizes of EUR 50 000 and EUR 20 000 respectively, and a six-month residency at IRIS, the social incubator set up in Amarante, Portugal. The winner of the first Prize in General Category will also benefit from an EY mentoring voucher (half-day business-plan fine-tuning offered by EY Transaction Advisory Services in Belgium). In 2018, the Special Category Prizes will go to projects focusing on sustainable development with special emphasis on circular economy. No winner may be awarded more than one prize.
To assist the further development of participating projects, the Jury may also decide to award projects presented at the Final Event, whether Prize winners or not, mentoring vouchers entitling the project team to benefit from subsequent coaching/mentoring services. Two projects will be selected to attend the INSEAD Social Entrepreneurship Programme in Fontainebleau, France.
Finalists become members of the SIT Alumni Network and can apply to participate in an SIT Impact Bootcamp, webinars, investor’s fair and other mentoring activities.
Who can apply? The EIB Institute Tournament responds to the considerable need for greater emphasis on Social Innovation and aims to attract interest from both non-for-profit and for-profit organisations, mainly from young entrepreneurs and social enterprises, corporate responsibility departments of private-sector companies of any size, NGOs and government or local government entities and university communities. Entries from student teams are also welcome.
The Tournament is open to individuals or teams from (or residing in) the European Union Member States, Candidate and Potential Candidate countries, and EFTA countries that submit proposals to be implemented in one or more such countries.
Submissions can be at different stages of the project cycle. Proposals can be innovative ideas which could be implemented within a reasonable time frame and have substantial benefits for society, or already implemented innovative solutions with tangible outcomes in terms of societal impact which could serve as best practices and replicable models. All submissions must commit to use potential awards for the purpose of their proposal.