The EIB Institute is launching a new prize, the Societal Impact Prize (SIP), to help a Social Innovation Tournament finalist grow the societal impact of their venture. The Societal Impact Prize will go to a finalist able to show outstanding, demonstrable and significant societal impact.
The prize amounts to EUR 200,000 and will be awarded for the first time during the final edition of the SIT 2018 in Copenhagen, Denmark, on 23 October 2018. Its periodicity will be decided at a later stage.
Open to all SIT finalists from previous editions (2012 to 2017), the prize offers them a unique opportunity to showcase how their projects have grown since inception and since their participation in the Tournament. It allows them to show how much positive change they have been able to generate in their area of intervention (Health, Education, Environment, Ageing, Social Inclusion, etc.).
The Social Innovation Tournament (SIT) (selects and awards innovative projects with strong potential for impact, which become members of the SIT Alumni Network. All finalists are provided with mentoring, networking and training opportunities and winners receive financial support so that they are able to effectively scale the impact of their project. Thus, most ventures should be able to show clear evidence of a growing impact in their field of intervention.
- The prize is open to all finalists of the SIT in editions previous to the year that the prize is being awarded (in 2018, finalists from 2012 to 2017);
- Submissions should be the same project/social innovation that were selected for the SIT;
- Only projects already in the rollout or scaling phase are eligible to apply. Projects still in concept, design or piloting phase are NOT eligible
- All applications have to be submitted in English.
The selection process will run in two rounds: A Selection Committee will select up to five projects to proceed to the 2nd round. The first round results will be announced on May 8 2018. The “Finalist” projects will undergo a due diligence process on their impact systems and metrics, the results of which will be presented to a Jury of Experts in June 2018, who will then select the winner.
Key evaluation criteria in both rounds will include:
- impact scale, i.e. the number of beneficiaries, the geographical scope and – if relevant – evidence of growth since project inception and since participation in the SIT;
- impact depth: i.e. the ability of the venture to generate deep changes in the context and/or people it is seeking to transform; clear evidence of a solid data collection mechanism; adequate stakeholder involvement throughout the impact measurement process; availability and transparency of data, i.e. the extent to which the organisation informs its internal and external stakeholders (including the wider public) about the impact data it has collected.
All “Finalists” will be invited to attend the final event of the Social Innovation Tournament, which will take place in Copenhagen, Denmark, on 23 October.
Key dates & deadlines
|Call for applications||1 March 2018|
|Deadline for submission of applications||27 March 2018, 23:59 CET|
|Announcement of finalists||8 May 2018|
|Social Innovation Tournament final event (Copenhagen, Denmark)||23 October 2018|
|Announcement of Prize Winner (Copenhagen, Denmark)||23 October 2018|