THE VENTURE FAQS
WHAT IS THE VENTURE?
The Venture is a global search to find and support the most promising startups with the potential to succeed financially and make a positive impact on the lives of others.
The most promising startups - one from each country participating in The Venture - will make it to the global final and have a chance to win a share of $1 million in funding.
WHO CAN APPLY FOR THE VENTURE?
We are looking for social entrepreneurs who have a registered, for-profit startup or business. We are searching for businesses in seed stage (which means the product is still in prototype stage and the business is not yet generating revenue from customers or users yet), startup stage (which means the business has a working prototype of its concept, ideally with some demonstrable user traction, generating a maximum of US $500,000 - or local currency equivalent - in annual revenues and has been incorporated for no more than three years) or growth stage (which means the business is beyond the working prototype stage, and can show significant user traction and sales, generating a maximum of US $1 million - or local currency equivalent - in annual revenues and has been incorporated for more than three years). You will have a strong vision, a compelling idea and a solid business plan. You'll also need to showcase how your business has a positive impact and articulate how funding would help to take your business to the next level. You must be over 25 to enter The Venture. Make sure you check out your local Terms & Conditions should you choose to apply for further eligibility requirements.
Below is a list of the countries that are participating in The Venture Year 3. In order to enter as a potential startup or startup idea, your resident country must be in the list below.
- Czech Republic
- Dominican Republic
- Hong Kong
- South Africa
Keep checking our blog for more information, updates and participating countries.
WHAT ARE THE KEY DATES I SHOULD BE AWARE OF?
Application close date - each of the countries participating in The Venture have their own application deadlines. Please be sure to check your local Terms & Conditions.
Announcement of the global finalists - The Venture finalists will be announced on this website in March, 2017. However, if you have been successful in your application, you will hear from us before this date.
The Accelerator Week - The Accelerator week will take place in March 2017.
The global final - The global final will take place in July 2017.
HOW WILL THE $1MILLION FUND BE DISTRIBUTED?
After announcing the global finalists on this website, the public will be able to vote for their favourite startup to determine how $250,000 of the fund is distributed amongst the finalists.
Then, at The Venture Final pitch event in July 2017, each finalist will have a chance to pitch for a share of the remaining $750,000 in front of an expert judging panel.
Remember, The Venture is about more than just financial support. We have recruited world-class experts to mentor our finalists and our international campaign will reach millions of people around the world, offering incredible exposure for your business.
WHAT IS THE PRIZE?
A SHARE OF THE $1MILLION FUND
- If you are selected to take part in the global final, you'll have the opportunity to win a share of $1 Million in funding. Each finalist will have the chance to tell us how much funding they seek and how they believe this will make a difference for their business.
THE VENTURE ACCELERATOR WEEK:
- Over the course of a week, all the finalists will take part in a variety of intensive business master-classes at some of the world's leading businesses to help them sharpen their skills.
MENTORED BY THE BEST IN THE BUSINESS:
- We have recruited a team of experts in partnership with the Skoll centre at Oxford University to provide business and pitching support to The Venture’s global finalists.
- The global finalists will feature on The Venture website and crowdfunding site IndieGogo. Our international campaign will reach millions of people around the world, offering incredible exposure for your business.
- The Venture is an international project with some of the participating countries offering additional prizes. Check your local Terms & Conditions to discover what else The Venture could offer your business.
DOES MY STARTUP HAVE TO BE TECHNOLOGY-DRIVEN IN ORDER TO BE SELECTED?
Winning entries will not need to be technology focused, but should tackle a social or environmental issue with an innovative, market based solution. Each shortlisted entrepreneur will receive advice relevant to their business.
HOW WILL YOU JUDGE THE APPLICATIONS?
Every submission will be judged on five criteria. These criteria are:
- Market opportunity and size.
- Demonstrable impact: measurable social or environmental impact and a model that can scale.
- Sound business model and organizational strategy.
- Financial feasibility and sustainability: can earn revenue.
- Skills, experience and commitment of management team.
In short - we are looking for businesses or business ideas that not only have the potential to succeed and turn a profit, but also can demonstrate that they have a positive impact. Please check the Terms & Conditions for the complete criteria breakdown and weighting.
Do also remember that as an alcohol brand, there are some associations that may not be appropriate. We are unable to accept applications from businesses that market or sell their product or service primarily to people under the legal drinking age. We also feel it would be inappropriate for us to associate with businesses which relate primarily to addiction services (for example alcohol). We ask that you exercise judgment in assessing the suitability of your business and any partners before entering, as we will do the same when evaluating your entry.
HOW DO I BECOME A FINALIST?
Each country participating in The Venture will select one winner to go to the global final. The selection process will vary between countries so please be sure to check your local Terms & Conditions to find out more.
In order to become a finalist, you will need to agree to the finalist participation agreement, so please make sure you also check these terms and conditions here.
DO YOU TAKE ANY EQUITY FROM MY BUSINESS?
Chivas will take no equity from the startups. We want to give aspiring entrepreneurs an opportunity to succeed and see this project as an accelerator for a movement where business is recognised as a force for good. We hope the stories of these startups will inspire more and more innovative thinkers to get involved.
WILL THE PUBLIC BE ABLE TO SUPPORT MY APPLICATION?
After announcing the global finalists on this website, the public will be able to vote for their favourite startup. Each finalist will also have a profile on crowdfunding site Indiegogo, allowing them to encourage their fans to crowdfund their startup by donating their own money.
HOW DOES THE VENTURE RELATE TO CHIVAS REGAL WHISKY?
From the beginning, our founding brothers, James and John Chivas, were committed to using their personal business success to support their local community in Scotland. Since then Chivas has supported a range of entrepreneurial initiatives in various countries around the world.
Even more so today, we believe that using business as a force for good will have a positive impact on society. We know that the desire to make a difference in the lives of others through one's work is real and meaningful to a new generation who believe business can be a force for good. Championing startups with a social purpose is an opportunity for us not only to demonstrate what it truly means to Win the Right Way but also to make an important contribution to this movement.