Marquette University and Milwaukee-based Brady Corporation together are working to spur social change and community development through the 2014 Good Money Challenge.
The challenge, previously called the Midwest Social Innovation Start-up Challenge, will fund three enterprises or ideas aimed at changing the community with a total $25,000 in seed money.
The challenge, free and open to the public, invites entrepreneurs and enterprises to submit proposals for solutions to social problems. Ten chosen finalists will present their ideas at a reception and awards ceremony on Friday, Nov. 7.
According to Marquette, competitors’ projects and pitches will be judged on five criteria: Clarity around the social problem, target population and the innovative approach; demonstration of a high probability of success; potential impact, including plans for implementation and growth; economic feasibility and financial viability; and ability to attack the root causes of the social problem.
Three selected teams will walk away with prize money – $14,000 for the top idea, $7,000 for second place, and $3,000 for third. An “audience choice winner” will be awarded $1,000.
Each winning team will also have an opportunity for mentorship from Brady Corporation.
Marquette University’s role in the challenge is facilitated through its Social Innovation Initiative, a university-wide movement that examines social innovation through speakers, residencies, learning activities, course material, public events and more.
Online applications for the Good Money Challenge, available here, are due by Friday, Sept. 26.