1) To provide early-stage seed funding to MIT teams that are developing viable enterprises in emerging markets but have not received major funding from other related competitions.
2) To match MIT teams with Sloan MBA advice and other MIT social enterprise resources as needed in their early stage development.
SEID Grant Eligibility Criteria
All MIT IDEAS Global Challenge finalists (<41 teams) and all 100K emerging markets applicants (<16 teams) will be considered for a SEID Seed Grant should they choose to opt into our review process.
Once the IDEAS and 100K winners are announced, SEID grantees will be selected from those that did not win first place in either competition (or in the case of the 100K, the Emerging Markets track). We will assess teams based on their applications submitted to the IDEAS Challenge or 100K; no additional information will be requested from teams unless explicitly requested during the review process.
SEID Grant Selection Criteria
Teams will be assessed using basic criteria from IDEAS and the 100K Emerging Markets track, with the following distinctions:
· We will focus on ideas and teams that still need basic validation or to test one critical hypothesis in their business plan (e.g. how significant is the pain point; does the solution provide real value; is the solution scalable; is it compatible with local attitudes and norms).
· All grantees should have a clear understanding of their business model, with a sustainable revenue stream and a primary focus on emerging markets.
· Preference will be given to teams with members from across MIT programs.
The judges, comprised of SEID officers and MIT entrepreneurship faculty, will award funds, not to be below $3,000 or above $10,000, with the goal of enabling the team to validate the key assumption or answer the key question, however the team sees fit to do this.
Grantees will be announced during the third week in May.
SEID Grant Reporting Requirements
· Meet with SEID Seed Grants team to present summer plan with milestones
· Provide a written mid-summer report
· Deliver a post-summer case write-up and public presentation to SEID membership
· Bi-monthly check-in’s with the Social Entrepreneurs In Residence at the Trust Center for MIT Entrepreneurship
· Meet with at least two offices identified in SEID’s innovation ecosystem map of MIT.
SEID is not able to provide workspace for selected teams.