European Investment Bank Institute: Social Innovation Tournament

Overview

The Tournament runs in two rounds:

• Key evaluation criteria for the first round selection include: the relative significance of the problem targeted, its innovative components, its estimated social, ethical and/or environmental impact, and evidence that the key success factors of the project needed to move to the next development stage are (or can be) secured.
• The second round assessment takes into account the scope of the proposal’s societal 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 second round.

The finalists, of which at least four should also qualify for the Special Category Prize (in 2022, projects focusing on the blue and green economy), are announced and invited to a tailor-made training programme (Mentoring Bootcamp, e-training on pitching and communication techniques, Rehearsal Bootcamp) to provide them with the necessary guidance for the finalisation of their proposals.

PRIZES AND AWARDS

In 2022, the winning projects in the General and Special Categories will be awarded a first or second prize of €75 000 and €30 000 respectively.

The winner of the first prize in the General Category will also benefit from an EY mentoring voucher (half-day business plan fine-tuning offered by EY Transaction Advisory Services in Belgium). A Jury, composed of specialists from the academic and business worlds, will identify and nominate the winners of the first and second Prizes in both categories. No winner may be awarded more than one prize.

Other awards:

• The Audience Choice Award worth €10 000 is decided by public vote.
• Membership of the SIT Alumni Network. Finalists become members of the SIT Alumni Network and benefit from numerous opportunities, from capacity building and various learning initiatives to networking and international visibility, to scale the impact of their venture. Please consult the SIT Alumni website for more details on all the opportunities available if your project is selected as one of the 15 finalists, or watch a short movie here.

Who can apply?

The Tournament is open to individuals or teams from (or residing in) European Union Member States, Candidate and Potential Candidate countries, and EFTA countries whose proposals are to be implemented in at least one of these countries. If a project is selected as a finalist, in order to validate the decision, candidates will need to provide us with proof of their EU nationality or residency (a copy of their ID, passport or residence permit).

The EIB Institute Tournament aims to attract interest from both not-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.

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 using potential awards for the purpose of their proposal.

Types of projects?

The Tournament aims at making a positive impact on people’s lives. It covers projects in a wide range of fields, from education and health care to natural or urban environment and from new technologies to new systems and new processes. Improvements in these fields are critical to business success, and social innovation could have a substantial societal impact. A Special Category Prize, introduced in 2013, gives additional emphasis to a specific field each year. In 2018, the Special Category prizes were awarded to projects addressing the topic of sustainable development (with a special emphasis on circular economy); in 2017, the Special Category prizes were awarded to projects focused on ageing; in 2016, this prize was awarded to projects that addressed the topic of health with a special emphasis on childhood obesity; in 2015, it went to projects that target equal opportunities with a special emphasis on people with disabilities and in 2013 and 2014, it went to projects in urban and natural environment. In 2019, the Special Category 1st and 2nd prizes will be awarded to projects addressing the topic of sustainable consumption and production (including circular economy).

Proposals can outline a local solution tailored to a certain area since local or small-scale solutions could be replicated and demonstrate high potential impact. The higher the impact the better.

Criteria

Proposals must comply with the Tournament requirements.

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.

For FAQ's visit the website here

For details of previous winners visit here