The RGK Center for Philanthropy and Community Service at The University of Texas at Austin’s LBJ School of Public Affairs is seeking engineering students to compete in their annual Social Innovation Competition.
Each year, the Social Innovation Competition (www.rgkcenter.org/competition) challenges students to solve the world’s most entrenched and difficult social problems. This year, competitors will vie for $50,000 in seed money to create the most compelling venture plan that transforms society.
“Everyone has a dream that can change the world. We’re asking students - what’s yours?” said Peter Frumkin, director of the RGK Center.
The competition operates like a business plan contest with a twist. In this competition, both for-profit and nonprofit ventures can be created. While conventional entrepreneurs measure their performance by profits, social entrepreneurs evaluate their success in terms of their contribution to society, says Frumkin.
“Typically, the idea of entrepreneurship has been most associated with business and technology,” said Frumkin, “But lately the idea of social transformation by innovation has become an area of increasing interest. Women and men who identify solutions to critical human need have been recognized for the profound social transformations they have made happen.”
Students may enter the Social Innovation Competition as individuals or in teams and advance through three stages. Contestants submit their ideas online in an executive summary. Judges select top summaries to move forward and develop a detailed venture plan. The plans are judged by faculty of the university, as well as business and nonprofit community leaders. In May three finalists will compete in front of a panel of judges and a live audience to present the single winning plan awarded $50,000.
The final deadline for entry is Feb. 1, 2008. The University of Texas at Austin students submitting summaries by Dec. 7 are eligible to participate in a Social Innovation Laboratory course in Spring 2008. The course is designed to assist competition participants with the development of their venture plan.
