Yes. You do not have to be a Philippine citizen to apply. But you will of course have to follow the laws and regulations of the relevant countries (especially working visa, etc.).
Your company will have to be incorporated in the Philippines (if it is not yet – don’t worry – this will be one of the milestones we will achieve together).
I am not based in Manila, can I still apply and will the prize still benefit me?
Yes, we welcome applications from anyone based anywhere in the world. Part of the awarding criteria is “how best applicants can make use of the prize”. So, we would expect applicants to make clear how they would use the partner networks, workspace (http://www.impacthub.net/where-are-impact-hubs/ )& grant to the benefit of their business.
Which stage do I have to be in?
No matter which stage you are in, please apply. You can be in the idea stage, but also a registered company with several years of operational experience.
I have a great idea which doesn’t have anything to do with the topic – can I still apply?
One of the key criteria for the judging panel is how the applicant’s idea addresses the challenge as articulated “partners are looking for innovative initiatives that provide sustainable solutions. If you believe you can tweak your idea or enterprise to a topic-relevant idea or enterprise further down the line, please submit.
I’ve never started a venture before, or feel I have the skills needed. Can I still apply?
Absolutely! Just bare in mind we will be looking for applicants who can articulate how they will develop their idea and use the support on offer from the partners to do so. This may include the development of a skilled founding team to support the start up.
Do I need to have run a trial / have a prototype / a business plan?
No. We are looking for people with bright ideas that can be developed into amazing businesses generating a positive impact. However, you will have to talk in an informed way in your application about the viability of your proposed project / business. Equally, if you have run a trial or have a product prototype, this will not impede your application. Ask yourself, what questions you would want to have answered if you were a jury member, coming from the mobility sector.
If you need help developing your business plan, we are offering a workshop. Check our Facebook page.
I already have an incorporated company, can I still apply?
What time commitment do I need to give the Fellowship?
We would be looking for at least 30% of your time to be spent on the developing the venture / project – ideally more.
What am I committing to when applying for the Fellowship?
To pursuing your idea (or an evolution of the initial idea) into a start-up business or to scale your business. In case you are at idea stage, we would be looking for at least 30% of your time to be spent on the idea, making use of the Impact Hub Fellowship’s resources including Impact Hub Manila’s workspace, network, support structure and the partner’s networks. We would also expect the winning individuals or team to sign an agreement around the grant finance and communications of the Fellowship.
Will you accept single founders (i.e. no team yet)?
Yes. We will accept applications from individuals or teams. If you are single founder, you should be even more clear on how you get the skills and experience into the company and how you keep those key employees attached to the company.
We are a team of more than one entrepreneur – will you still accept us?
If a team applies the awarded money is the same. Intent to build a team, and approach to doing this will be looked at in the application process.
What are you looking for in the ideas & individuals / teams that apply?
The jury will be looking for scalable, innovative solutions which address the challenge presented by high energy people with a desire to make a positive impact in this area. The selection panel will be judging:
– How does your idea align with the topic? How do you see your enterprise affecting the community, the country and the world.
– Overall cohesiveness of the business plan. And as much as we value the impact of your enterprise, your idea needs a viable path to profitability. Who will pay you for your product or service? How many of those potential customers exist? How expensive will it be to find them and close the sales? How long can you afford to try and reach them?
– We are looking for dedicated entrepreneurs, who are “all in” in this effort, and who are able to work well together as a team.
– Utilization of the resources that Impact Hub & partners will offer
How scalable the idea is.
Who will the money be given to – me or my company (if I have one)?
A grant agreement will be signed between the individual or organization and Impact Hub Manila. The living stipend will be paid monthly or quarterly. All prizes and awards are at the discretion of the jury / partner organizations and will be subject to grant agreements, which agree on completion of certain milestones – to be agreed with finalists.
Who decides who wins?
There will be a short-list and judging panel made up of representatives from all partner organisations, as well as experts within the industry. The jury will be announced in due course.
What do we mean by social impact, and what are we looking for in a social business idea?
We mean an idea/enterprise which (will) effectively tackles an important social or environmental challenge, targets a balanced triple bottom line around people, planet and profit, an idea that can be realized (in general and by the particular entrepreneur or team), potentially achieves systemic change, i.e. fundamentally changes the systems of how we live, socialize, do business, eat, work, travel, etc. The idea is sustainable, i.e. socially, environmentally and financially viable.
What happens after the programme?
We encourage all participants to continue to being part of the Impact Hub community. For the winners, although formal support will come to an end, Impact Hub has an extensive international and local network the entrepreneur(s) should be well embedded within by then. Also, depending on the development & support needed over the Fellowship period, Impact Hub and the partners will look into making valuable connections to follow on finance for the start-up.
Can I only apply if I’m from Manila?
No, you can apply from any country of this world.
It is required to physically attend at least a part of the events and sessions, like the pitching session, the start of the cohort, 1 monthly meetings with mentors (not physical presence required), progress report meeting at the end of the cohort phase, fellow selection event.
Please be aware that local laws and regulations apply.
Is there a minimum size for a team?
No, as long as the team convinces us and seems capable of executing the business plan and reach its goals.
Does a party get shares of my company if I participate and/or win?
No, that’s not part of the deal. We want you and your company to succeed, that’s our motivation. None of the parties have any obligation beyond the participation of the Fellowship.
Does Impact Hub Manila, the Jury, LBC or another party get shares of my company if I participate and/or win?
No, that’s not part of the deal. We want you and your company to succeed, that’s our motivation. None of the parties have any obligation beyond the participation of maximum one year.
If the Fellow and/or Runner-ups find an agreement with one or several of the partners (LBC, Impact Hub Manila, a jury member, a mentor, …), this won’t be part of the Fellowship or its regulations.
If the ownership of the Fellows / Runner-ups change, the organizer has to be informed beforehand. The other parties will be informed after the closing of a deal as such.
Which are good topics?
Topics you have a certain knowledge at.
For any questions, ask our project manager.
Do I need to work physically at Impact Hub Manila?
One of the benefits of being an Entrepreneur is, that you have a certain freedom of choice. You win a package which you can use or not – that’s up to you. Certainly, working at Impact Hub Manila will help you to progress and succeed. If you convince the jury that working at a different place is necessary or better for your success, that will be understood! Please be aware that for certain events you need to be present.
Can I lose the grant?
The grant is yours, and to be used at your entrepreneurial decision. Nevertheless, if you don’t follow the RULES AND REGULATIONS payments can be postponed, withheld or in the worst case cancelled.