New Venture Entrepreneurship Funding Application
Social Impact Entrepreneurship Funding is intended to enable student social entrepreneurs to propel their ventures forward by providing financial support for social impact startups, pilot/prototype funding, executive shadowing, and field & market research. It covers 80% of approved eligible expenses, up to a maximum of $5000/quarter. All ventures must be approved by the Social Impact Department before participating in the program. ------------------------------------------------------------- Will this funding work for my venture? ๐ฑ What qualifies as a social impact venture? Not all pro-social ventures are social impact. The venture should be primarily focused on a systemic societal challenge or an underserved population. ๐ธ What expenses don't qualify? We don't cover expenses associated with food and alcohol, travel costs for a normal commute between home and school, and capital equipment such as computers and office space. Labor is rarely an allowable expense. When allowable, the labor in question must be temporary in nature and dedicated to discrete venture-building projects rather than the core operation of the business. For a full list of restrictions review the full program policy: https://kell.gg/4py. ๐งพ How should I expect to be reimbursed? You will prepare and submit a proposed itemized budget using our spreadsheet template. We expect you to aggressively pursue cost savings and will ask you to submit again if we think costs can be lower. We cover 80% of expenses, and will tell you how much you are approved for in your approval letter. At the end of the quarter, you will resubmit with your actual budget and corresponding receipts in order to be reimbursed. ------------------------------------------------------------- Overview of the Funding Process 1. Apply once for your venture to be accepted into the program. 2. After you are accepted, each quarter you will submit a projected budget for approval. These budgets must be submitted in the beginning of the respective quarter. 3. After our team reviews your budget, you will receive approval via email at a specific expense level. 4. During the quarter, save all receipts for expenses (must show amount, date, name and how it was paid per NU auditor requirements). 5. After the quarter is over, use the reporting link in your approval email to submit receipts, an updated budget spreadsheet with actual expenses, and a short narrative report. 6. Receive a Northwestern expense report via email to sign and return. 7. Receive a reimbursement check in the mail.