The FINNOVATION Fellowship supports impact-driven entrepreneurs as they lead and launch sustainable and innovative businesses.
Donor Name: FINNOVATION Lab
State: Minnesota
Counties: Selected Counties
Type of Grant: Fellowship
Deadline: 05/15/2022
Size of the Grant: $50,000
Grant Duration: 9 Months
Details:
The FINNOVATION Fellowship program helps build leadership and entrepreneurial skills in early-stage social entrepreneurs. Supported by the Bush Foundation, its goal is to inspire, equip, and connect social business leaders in Minnesota and beyond through an immersive nine-month program.
They are looking for individuals who are knowledgeable and passionate about a social or environmental problem and dedicated to tackling this issue through entrepreneurship. Ideal FINN Fellows have the drive to be a great leaders that can bridge the gap between social change and business with an ability to embrace the ups and downs of personal growth and entrepreneurship. A willingness to consider feedback and flexibility in thinking are essential.
- Eager to develop innovative business models grounded in deep insights into the problem
- Open to learning, experimenting, and growing to be a better leader
- Passionate about expanding your perspective on the possible impact you can make
- Committed to participating in the program at a minimum of 35 hours a week.
In addition to these, here are other qualities that they look for:
- Innovation – your idea represents a truly unique approach to addressing the problem.
- Impact Potential – this idea could potentially be scaled to impact many individual lives, a community, or systems/structures.
- Financial Sustainability – your business will generate revenue by filling the need of paying customers.
- Entrepreneurial – you’re realistic about what it means to be an entrepreneur and have demonstrated such qualities as being proactive and a self-starter, resilient, and a critical thinker.
- Continuous Learner – you are curious, a great listener, reflective, and have the ability to admit mistakes and apply learning to future situations.
- Leadership – you have demonstrated leadership skills (such as empathy, inspiring/motivating others to action, strategic/forward-thinking, ability to bridge differences in opinion, and self-awareness), and have the desire to further grow as a leader.
Funding Information
- Fellows receive a $50,000 living stipend and a $3,000 health care stipend to support them while they are participating in the program full-time.
- The program runs from September 2022 – June 2023.
Eligible Uses
The $50,000 living stipend can be used for living and learning expenses – rent, utilities, transportation, attending conferences, research, etc. – so you can participate in the program 35 hours per week and take advantage of learning and professional development opportunities. This stipend cannot be used for business expenses.
Eligibility Criteria
To be eligible to apply you must:
- Be authorized to work in the United States
- Be at least 18 years of age
- Either currently live in or be willing to move to the Twin Cities Metro Area in Minnesota, and have an idea that will impact individuals or a community in MN
- Be dedicated to solving a social or environmental issue through entrepreneurship
- Not be a Bush Fellow during the FINN Fellowship program term
- Not be related to any members of the Bush Foundation’s staff or board of directors
- You or your spouse cannot be a government official (click for more details) during the program term
- Be able to participate in the program 35 hrs/week from September – June and work out of the FINNOVATION Lab space in Minneapolis, MN
- If your social enterprise is already operating, you are not eligible to apply if:
- you or someone else has been paid to work on it full-time for over one year
- you are not the primary decision-maker
- you do not own all the IP, trademarks, or copyrights related to the business should they exist
For more information, visit FINNovation Fellowship.
