Pittsburgh’s largest foundation has narrowed 108 applications to 27 for its initial $1 million social impact investment pitch competition for for-profit businesses.
The Richard King Mellon Foundation didn’t release the names of those moving to the next round as it has not yet completed due diligence on the proposals. The finalists are to submit forms by Oct. 1 that include additional information. They'll also upload an updated five minute pitch video.
“We are grateful to the many entrepreneurs who submitted proposals,” said Sam Reiman, director. “It is heartening, but not surprising, to see first-hand how many businesses are committed to achieving social good as well as business success.”
The competition was announced July 14, calling for proposals for ideas for products, technologies or services that align with the foundation’s program areas — economic development, economic mobility, health and well-being and conservation. Except for nominations in conservation, which is national, all must positively impact Allegheny and/or Westmoreland Counties. First prize is $500,000, second is $300,000 and third is $200,000.
But applicants who don’t win the cash awards will be considered for investment through the foundation’s Social Impact Program. Winners will be announced in January at a date not yet determined.
Reiman said it was difficult to select the finalists and that the judges will have “some wonderfully difficult choices to make” over the next few months.
“Based on the strength of the initial proposals, we won’t be surprised if the foundation ends up making additional social impact investments, beyond the top three winners,” Reiman said.
In August, the foundation said it lined up 54 judges, a combination of local and national specialists. They in turn will make recommendations to the foundation regarding winners.
The competition is tied to social impact investments, which is part of the foundation’s 10-year strategic plan that was announced in early 2021. It expects to invest at least $50 million in SII over the next decade. Via SII, the foundation invests money in for-profit companies whose mission aligns with its philanthropic goals. If a return is realized, the capital will be used to make additional SII.
