The Richard King Mellon Foundation is looking to invest $1 million in three companies whose members can pitch the best ideas for making a social impact in areas like economic development, economic mobility, health and well-being and environmental conservation.
The social-impact investment competition will ask for-profit companies to submit ideas with a mission aligned to the foundation’s philanthropic goals. If the foundation makes a return on the investment, the principal will be used for similar, additional investments.
“Our philanthropic goals are ambitious, and we need great ideas from the private sector, along with our traditional nonprofit grant-making, to achieve our goals at scale,” foundation Director Sam Reiman said. “There is a new generation of compassionate entrepreneurs who are using their talents to change the world. Too often they are unable to obtain the financial support they need to make their dreams a reality.”
Reiman said Pittsburgh’s wealth of philanthropic capital make it an ideal place to to launch those types of initiatives.
To that end, winners of the kick-off pitch competition can earn investments of $500,000, $300,000 and $200,000.
Winners will be determined by both the foundation and prominent national advisors, including the California-based Draper Richards Kaplan Foundation.
“Now more than ever, our country needs innovators who are willing to tackle some of the most pressing issues that our economy and society face,” and Draper Richards Kaplan CEO Jim Bildner.”
OneValley, the Silicon-Valley-based entrepreneurship platform which recently set up shop at the historic Roundhouse Building in Pittsburgh’s Hazelwood neighborhood, is also among the competition advisers. OneValley CEO Nikhail Sinha said the foundation’s initiative “is one of the most meaningful efforts we have seen to align investment in for-profit companies with social impact.”
Along with the help of OneValley sponsor Ascender, the foundation and its partners will use their networks to increase local and national awareness about the initiative, and help in choosing the winners.
Initial submissions are due by Sept. 1. And while three winners will be announced at a public event in January 2022, businesses that submit strong ideas will move immediately into the foundation’s social-impact investment pipeline for future funding consideration.
“If you’re an entrepreneur with a dream to change the world for the better, you should be in Pittsburgh,” Reiman said. “We expect to receive many strong ideas that make a difference. And we expect to fund many of them, beyond the three initial winners.”
Foundation officials anticipate investing up to $50 million in “social-mission” businesses over the next decade.
To apply, or for more on the competition, see RKMF.org.
