Fund offers entrepreneurs chance to form philanthropic firms

Open Ventures Challenge

A new fundraising partnership is giving budding entrepreneurs the chance to pitch for £10,000 of funding and raise money for cancer research at the same time.

Open Ventures Challenge

Run by Cancer Research UK and NESTA (National Endowment for Science, Technology and the Arts), the Open Ventures Challenge is seeking innovative ideas that can be turned into profitable, philanthropic businesses, with the aim that a percentage of profits will go towards beating cancer. Ideas suitable for the Challenge can come from any business sector.

Entrepreneurs who want to get involved are being asked to share their ideas and knowledge on the Open Ventures Challenge website.

The idea is that individuals will team up online with other entrepreneurs to form business groups and develop their expertise collectively. Cancer Research UK and NESTA will support business groups in areas such as concept development, team building and funding before teams take their idea to market.

The process will culminate in June 2009 where teams will have the opportunity to pitch for £10,000 to launch their business.

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