Power of Local Challenge 2025 by Ashoka and Changemakers: A Global Opportunity to Support Small Businesses with Cash Prizes and Networking

Ashoka and Changemakers are excited to announce the opening of purposes for the Power of Local Challenge. This is a world initiative designed to acknowledge and assist organizations which are creating ecosystems for small companies to thrive. If your group is targeted on offering small companies with essential assets, capacity-building, networking, or monetary assist, this chance is for you!

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Introduction: Why This Challenge Matters

Small companies are the spine of native communities worldwide. They drive financial development, provide entrepreneurial alternatives, and meet the particular wants of their communities in ways in which bigger companies can’t. Despite their significance, small companies usually face quite a few challenges, together with restricted entry to assets, monetary obstacles, and a scarcity of assist networks.

The Power of Local Challenge seeks to deal with these obstacles by figuring out and supporting organizations, applications, and initiatives which are creating ecosystems for small companies to thrive. These organizations present important providers akin to mentorship, coaching, networking, and monetary literacy, empowering native companies to succeed and contribute to the expansion of their communities.

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Who Can Apply: Eligibility Criteria

The Power of Local Challenge is open to organizations which are actively working to assist small companies. To be eligible, candidates should meet the next standards:

• Geographic Focus: Your initiative should primarily impression a minimum of one of the next international locations:
  • Botswana, Brazil, Burundi, Cameroon, Ethiopia, Ghana, Indonesia, Kenya, Liberia, Mexico, Namibia, Nigeria, Rwanda, South Africa, Tanzania, Uganda, Zimbabwe.
• Type of Initiative: We are in search of initiatives that construct small enterprise ecosystems in a number of of the next methods:
  • Weaving Collaborative Networks: Mobilizing networks that join small companies with native companions and stakeholders to drive collective development.
  • Building Access to Support Structures: Offering capacity-building initiatives like mentorship and coaching to assist companies develop important expertise.
  • Overcoming Financial Barriers: Creating pathways to capital and monetary literacy, permitting small companies to stabilize and increase.
• Minimum Viable Solution: If your resolution has not been applied at scale, you need to have a transparent marketing strategy or a minimum-viable resolution (prototype, pilot, or proof of idea).
• Age Requirement: Applicants should be a minimum of 18 years outdated by February 26, 2025 (application deadline).
• Language: The application should be submitted in English.
• Exclusions: Employees of Ashoka, Changemakers, or their associates, in addition to their instant relations, usually are not eligible to apply.
• One Application Per Organization: Each group might solely submit one application.

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Program Details

The Power of Local Challenge affords substantial prizes and recognition for organizations making an impression on small companies. The problem is open to organizations worldwide which are targeted on small enterprise ecosystem improvement.

• Prize Pool:
  • 10 Winners: $15,000 every.
  • 1 Grand Prize Winner: $60,000.
• Regions: At least one winner can be chosen from every of the next areas: Latin America, East Africa, West Africa, Southern Africa, East Asia.
• Additional Benefits:
  • All eligible candidates will obtain suggestions from Ashoka and reviewers.
  • Access to self-paced coaching designed to assist changemakers.
  • Networking Opportunities: Connect with different changemakers, entry unique roundtables and suggestions periods.
• Finalists can be invited to work together with a panel of professional judges from Ashoka and its companions.

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How to Apply: Application Process

To apply for the Power of Local Challenge, comply with these steps:

1. Prepare Your Application:
   Ensure that your group meets the eligibility standards outlined above. Your application ought to element how your initiative helps small companies and matches inside one of the three focus areas: collaborative networks, capability constructing, or monetary assist.
2. Submit Your Application:
   • Applications should be submitted on-line earlier than the ultimate deadline on February 26, 2025 at 5:00 PM UTC.
   • You can solely submit one application per group.
3. Peer Review:
   After submitting, you’ll be invited to take part in a peer assessment course of, the place you’ll assessment 10 different purposes. This will assist you acquire suggestions from different changemakers.
4. Finalist Selection:
   Semifinalists could have the prospect to refine their application primarily based on suggestions, and finalists can be chosen for the ultimate judging spherical.

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Important Dates

• Challenge Launch：January 8, 2025
• Early Entry Deadline： January 29, 2025
• Final Entry Deadline ：February 26, 2025
• Finalist Announcement： May 16, 2025:
•  Winner Announcement：June 30, 2025:

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How to Get Support During the Application Process

If you might have any questions or want help with your application, the Power of Local Challenge workforce is right here to assist! They provide varied assist periods, together with:

• Info Sessions:
• Office Hours:

For extra particulars, attain out to poweroflocal@ashoka.org.

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The Power of Local Challenge offers an thrilling alternative to create lasting change in small enterprise communities worldwide. Whether you’re serving to to create collaborative networks, providing mentorship and coaching, or offering monetary assist, your efforts may have a big impression. Don’t miss out—apply earlier than February 26, 2025 at 5:00 PM UTC!

Visit the official Power of Local Challenge page to submit your application, assessment full pointers, and entry different useful assets.

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