1. What kind of organisation or person can apply?
The Young Academy is open to a wide range of legal structures, however you must be incorporated (i.e. you must be registered as a company, charity, CIC etc.) with a clear social purpose. We are looking for early stage organisations with the potential to grow. You can apply up to 2 years after you became incorporated.
2. Are there geographical restrictions?
Yes, you are only eligible to take part if you are registered in the UK and operating predominantly in England.
3. My organisation is more than two years old, does that mean I can’t apply?
Our support has been designed to help entrepreneurs and ventures in the early days, when they are designing, testing and refining their approach. For this reason we have set an upper age limit of two years from when the venture really took off.
If your organisation was incorporated earlier but has been dormant and the programme and team itself are younger than two years then please do still apply. Similarly, if you are a spin out from an older organisation but with a new approach and the beginnings of a new team please do still apply.
4. I don’t have any financial projections, can I still apply?
Yes! We know that it will be early days for your venture and that you may not yet have any accounts or financial projections. If this is you, please tell us where you expect your main sources of revenue to come from. As part of the programme you will be assigned a financial coach to help you develop a financial model that reflects your business plan.
5. Why is there so much emphasis on evidencing impact?
We want to help those ventures with the greatest potential for impacting the lives of young people. Particularly in education, where competition for funding and customers is so high, ventures need to be able to explain and demonstrate what impact their approach has on the children and young people they work with.
We think Nesta’s Standards of evidence for impact investing is a good framework for understanding what level of evidence you have about your work. We are looking for ventures with the beginnings of a clear theory of change and perhaps some progress data (Level 1+).
By coming on the programme, we expect that you will improve the level of evidence about your work and be working towards demonstrating causation (Level 3). As part of the programme you will receive bespoke support on impact measurement from NPC (New Philanthropy Capital).
1. Do I have to attend every session?
We hope you will be able to come to every session. We understand that there are competing pressures on your time so if you can’t make it for some reason we encourage you to make sure that someone else in your team attends.
2. How many people can attend from my organisation?
We are keen for all the appropriate people in your team to take part in relevant sessions but are limited by space. We hope to be able to fit in at least 2 people from each organisation, but please ask about bringing extra people to sessions in case we are full up.
3. Does it cost money to take part?
There is no fee to participate in the programme. If attending will cause financial hardship for you or your organisation, the Young Foundation may be able to contribute towards travel expenses. In addition, we may ask successful applicants to sign a revenue participation agreement (RPA) when accepting a place on the programme, which gives the Young Foundation a right to a small percentage of future income – only above a certain threshold and for a limited period of time. This helps us to fund future programmes supporting early-stage social ventures.
4. What support will I get through the programme?
During the incubation period the Young Foundation team will be on hand to support you between sessions, as needed.
1. What kind of funding is available?
Social investment will be available in the form of a convertible loan note of up to £150,000.
2. What is social investment?
Social investment is the provision of finance to create both a financial and social return. It is repayable finance, not a grant.
3. How much funding could I get?
Social investment of up to £150,000 is available. Investments will be made on a flexible basis to respond to need and investment readiness.