FastFWD opens $152 billion public safety market by supporting entrepreneurs with funding, a proven program and powerful national partnerships.
Submitted by: GoodCompany Group
Posted: Dec 11, 2013 – 01:06 PM EST
PHILADELPHIA, Dec. 11 /CSRwire/ - GoodCompany Ventures is pleased to announce that applications are now open for FastFWD. FastFWD, an urban innovation refinery, is an unique private-public collaboration among The City of Philadelphia, GoodCompany Ventures and the Wharton Social Impact Initiative, with funding from Bloomberg Philanthropies Mayor’s Challenge.
FastFWD is recruiting top entrepreneurs to fast-track the development of their solutions related to public safety, including issues related to the built environment, recidivism, community violence and enabling technologies. FastFWD’s goal is to reframe this $152bn national urban problem set as a target for entrepreneurial opportunity, by promoting the success of ten exemplary innovators.
The ten entrepreneurs selected as the first FastFWD Fellows will receive funding, a proven acceleration program and the support of national network of partners:
Funding. A $10,000 fellowship and exclusive qualification for $100,000 in City pilot contract funding. FastFWD will not require equity from its entrepreneurs.
Proven Program. Entrepreneurs will participate in a rigorous 12-week program to develop their innovations for scale, replication and funding, based on the GoodCompany Ventures accelerator. Starting with a proven model for developing social innovations into scalable enterprises, the Mayor’s Office of New Urban Mechnics will add mentoring from the subject matter experts and decision makers responsible for public safety in Philadelphia to refine innovations for piloting. Through the Wharton Social Impact Initiative, entrepreneurs will be supported strategy and finance consultants to design innovations for national replication.
Powerful Partners. A network of national leaders in social innovation will partner with FastFWD to add resources critical to the success of our entrepreneurs:
Impact HUB – Will provide dedicated workspace at Impact HUB Philly and membership in HUB’s global network of social entrepreneurs. impacthub.net
Design for Social Impact – Will provide University of the Arts faculty and graduate student consultants to apply design discipline to our entrepreneurs’ value proposition. mid.uarts.edu/social-impact
Code for America – Will provide access to network of civic innovation leaders to support replication across several cities. codeforamerica.org
Investors’Circle – Will provide mentoring from impact investors and national exposure at funding showcases. investorscircle.net
“Over the past five years, we have seen the effectiveness of GoodCompany Ventures’ intensive, peer-driven approach in expanding the aspiration, ability and impact of social entrepreneurs,” said Garrett Melby, Managing Director of GoodCompany Ventures, “I can’t wait to see what these entrepreneurs achieve when we apply that approach to such a fundamental social problem and support them with the access funding, expertise and partners that FastFWD provides.”
Application Process. Entrepreneurs are encouraged to submit a brief screening application without delay. Qualifying applications will be selected for additional review and interviews and finalists will be selected on a rolling basis, beginning January 6th.
Additional information about the selection criteria and process and access to the application form may be found on the FastFWD website here fast-fwd.org/apply.
FastFWD is a partnership between The City of Philadelphia, GoodCompany Group, a social enterprise accelerator, and the Wharton Social Impact Initiative. FastFWD was created through the City of Philadelphia’s participation in the Bloomberg Philanthropies’ Mayors Challenge, a competition to inspire American cities to generate innovative ideas that solve major challenges and improve city life. To learn more about FastFWD, visit fast-fwd.org.
About GoodCompany Ventures
GoodCompany Ventures transforms innovators into entrepreneurs and dreamers into doers. We provide entrepreneurs resources to envision persistent social problems as market opportunities, design business models that support long-term change and mobilize capital to maximize their impact. Now in its fifth year, GoodCompany Ventures graduates have raised over $40mm to fuel their social missions. GoodCompany Ventures is a program of GoodCompany Group, a 501(c)3 non-profit funded by grants from the Knight Foundation, Halloran Philanthropies and other supporters. To learn more about FastFWD, visit goodcompanygroup.org.