In August 2022, five finalists competed in a business pitching session at CVC San Francisco hosted for our 2022 Young Innovator Awards, in partnership with non-profit Sky’s the Limit.
The two winning entrepreneurs received cash grants to help them develop their businesses and will also benefit from ongoing advice from the CVC judging panel.
In the US, 70% of small businesses close in the first three years and c.30% of small businesses closed during the pandemic. However, 80% of the businesses that have received funding and mentoring from the CVC Young Innovator Awards are still operating. We are especially delighted to support entrepreneurs from underrepresented backgrounds who find it harder to raise capital and grow their businesses.
The winners
1st prize – Raise the Bar Investments
Raise the Bar Investments provides holistic financial education in order to reduce racial and gender wealth gaps.
2nd prize – Run the World Clothing
Run the World Clothing uses the power of apparel, experiences and technology to share narratives of Black history and culture to improve the social, intellectual and spiritual condition of the Black community.
About the CVC Young Innovator Awards
In 2015, we launched the Young Innovator Awards to support young entrepreneurs to create the businesses of the future. The award currently operates across nine CVC offices. Since 2015, we have awarded c.€1.5m of grants to 96 entrepreneurs.
Entrants to the Young Innovator Awards compete to win a package of cash grants, mentoring, and access to our global network. For businesses with a social or environmental impact, there is also the potential for follow-on investment from the CVC Foundation.
As part of our commitment to building better businesses, the Young Innovator Awards are a cornerstone initiative within our philanthropy programme, enabling us to both seek to tackle youth unemployment and contribute to the economic development of our local communities. For our employees, the event encourages team building, collaboration and allows our colleagues to share their expertise and career experience with aspiring entrepreneurs.