FranchisingWorks was today announced as a winner of Big Venture Challenge, a national competition run by UnLtd and funded by The Big Lottery Fund to find 25 of the most ambitious social entrepreneurs in England. The competition attracted 638 entries and was judged by leading figures in social enterprise and investment. They were looking for social entrepreneurs “with big ideas to transform disadvantaged communities across England, who have got what it takes to build credible ventures and have the ambition to scale up impact fast”.
As a Big Venture Challenge award winner, FranchisingWorks will receive an initial £25K grant and the chance to access up to £150K of seed funding if matched by loans or equity from co-investors, as well as access to first-class business support and mentoring designed to keep pace with high growth social entrepreneurs.
Simon McNeill Ritchie, Managing Director of FranchisingWorks said “Many young people lack options and self-belief. This reinforces the narrative of the “lost generation” where low expectations create a lifelong disadvantage even when the economy improves. The additional support provided by this award will enable us to develop SEA Change, creating referral pathways specifically to connect young disadvantaged people to the FranchisingWorks programme and provide them with life-changing opportunities.”