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Acumen Angels 2023

Exclusive awards for early-stage social entrepreneurs in the Foundry

Applications Close August 23, 2023 (11:59 PST)

Applications Close August 23, 2023 (11:59 PST)
Applications Closed
Applications Closed
Overview
Eligibility
Evaluation Criteria
How to Apply
FAQ
Apply Now Apply Now

Applying for Angels 2023

The application form begins with an eligibility check. Depending on your responses, we may require a few days to determine whether you are eligible to apply.

Therefore, we strongly recommend that you complete the eligibility section as soon as possible to provide enough time for our team to review your eligibility. We estimate this section will take about 20 minutes. You may decide to complete other sections of the application later but it must be before the application closes on August 23rd at 11:59 PM, PST.

What is Acumen Angels?

The Acumen Angels is an exclusive program for Foundry entrepreneurs that provides earliest-stage capital in the form of USD 25,000 and USD 50,000 awards to both for-profit and nonprofit solutions tackling some of the world’s toughest challenges.

Angels is differentiated from Acumen’s portfolio investing work by stage and ticket size. Angels target the “Blueprint” Stage, stopping short of the end of “Validate” Stage - this includes organizations developing initial products and strategies as well as testing and refining the business model. Angels funding is intended to be small, simple, bound by trust, and based on the belief in your character and potential and the potential of your model to create a positive and meaningful impact. 

Are you an early-stage social entrepreneur tackling problems of poverty? 

Then Acumen Angels 2023 might be for you.

Who is eligible for Acumen Angels 2023?


General eligibility criteria: 

  1. You are a member of the Foundry community OR your program ends and you will become a member of the Foundry by 1 December 2023.
  2. You are the founder of a social enterprise (for-profit, nonprofit, hybrid, or cooperative).
    • Note that academic institutions or government entities are not eligible to apply.
    • Note that CEOs who are not founders but lead high-impact potential organizations will be considered eligible only in exceptional circumstances.
  3. Your organization is legally incorporated (or will be incorporated before 1 November 2023).
  4. Your organization has an official bank account (or will have one before 1 November 2023).
  5. You have hired at least 1 full-time/part-time employee (beyond the founders).
  6. Your model is at the pilot or post-pilot stage.
    • Note that idea stage models are not eligible to apply.

Eligibility criteria by legal structure: 

For-profit & hybrid organizations: 

  • You should have raised no more than USD 100,000 in grants or equity/debt by the time of the Angels application.
  • Important to note: If you've raised more than $100,000 and believe that an Acumen Angels award of USD 25,000 or USD 50,000 will significantly contribute to the growth of your initiative, please don’t hesitate to explain this in the first part of the application form. We will consider eligibility exceptions on a case-by-case basis.

For nonprofit organizations: 

  • There is no restriction on the amount fundraised by the time of Angels application BUT a restriction to apply only with a new initiative to innovate on core model OR scale OR build the team’s capacity/tech for scale.
  • Important to note: Acumen Angels awards for nonprofits are NOT to be used for core operational funding. This means that community-based initiatives looking to use the funds to cover regular operating expenses (corpus budget) each year are not eligible. If you are unclear about this condition, please contact us at ooruade@acumen.org. 

Important: Additional criteria for India & Pakistan

If you are based in India

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1. Nonprofit Organizations: 

- All nonprofits holding valid registration under the Foreign Contribution Regulation Act (FCRA) are eligible to apply for Acumen Angels. Upon selection, we will provide you with a grant agreement to facilitate the successful transaction of the grant.


- For nonprofits that are not registered under FCRA but have demonstrated a substantial financial track record, with grant receipts expected to be at least $100,000 (excluding receipts from Acumen) during the current financial year (FY 2023 - 2024) are eligible to apply for Acumen Angels receipt of $25,000, under the Service Level Agreement (SLA). Refer to point 2 below for more information on SLAs.


- For nonprofits that are not registered under FCRA but have demonstrated a substantial financial track record, with grant receipts expected to be at least $200,000 (excluding receipts from Acumen) during the current financial year (FY 2023 - 2024) are eligible to apply for Acumen Angels receipt of $50,000, under the Service Level Agreement (SLA). Refer to point 2 below for more information on SLAs.


Important Note: The nonprofits unable to provide proof of grant receipts will not be eligible to apply for Acumen Angels award. The nonprofits are suggested to seek independent legal and regulatory advice on their eligibility to receive funding under Acumen Angels

2. For-Profit & Hybrid Organizations: 

All for-profit registered enterprises are eligible to apply for the Acumen Angels award. Upon selection, you will receive Service Level Agreements (SLAs). We want to inform you that Acumen will not cover the GST expenses, if any; instead, we will grant the award directly to you and you should deposit the applicable GST on your own account

3. Important Notes:

- We understand that each organization's needs may vary, so we provide you with the flexibility to choose between a $50,000 or $25,000 application amount.


- We would like to emphasize that the award we offer is specifically intended for organizations in their early stages or for interventions that have the potential to be catalytic for your organization's growth. Our aim is to support interventions that may not typically qualify for conventional or traditional funding, allowing you to utilize the funds provided by Acumen Angels for innovative and pioneering endeavors.

If you are unclear about eligibility criteria related to for-profits or Nonprofits above, please contact Faheem at FAhmed@acumen.org.

If you are based in Pakistan

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For Nonprofit organizations: 

Nonprofits selected as winners of the award will require EAD clearance in order to receive the funds. This means you must be registered with EAD and have executed an MoU with the Ministry of Economic Affairs at the time of applying for Angels.

Evaluation


What are the Key Evaluation Criteria? 


The Ideal Candidate Profile

The ideal candidate has strong character and competence to execute and has piloted a market-based initiative, with at least one clear revenue stream, that has a high likelihood to scale to address issues of poverty. 

Behind the ideal candidate profile, there are 5 Key Evaluation Criteria:  

Screenshot 2023-07-12 at 6.07.05 PM

Solution/model-related criteria:

  • Evaluation Criteria 1: Potential for Significant Impact 
  • Evaluation Criteria 2: Level of Customer/Beneficiary Understanding 
  • Evaluation Criteria 3: Financial Viability of the Model 
  • Evaluation Criteria 4: Use of Funds

Leader-related criteria:

  • Evaluation Criteria 5: Leader’s level of Competence and Character

In summary, you are the right fit for Acumen Angels if: 

  1. You are/will become a member of the Foundry by 1 December 2023
  2. You are a humble founder with a strong character and a proven competence to execute
  3. You have formalized the organization and hired a team
  4. You work on solving issues of poverty in your country or region
  5. You work on an innovative model that:
    • is currently being piloted or has already been piloted
    • uses market forces not just charity, creating impact that is exponentially greater than what traditional philanthropy can achieve
    • has at least 1 clear revenue stream and a feasible pathway to financial sustainability
    • has a high potential to scale and reach millions of people

How to Apply

1
Submit your application by August 23 2023.

August 23, 2023

August 23, 2023

We strongly recommend that you complete the eligibility section of the form as soon as possible. You may decide to complete other sections of the application at a later date but it must be before the application closes on August 23rd at 11:59 PM, PST.

Give yourself a head start; preview the application questions here.

2
Application status

Early November

Early November

Learn about the status of your application by early November.
Apply Now

Infomation Sessions

Info Session #1: Open to All (except India)

Passcode: fhy^vu6=

August 2nd, 2023
Recording Available Here
Info Session #2: India-Specific Info Session

Passcode: S2mTAE&e

August 4th, 2023
Recording Available Here
Info Session #3: Open to All (except India) Info Session

Passcode: 9?8F3PmT

August 7th, 2023
Recording Available Here

FAQ

I am based in India

Please ensure you have read and understood the additional eligibility criteria outlined here.

I am a Nonprofit based in Pakistan

Please ensure you have read and understood the additional eligibility criterion outlined here. 

What is The Foundry and am I in it?

Foundry members are all alumni from the Acumen Fellows program and Acumen Academy Accelerator programs. If you graduated from a fellowship or an accelerator program at Acumen Academy, then you are in The Foundry. 

What is the difference between Acumen’s portfolio investing and Acumen Angels?

Angels is differentiated from Acumen’s portfolio investing work by stage and ticket size. Angels target the “Blueprint” Stage, stopping short of the end of “Validate” Stage - this includes organizations developing initial products and strategies as well as testing and refining the business model. Angels funding is intended to be small, simple, bound by trust, and based on the belief in your character and potential and the potential of your model to create a positive and meaningful impact at scale. 
Further, Acumen Angels is exclusive to the social entrepreneurs in Acumen’s alumni community, the Foundry. 

Is Acumen Angels only for for-profit entrepreneurs?

No. This is also for non-profits and hybrid models. Acumen’s investments worldwide follow that model, however, Angel’s - an opportunity for Foundry members only - has a different scope.

My entity is hybrid, can I apply through the for-profit entity and transfer the funds to the nonprofit entity?

Yes, you can do that. However, please make sure you use the money the way you say you will use them in your application. 

Is Acumen Angels only for Founders?

Yes, the program is designed for Founders, but we are open to exceptional cases where the leader of the organization is not the Founder but the CEO. When you open the application form you will be asked to first complete an eligibility test. 

Can Fellows apply together with a new venture?

As of now, this is for individual entrepreneurs who are beyond the idea stage, it isn’t to pitch brand new, untested ideas. However, we are very open to the evolution of this type of funding should there be interest. 

Can Fellows who have not yet completed Year 1 apply?

Only fellows and accelerator participants who completed their programs or who graduate from their program by 1 December can apply. Please ask your program team if you are unclear when you graduate.

Is this a one-off or will this program happen again?

Our hope is for this to be an annual program. 

Can we apply if we are not registered as an entity yet?

No.

Is English proficiency a requirement?

Can we apply with an early-stage project if our organization is not early stage?

What is considered an early-stage project/organization at Acumen Angels?

Early-stage organizations/projects are not in the idea stage nor do they have stable beneficiaries/customers. Instead, they are completing the first level of validation of the problem-solution fit.  If you are a for-profit the condition is your organization has not raised external funding of more than USD 100,000. 

How do I demonstrate that we have a problem-solution fit?

We assume you run experiments to validate your model’s assumptions. An example of an assumption is your customers' willingness to pay for your solution. Be clear in your application about the assumptions you already validated and those that are still in the process of validation. Mention the data/evidence you have that your customers/beneficiaries want your solution. 

Please explain this statement: “Acumen Angels awards for nonprofits are NOT to be used for core operational funding. This means that community-based initiatives looking to use the funds to cover regular operating expenses (corpus budget) each year are not eligible.”

In the past, some nonprofits applying for Angels mentioned that they need the funds to run current programs – i.e. for core operational expenses. We observed that these applications are less likely to be successful: and less likely to be selected as Angels finalists or winners. As a result, in 2023, we are clear that the Angels Award is NOT to be used as a recurrent type of funding. Instead, think of Angels as a one-time funding opportunity that should enable your organization/project to scale and/or raise funds further. 

This is why we want to see the funds being used for EITHER:
- an initiative to innovate further on the current model – maybe you noticed bottlenecks in scaling your current initiatives – this is your opportunity to try to innovate on these bottlenecks
OR
- for scaling a current initiative - to a new segment of beneficiaries or a new region
OR
- a capacity-building effort to train the team or bring technology to enable the scaling of existing programs
 
Overall, imagine how you might use the Angels funds so that you strengthen your case for future recurrent funding from other sources.

Example of past winners of Acumen Angels

Neorigins in India (for-profit), Foundatión Rofe in Colombia (nonprofit), Zebra Cropbank in Nigeria (for-profit). 

I couldn’t make any of the Info Sessions

All sessions recording will be made available here 24 hours after the session ends.

I don’t see my question here.

Most questions about the program and the application process can be answered by reviewing this website and the FAQs above. If your question is unanswered, you may contact Kome Oruade on Slack or at ooruade@acumen.org.

Why Acumen Angels?


Social entrepreneurs and innovators in our community face extreme challenges in the early days of validation of an innovative model that can improve the lives of millions of people living in poverty. Many of you are passionate builders and need all the support you can get. As a Foundry member, you already experience the accompaniment of a network of peers committed to social impact. We know you also need access to resources. 

One of our earliest insights at Acumen was that capital alone is insufficient to truly change the way the world tackles poverty. We need a new type of leadership and perhaps most of all a deep community of partners, allies, supporters, and believers to hold each of us to the path. It is our belief that a small amount of capital, combined with the power of this extraordinary community, can result in many game-changing companies that will model a different definition of success for the world - one that puts human dignity and the earth at the center.

We aim to bring these resources to you early in your journey through Acumen Angels so you can continue building the next generation of models with high-impact potential to tackle poverty/inequality around the world.