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General
Q: What is the Drishtipat Challenge?
A: The Drishtipat Challenge invites the general public to submit innovative proposals for human development projects focused on Bangladesh. Using “seed” monies made available by Drishtipat donors, we will initiate a number of projects that can demonstrate both growth potential as well as social benefit. For winning projects, we will provide low-interest loans (12% p.a.) of up to US$5,000 per project, with a payback period not exceeding 24 months.
Q: What types of projects will the Challenge sponsor?
A: The project could be based on any category of human development work including, but not limited to, human rights, social entrepreneurship, healthcare delivery, environmental safety, basic education, etc. Projects serving underserved human rights areas (e.g. child domestic workers or migrant worker rights) may get favorable consideration. While new businesses are eligible for the challenge, preference will be given to established small businesses in Bangladesh which are in need of capital to grow.
Q: What is the optimum project size for the Challenge?
A: Proposed projects could have a budget up-to $5,000 (requests for additional amounts will be evaluated on an individual basis)
Q: Who can enter the Challenge?
A: Anyone with an existing social enterprise in need of additional funds, or an idea for a new social enterprise can submit their entry.
Q: What is the Challenge process?
Submission:
- Submit the proposal, including an executive summary and any supporting documentation via the Drishtipat website http://drishtipat.org/dpchallenge or email to: dpchallenge@drishtipat.org. If necessary please submit the proposal in Bangla either via the above addresses or mailing us via regular mail at P O Box 1581 New York, NY 10156, USA.
- If invited to submit detailed proposal, please submit a more detailed business plan
- checklist of what should be included in the executive summary and detailed submission can found in the Guidelines [provide link]
Funding Decision and Notification of Award:
- Drishtipat Challenge team will review each executive summary and proposal; additional details for the most appropriate projects may be required
- Detailed proposals will be reviewed and funding decisions made following criteria found in the Guidelines.
- Project interviews will be conducted as needed and may include conference calls or in-person meetings in Bangladesh
- Notifications to award recipients will be made by end of May, 2008.
Monitoring/Support:
- Bangladesh-based Drishtipat advisor to provide mentoring to projects selected for award
- Quarterly progress review with advisor (more frequent meetings possible as needed)
- Year-end written review
Loan Payback:
- 12% simple interest on outstanding balance to be paid 24 months after loan is disbursed
- Monthly Loan payback schedule, however may be flexible based on individual project needs
- Details of loans payback process will be discussed with awardees after project selection.
Q: What are the key dates for the Challenge?
A: DP Challenge 2008 funds will be disbursed on a rolling basis until all available funds are allocated. We anticipate all proposal decisions and funding allocations to be completed by end May 2008. Therefore, while there is no deadline for proposal submissions, given the finite amount of capital available, we would recommend submitting complete proposals as quickly as possible to Drishtipat submission page.
Entering the Challenge
Q: How do I enter?
A: We recommend you first study the guidelines on the Drishtipat Challenge website to understand the type of projects that will meet the criteria of the Challenge. Then, you submit your entry through the Drishtipat Challenge website, or email your entry to dpchallenge@drishtipat.org.
Q: Do I need to fully assemble a team before entering my project idea?
A: We encourage you to assemble a team to help develop your idea. Once you have enough details to create an executive summary of your idea, submit an executive summary even if you don’t have a full team assembled. This allows you to continue building the right team as well as for Drishtipat to connect you and your idea with others who may be able to contribute to your team. To the best of our ability, we will pair you with local Bangladeshi business advisors who may be able to help you build your team and/or find other resources.
It is not likely that one person will have the expertise to fully meet the judges’ evaluation criteria. The contest is structured to encourage teams of people which may include organizations/universities/companies based in Bangladesh. Drishtipat will have Bangladesh-based advisors available to mentor projects selected for award.
Q: How do I find the right team members to help me develop my idea?
A: The same way you find the right partners in your daily activities. Network, ask friends for recommendations, and find people who you trust and have the needed expertise. You may also find partners among those who enter the Challenge with an idea similar to yours. Team members, in particular partners in Bangladesh who will help implement the project, must have demonstrable expertise to ensure project success.
Q: What if others submit ideas very similar or identical to mine?
A: If we find similar ideas are submitted by different project teams, Drishtipat may suggest two or more teams combine their efforts. With permission from project submitters, each team can review the other projects they are being encouraged to pair with and decide if they would like to combine the projects. You will then have an opportunity to join forces if you think two similar ideas will have a greater chance of success working together.
Q: Can I be on more than one team, i.e. can I submit multiple project proposals?
A: Yes. You can be a member of multiple teams and can submit multiple proposals. You can lead multiple teams and be a member on other teams. However, you may be more successful if you focus your efforts on one idea.
Q: Is there a limit to the number of proposals that will be considered?
A: Not at this time. However, the administrators will announce on the Challenge website once all funds have been disbursed. No further proposals will be considered beyond that time.
Q. Will Drishtipat publish all the ideas submitted on the web?
A: We will not publish all submitted proposals on the web, only those which are selected for the loans.
Judging
Q: How will the winning entries be selected?
A: Ideas that have the best chances for selection are ones that indicate the greatest potential of bringing about the most benefit. Winning entries will be selected based on fit with four key criteria of the DP Challenge 2008: (1) strength of management team (e.g. evidence of similar experience, track record, etc). (2) project feasibility, (3) social benefits, and (4) measurability. For more details on scoring criteria, please review the Challenge guidelines. Selected teams may be asked to meet with judges via conference call to present their ideas and answer questions. They will take additional time to address gaps the judges noted in the entries.
Q: Why might my idea fail to get selected?
A: The main reason for not selecting a project idea is that it does not adequately demonstrate strengths in all of the four key criteria of the DP Challenge. Other reasons why a project idea may not get selected include project cost, and inability to demonstrate how the project will grow into a sustainable model that continues to bring benefit to more people.
Q: How are the judges selected?
A: The Drishtipat Challenge will be judged by a core team with experience in evaluating and implementing business and development projects in Bangladesh.
Q: Will judges be allowed to submit proposal ideas?
A: Drishtipat Challenge judges are eligible to submit proposals or collaborate with others on project ideas. They will, of course, excuse themselves from judging their own proposals. Full disclosure of any potential conflicts will be made at the http://drishtipat.org/dpchallenge. |
