Rules
Submission of Entries
- Paper entries are allowed but discouraged.
- It is encouraged to use our web entry system to submit your entry
- Entries must be received on time and in the appropriate format (PDF format or WORD format)
Eligibility
- All business plans must be prove that they possess the Triple Bottom Line (People, Planet, Profit) qualities described below, and show an ability to make business impacts (job creation, revenue growth, etc.)
- This competition is open to startups and existing businesses operating 5 years or less
- One member of each team must be present for all mandatory workshops or schedule FREE 1-on-1 sessions
- Individuals and teams with four members or less are permitted
- BOC Micro-Venture Program (MVP) Award eligibility and rules are below
Philosophy
Triple Bottom Line Defined
The triple bottom line (or "TBL", "3BL", or "people, planet, profit") captures an expanded spectrum of values and criteria for measuring organizational (and societal) success: economic, ecological and social.
In practical terms, triple bottom line accounting means expanding the traditional reporting framework to take into account ecological and social performance in addition to financial performance.
"People" (human capital) pertains to fair and beneficial business practices toward labour and the community and region in which a corporation conducts its business. A triple bottom line enterprise seeks to benefit many constituencies, not exploit or endanger any group of them. A TBL business also typically seeks to "give back" by contributing to the strength and growth of its community with such things as health care and education. The Global Reporting Initiative (GRI) has developed guidelines to enable corporations and NGOs alike to comparably report on the social impact of a business.
"Planet" (natural capital) refers to sustainable environmental practices. A TBL endeavor reduces its ecological footprint by, among other things, carefully managing its consumption of energy and non-renewables and reducing manufacturing waste as well as rendering waste less toxic before disposing of it in a safe and legal manner. A triple bottom line company does not produce harmful or destructive products such as weapons, toxic chemicals or batteries containing dangerous heavy metals for example.
"Profit" in the original concept, within a sustainability framework, the "profit" aspect needs to be seen as the economic benefit enjoyed by the host society. It is the lasting economic impact the organization has on its economic environment.
(Source: http://en.wikipedia.org/wiki/Triple_bottom_line)
BOC MVP Award
Micro-Venture Program Guidelines
The Micro-Venture Program is intended to benefit entrepreneurs who have limited or no access to capital (such as a bank loan, microloan, and personal savings over $2, 500). If a client is eligible or has access to other financial resources to invest in their business, he/she is not an appropriate match for the MVP.
In assessing the relative poverty and eligibility of potential participants in the program, Business Counselors take into account the following criteria in the selection process:
Criteria for Entrepreneur Selection
- Need: The entrepreneur is low income; Household income below 200% Federal Poverty
- Viability: The business has a reasonable chance of generating a profit in the first three months
- Match: The business is in line with business selection guidelines*
- Impact: A $1,000 grant will make a substantial difference to the business within 3 month time period
- Access: The entrepreneur has limited capital available for his/her business
The focus of the Micro-Venture Program is on the economically disadvantaged. All program applicants must confirm that their family income does not exceed 200% of the federal poverty level.
Entrepreneurs are expected to meet the following program requirements:
- Complete a Micro-Venture Program Business Plan and review with a Business Counselor
- Keep accurate business records and devise cash flow projections for an initial three month period
- Save or reinvest at least 20% of their profits in the business
- Work a minimum of 250 hours over the course of three months
- Complete a Business Report after three to four months of business activity and submit it to the Business Counselor
- Participate in program site visits and telephone surveys (as needed).
Values
The Business Outreach Center (BOC) Network is dedicated to supporting community-based economic development in New York City through microenterprise and small business development and multi-community networking. Innovative and collaborative, the BOC Network works to close the credit, training and technical-assistance gap limiting the growth potential, self employment and job-creation capacities of microentrepreneurs—of hard-working women and men who operate in isolation from the mainstream economy and who provide needed services and employment in their largely minority and immigrant communities.
Business Selection Guidelines
Examples of Businesses that are good match
- Caterers and food production
- Cleaning service
- Dog grooming service
- Licensed home-based child care
- Licensed street vendors
- Small appliance repair
- Soap makers
- Tailor
- Translation service
Examples of Businesses that are NOT a good match
- Cab Service
- Employment agencies
- Foster care
- Illicit activities (bootleg CDs, etc.)
- Lotteries
- Nonprofits
- Pornography and businesses that degrade others
- Pyramid schemes
- Talent/casting agents or managers (including model or sports agents)
- Treatment house
Rarely Supported Business Types
The following types of businesses often entail high levels of risk. Please screen carefully before a business plan is developed to be sure that the entrepreneur is taking steps to keep risk low.
- Artists (recording, visual, performance, etc.)
- Corporations
- Designers
- Multi-level marketing or pre-packaged business opportunity ventures (such as collection agencies and medical billing)
- New inventions (research and development)
- Publishing
- Real estate (brokers, agents, developers)
As the grant will have limited impact on large-scale businesses, we do not generally fund:
- Businesses with relatively large capital requirements
- Established businesses with two or more full-time, paid employees
- Businesses with significant cash or non-cash assets (such as trucks and equipment) that could be used as collateral for business transactions or loans
- Businesses which already earn significant profit
- Businesses with high recurring payments (such as rent)
- Highly indebted businesses
For additional information regarding the MVP Award, please call Liliana Blanco at (718) 624-9115.
