- What is crowdfunding?
Crowdfunding is financing of projects and initiatives when funds are pooled from members of society who support presented ideas. This is a fundraising model when many individual people contribute. The model has three objects: the author of the idea (named Developer at ImpactYouth), who seeks funding, individuals or groups of people who support and finance the idea (Sponsors) and an internet platform (here ImpactYouth.eu), which enables that the funds reach the author.
- What is social business?
Social business is application of market mechanisms while pursuing social mission. Social impact on the society is the main aim of social business. Traditional business can be socially responsible, but this is not its main purpose. Regular commercial activity distinguishes social business from charities which also adhere to social mission.
- What are the selection criteria for ImpactYouth projects?
These are the main requirements for the projects:
- Projects are submitted by persons who are from 14 to 35 years of age and are nationals or reside in Estonia, Latvia or Lithuania.
- Projects can demonstrate social benefits
- Projects can demonstrate future financial sustainability
- Projects can offer products or services in return to investment