The Richard King Mellon Foundation, the largest foundation in Southwestern Pennsylvania, recently opened the application period for a pitch competition aimed at companies seeking to create positive societal impacts.
The foundation will award up at least three prizes up to $1.5 million with first place totaling $500,000.
“While most of our philanthropic work is accomplished through grants to nonprofit organizations, the foundation’s board of trustees has determined that for-profit companies committed to creating positive social impact can be a powerful complement to our grant making,” Sam Reiman, foundation director, said. “In addition to the many social benefits advanced through our investments, we also are finding that our startup investments are helping Pittsburgh-area entrepreneurs to stay and grow in Pittsburgh, creating additional economic-development benefits for our region.”
Applications are due by Dec. 30, and the foundation’s board of trustees will select the winners. Startups ranging from pre-seed to Series A will be prioritized.
Companies can be located anywhere in the United States, but the positive impact generated must benefit Allegheny and/or Westmoreland counties. The exception is conservation-focused businesses with a national scope. Interested companies must be certain the proposed positive social impact is clear and central in their business plans.