First-place prize will be $500,000. At least three prizes will be awarded,
with total investments of up to $1.5 million
The Foundation so far has invested $17.4 million in 54 social-impact companies, making the
Foundation one of the most active early-stage funders in the region
PITTSBURGH – (Nov. 22, 2024) – The Richard King Mellon Foundation today announced it is seeking contestants for another social-impact pitch competition, where for-profit companies seeking to create positive societal impacts can win significant startup funding.
Applications are due by Dec. 30, and the winners will be announced next year. The first-place prize will be a $500,000 investment. The Foundation anticipates that at least three prizes will be awarded, with total investments between them of up to $1.5 million.
The pitch competition is part of the Foundation’s Social-Impact Investment (SII) Program, where the Foundation invests in for-profit companies that are seeking to create positive social impacts that mesh with the philanthropic programs of the Foundation’s Strategic Plan. The four primary program areas in that plan are Conservation; Economic Development; Economic Mobility; and Health and Well-Being.
Since the inception of the SII program in 2021, the Foundation so far has invested $17.4 million in 54 social-impact startup companies, making the Foundation one of the most active early-stage funders in the region. The Foundation anticipates it will make at least $50 million in SII investments by 2030.
“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 grantmaking,” said Sam Reiman, the Foundation’s Director. “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 for this pitch competition should be submitted by Dec. 30 through the Apply page on the Foundation’s website. Additional information on the Social-Impact Investment Program, and the Pitch Competition, can be found here.
This will be the Foundation’s fourth Social-Impact Investment Pitch Competition. The Foundation’s previous pitch competitions were:
- In August 2024, the Foundation awarded four social-impact companies a combined $1.4 million in investments. The $500,000 first-place prize was won by Peoples Energy Analytics.
- In February 2023, the Foundation awarded four social-impact companies a combined $1.35 million in investments. The $500,000 first-place prize was won by Resilient Lifescience.
- The winners of the Foundation’s first pitch competition were announced in January 2022. Three companies won a combined $1.05 million in investments. The $500,000 first-place prize was won by Fabric Health.
In each pitch competition, the Foundation’s Board of Trustees selects the winners after considering the recommendations of a national panel of expert judges.
The pitch competitions are an important tool in the Foundation’s SII program, but they are not the only way to win funding. Applications for SII funding can be submitted at anytime, whether or not a pitch competition is underway. Most of the Foundation’s SII investments have been made outside of the periodic pitch competitions.
The Foundation’s primary goal with its SII investments is to generate positive social impact. If the Foundation receives a financial return on its SII investment, that money is used to make additional SII investments.
Companies applying for an SII investment can be located anywhere in the United States – but the positive impact generated by the Foundation’s investment must accrue to the benefit of communities in Allegheny and/or Westmoreland counties. The one exception is businesses aligned with the Foundation’s Conservation program, which is national in scope. The positive impacts from conservation-focused businesses can be anywhere in the United States.
The Foundation prioritizes startups ranging from pre-seed to Series A. In all instances, the proposed positive social impact should be clear and central to the business plan. Investments are in the form of convertible notes or SAFEs.
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About the Richard King Mellon Foundation: Founded in 1947, the Richard King Mellon Foundation is the largest foundation in Southwestern Pennsylvania, and one of the 50 largest in the world. The Foundation’s 2023 year-end net assets were $2.9 billion, and its Trustees in 2023 disbursed more than $176 million in grants and program-related investments. The Foundation focuses its funding on six primary program areas, delineated in its 2021-2030 Strategic Plan.