It’s been great to see entries for the Ageing in Innovation Challenge coming in over the past couple of weeks! We’ve also had some questions that have been asked more than once- so thought that including the answers here for everyone to have a squiz at would be useful for others put their entries together!
1. Is $100,000 the entire prize pool or prize per winner?
The Ageing Challenge has $100,000 in total to give away. We purposefully haven’t limited whether this prize will be split between entrants, or how many entrants we’d split it between. This will depend on the entries we receive in coming weeks. It is likely that more than one entrant will share the total prize.
2. What does it mean for entries to have to ‘impact older people in South Australia?’
The Challenge is funded by the South Australian Government’s Office of the Ageing, who are excited to see benefits from the Challenge flowing to South Australians. This does not exclude entries that would benefit people outside South Australia- it just means that any entry would need to also benefit SA.
3. How innovative does an entry need to be?
This is a tricky one!
Existing programs or ventures won’t be considered for the Challenge.
It is very hard for us to define what is innovative and if it is innovative enough. What we can say is what we think a good idea will look like.
We consider an innovative entry to have some or all of these characteristics:
+ an understand the need (and create a way to address it)
+ a rigorous process to test assumptions
+ a committed team
+ a model for sustainability
We also recognise that you may not know the answer to all of these questions at the moment. So what we will be looking for in the initial entries are these things:
Does the entry demonstrate a strong sensitivity to the need and wants of the end user?
Does the entry have the potential to improve social outcomes and reduce social inequity?
Does the entry have the potential for a funding model beyond the life of the prize money?
Does the team and any partnerships have the experience and capability to do the work?
If your entry can do all of these things then you are in with a good chance, no matter if it is an App or a new service.
We will work with successful entries in the Power-Up workshops to dig more into all of the ideas and explore how to answer these questions in more detail but also how to test assumptions and other critical questions. We will then be looking to see the answers to these questions in the final pitch.
4. Can I get funding for something that I am already running?
We will not fund and pre-existing programs, this money is set aside for new ideas. However you may enter an early stage idea or demonstrations of existing programs.
For alternative Office of the Ageing SA funding streams see here.
5. Do I have to be an Incorporated body?
Only incorporated bodies can receive the funds. This means that if you are successful but are not an incorporated, you will need to find an organisation which is incorporated to auspice the funds.
This does not mean that you cannot enter if you are not incorporated it just means that we will have to work through some more steps if you are to win.
6. I don’t know how my idea is going to be sustainable, it is so new I can’t answer that yet
That is OK, we just want people to be thinking about these things right from the start. We would still like you to provide us with an idea about how this idea will be sustainable. If you are successful you will be able to do more work on this in the Power-Up workshops and also the mentoring of successful entries.
7. Do I have to come to the Power-Up workshops?
We can’t force you to do anything! However we do think that these workshops are a key part of the process and can significantly help you push forward with your idea and test the assumptions behind it. We believe that this will not only help ideas be successful in the final pitch but will help all of the entries add more depth and take them to the next level.