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Founders Scholarship
The ISM Fund pays the Founders Scholarship once, to an ISM student who is building their own business or startup. In your application you name the amount and the development stage of your business or the need it will pay for.
Applications are open all year, as long as the ISM Fund has money set aside for this scholarship.
Founders Hub and the scholarship
The ISM Fund awards and pays the scholarship. You do not need to be a Founders Hub member to apply, and being a member does not add points to your score.
If you are already building something, you can apply for the scholarship and to the club.
Who can apply
You can apply if you are an ISM student who started building your own business, startup or business idea before or during your studies and you want to take it further.
You do not need a registered company. Students who already run a business can apply, and so can founders at an early stage who have not set up a legal entity yet.
If you already have a company, small partnership, individual activity or another legal form of business, you need to own or co-own it and work in it actively.
How applications are scored
A committee scores every application on four criteria and can add one extra point. You need at least 1 point on each of the four criteria and at least 5 points in total. The maximum is 11.
Business development level and achieved resultsup to 3 points
- 1 point
- Early stage: a prototype or pilot version has been created, a form of activity has been established or other concrete preparatory steps have been taken. There is a clear plan of further actions.
- 2 points
- A working product or service (MVP) has been created, the main development work has been completed, the business has started operating.
- 3 points
- The business operates on a regular basis and has significant development achievements for its stage, e.g. investments raised, intellectual property, working partnerships or a developed product line. Specific further goals have been set.
Customers, sales and revenue are not evaluated here, see criterion 4.
Competencies and motivation of the candidate or team and their ability to implement the business planup to 3 points
- 1 point
- The candidate or team is motivated and has some of the required competencies, but roles, responsibilities or the action plan are only partly defined.
- 2 points
- Competencies and experience are adequate for the main business activities. Roles, responsibilities and next steps are clearly defined.
- 3 points
- The team has the necessary and complementary competencies and can substantiate its experience and commitment. A realistic plan has been presented and the main risks have been assessed.
Innovativeness of the idea, growth potential and value created for societyup to 2 points
- 1 point
- The solution has distinctive features or is tailored to a specific audience. Growth opportunities or the value created for society are only partly substantiated.
- 2 points
- The distinctiveness of the solution and its value to the customer are clearly substantiated, and at least one of the following: a realistic growth direction (more customers, new products, channels or segments) OR a significant and substantiated positive impact on society, the environment or specific communities.
Proven market demand and market validation (traction)up to 2 points
- 1 point
- Initial market testing has been carried out: surveys, interviews, trials, enquiries, sign-ups, pilot projects or first orders.
- 2 points
- Clear evidence of market demand has been provided: paying customers, sales or revenue, repeat purchases, a growing number of users, pre-orders or positive customer feedback.
Additional pointup to 1 point
Evidence-based contribution to the ISM community and its entrepreneurship ecosystem (mentoring, organising events, sharing business experience, involving students in business projects or other activities creating tangible benefits), confirmed by a University employee or event organiser. Mere membership in a student organisation or club does not entitle the applicant to the point.
0 points are awarded if the application does not meet the 1-point description of the criterion.
The committee is made up of the director of the ISM Fund, the ISM Entrepreneurship Projects Manager, the director of the ISM Entrepreneurship and Innovation Programme and independent experts from business and the startup ecosystem invited by the ISM Fund director.
After you apply
- 1
The ISM Fund may ask you for more documents or information, or invite you to pitch your idea.
- 2
The committee decides within 30 calendar days of receiving every document it asked for. It sets the amount from the need you describe and the money the ISM Fund has for this scholarship.
- 3
You get the decision by email. If you disagree, you can send the committee a written appeal within 5 working days, and it answers within 10 working days.
- 4
The scholarship is paid once, straight into your bank account.
Conditions
- By sending the form you confirm that you have read the regulations and will follow them.
- The scholarship pays for the development stage or need named in your application. If it goes to something else, or the application contained incorrect information, the ISM Fund can ask for all or part of it back. You then have 10 working days to return it.
- ISM and the ISM Fund may write about recipients, their businesses and their results, and use their names and logos. When you talk about the scholarship in public, name the ISM Fund and ISM as its provider. Where the format allows, use the ISM logo.
- Committee members keep what you write about your business to themselves and use it only to score applications. A member who is your family member, business partner, investor or employer steps aside from your application.
- The scholarship is not awarded for activities that break the law or the ISM Code of Ethics.
Questions about the scholarship
Write to Lidija Radzevičiūtė, ISM Entrepreneurship Project Manager. Do it before you apply if you are not sure whether your business fits or which development stage or need to name in the form.