Question deep dive: impact

BGV looks for early-stage ventures using technology to address important social or environmental problems with the potential to improve millions of lives in 8-10 years. To assess impact potential, we ask all ventures to "tell us how your product or service will have a positive social or environmental impact." 

So what do we mean by 'positive impact', and how can you demonstrate it? This post will dive deeper into our programme-stage impact requirements and share tips to help you craft a great answer. 

‍What do we want to see? 

• An early-stage tech for good venture intending to drive positive outcomes in one of our three investment themes: an inclusive society, a sustainable planet, or healthy lives. 
• Businesses where the impact goes hand in hand with commercial success (i.e. with direct impact). 
• Solutions leading to reductions in inequality through greater accessibility or affordability.
  
  You can also see more of what we want to see by investment theme below.
  

Tips for writing a great answer

• Be specific in describing the change you would like to see as a result of your venture. 
• Break down potential benefits by target audience or outcome.‍
• Tell us about your hypothesis for delivering change. What is your entry point for reaching your target audience? What steps are needed to bring about this change? 
• Tell us how you might measure your success and the wider benefits of your solution. ‍
• Support your answers with evidence. Depending on your solution, your evidence could include research, insights from talking to potential users, data from initial testing or your own lived experience of the problem. 

‍Example

There are plenty of great ways to answer this question. Take Ridelogix's response to the impact question, for example. We were really impressed by how the team explained their potential impact. They did a fantastic job backing up their claims with evidence and clearly showing how they plan to achieve positive outcomes.

“We aim to reduce inventory waste and CO2 intensity whilst improving in-stock rates across retail channels. We plan to track these metrics jointly with our customers. RideLogix API scales across geographies; ~80% of the 200+ UK high street retailers we are initially targeting also have an urban store footprint outside of the UK. E-cargo bike couriers that will complement our solution are growing rapidly in presence in all major markets across Europe, North & South America, and Oceania.”

Ridelogix is a BGV portfolio company from the Spring 2024 cohort.

‍Before you apply… 

• Check out BGV’s 2023 Impact Report to better understand how we think about impact and see how other ventures talk about their impact. 
• One reason we may not accept you into the programme is if your idea competes with one of our portfolio companies. See who we’ve invested in so far here.
• Check out this page to sign up for our Q&A events or submit a form to talk to our team. 
• To stay up to date with all the latest tips and information on applications, follow us on X and Linkedin or sign up to our newsletter.

‍Applications will be open until 23:59, 28th of July 2024. Good luck!

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