IRP success factors
To help social purpose organizations better understand what kind of application is likely to be successful, we compiled this list of success factors based on our review in Round 1. Successful applicants were able to:
- Accurately identify how their organization is structured: charity, non-profit, co-op, or a for-profit social enterprise.
- Clearly outline how the proposed project moves them towards investment readiness and their intent to seek investment (loans or equity) in the future.
- Demonstrate they have the capacity and expertise needed to deliver their project.
- Demonstrate how their project will have significant social value (environmental, social or cultural) and impact on the community.
- Demonstrate that the organization’s social goals are embedded in their objective/mission, their operating model and organization culture. The goal of achieving social, cultural, community economic and/or environmental outcomes is parallel to the goal of generating revenue.
- Present a realistic and feasible budget that illustrates the need for IRP funding.
- Request funds for eligible activities. A comprehensive list of activities eligible for non-repayable capital are included in the IRP Program Guidelines. Furthermore, in some cases, budgets could be reduced if applicants request funds to implement a project prematurely. For example, if a social enterprise is conducting market research to examine the feasibility of expanding their business, they cannot simultaneously ask for funds to implement the expansion that they have not yet researched.
The first round of the IRP was highly competitive. While your project may incorporate the factors above, we anticipate there will be a large number of applications and not all projects may be funded or receive their full requested amount.