The Failure Fund is a fund to support student entrepreneurs at Memorial University who have tested a business idea and failed. Most successful entrepreneurs fail multiple times before they reach their personal heights and that is perfectly fine. At MCE, we tolerate failure and will support you on your next business idea! Every year we will award $1,000 to a student who can show failure and lessons learned. The $1,000 can be used to kickstart a new idea, and embark on a path to startup success!
“Don’t worry about failure; you only have to be right once.”Drew Houston, Dropbox Founder
- Student Entrepreneur at MUN
- Must be able to show lessons learned from a failed business idea
- Must be motivated to test a new business idea
How to apply
- 5-minute video on the failed idea (pitch of the idea itself, what worked, what didn’t work, lessons learned and how learning will improve their chances of success)
- Complete a business model canvas for a new idea, or material pivot
- Explain the suggested use of funds
Applications are now being accepted for 2017 until Monday, June 19th. Send applications to email@example.com
If you have any questions, make sure to check our FAQ page or send us an email at firstname.lastname@example.org.
What constitutes a failure?
A failure is qualified as the failure of an idea that surpassed initial market validation, but ultimately was not deemed successful. Strategic pivots are eligible if both the customer segments and value proposition components of a business canvas model have changed materially.