Pernod Ricard’s Scotch whisky unit Chivas is set to divide the prize fund for its startup support initiative among the finalists.
The company said today that due to the global COVID-19 outbreak, the US$1m Chivas Venture fund will be distributed evenly amongst the 26 global finalists, with immediate effect. The initiative, which is in its sixth year, gives away $1m in no-strings funding to startups that “blend profit with purpose to have a positive impact on the world”.
This year’s competition saw 26 social enterprises selected from 26 countries, across five continents. The finalists – who were due to pitch at a global final in June – will now each receive $40,000.
Pernod Ricard CEO Alex Ricard said: “It is with great sadness that we have decided to cut short this year’s Chivas Venture competition due to the impact COVID-19 is having across the world. Now more than ever, our world needs the passion and dedication of those who want to bring about positive change. That’s why we have decided that each of our finalists should be provided with secure funding now, so they can continue their important work and continue to positively impact their communities in spite of these volatile conditions, which will be particularly challenging for fledgling businesses and the communities they serve.”
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