Frequently Asked Questions
Who can apply?
Anyone based in the Virgin Islands with a purpose-driven idea or business that meets the eligibility criteria as outlined on this page. You can be an individual entrepreneur, a startup team, a small business, a non-profit organization, or a community group with a solution that fits the challenge themes.
Do I need to have a TRADE LICENSE TO APPLY?
You do not need a trade license to apply for the 2026 Impact Challenge. However, a valid trade license must be in place by August 25, 2026 in order to advance to the final stage of the application process (the Pitch Event). Applicants without a trade license are strongly encouraged to begin the application process as soon as possible.
Applicants applying on behalf of a non-profit organisation must provide a valid NPO certificate by August 25, 2026.
Can a non-profit organisation apply?
BVI registered non-profit organisations are encouraged to apply. They do not require a trade license however they will be required to provide a current non-profit organisation certificate no later than August 25th 2026.
Additionally, 100% of the profits generated through the business must be reinvested into the non-profit organisation to sustain and scale the initiative, in alignment with a social enterprise model.
What kind of support does the Fund offer?
Selected winners receive up to $200,000 in funding, along with tailored mentorship, business coaching, increased visibility, and access to networks that support growth and scale.
How much funding is available?
The total funding available through The VI Purpose Fund 2026 Impact Challenge is $200,000. Final grant amounts will vary depending on the stage, scale, and strength of each proposal.
Funding may be awarded to between one and three businesses, with the goal of providing meaningful support that enables each selected venture to advance its impact in a significant way.
What types of Business Ideas are you looking for?
The Challenge will support ventures that:
Integrate ocean protection and regeneration into the core business model, where impact and profitability are inseparable
Demonstrate a clear, credible revenue model, with early traction (within 12 months) and a path to financial sustainability without ongoing subsidy
Stimulate the local economy, including job creation, durable employment, strengthened supply chains, reduced import dependence, and increased local spending
Pioneer innovative, locally rooted solutions in the BVI with strong potential for replication and scale
Deliver measurable environmental outcomes in at least one of the following priority areas:
PRIORITY SOLUTION AREAS
Reduced pressure on marine species and ecosystems
(e.g. sustainable fisheries, regenerative aquaculture, marine-based food systems)Reduction in carbon emissions
(e.g. low-carbon, ocean-linked local manufacturing)Sustainable local food sovereignty linked to ocean health
(e.g. aquaponics and systems that reduce pressure on marine ecosystems)Ocean and coastal restoration businesses
(e.g. reef-safe mooring installation, mangrove restoration services, coral restoration enterprises, restoration-linked eco-tourism)
Waste Reduction, Material Substitution & Circular Solutions
(e.g. plastic alternatives, reuse models, recycling, and solutions reducing ocean-harmful waste)
• Sargassum-to-value models
(where commercially viable)
Business ideas that demonstrate the following characteristics will be scored favorably:
Solvable – Addressing a clearly defined problem with a proven or well-founded solution
Measurable – Delivering quantifiable environmental and economic outcomes
Sustainable and Replicable/Scalable – Designed to endure over time and adaptable to other markets or regions
Catalytic – Capable of sparking broader change, systemic improvement, or industry innovation
Innovative – Bringing fresh thinking, creativity, or novel approaches to existing challenges
When is the deadline to apply?
The deadline to submit Phase I of your application, the Initial Assessment, is June 10th 2026. Applicants who are successful in this first phase will be invited to proceed to Phase II of the application process on July 1, 2026. This phase will involve the submission of a detailed business plan, financial forecast, and impact projection (templates for each will be provided).
The Phase II application deadline is August 25, 2026.
Finalists will be notified by October 13, 2026, and invited to participate in the final phase of the application process: a live pitch event on Necker Island, taking place in earlyNovember, 2026 (exact dates still to be set).
How do I apply?
Click the 'Apply Now' button to access Phase 1 of the application, the Initial Assessment. It’s a simple Online Form.
If you are successful in this first phase then you will be invited to proceed to Phase II of the application process. This phase will involve the submission of a detailed business plan, financial forecast, and impact projection (templates for each will be provided).
The Phase II application deadline is August 25, 2026.
Finalists will be notified by October 13, 2026, and invited to participate in the final phase of the application process: a live pitch event on Necker Island, taking place in early November, 2026 (exact date still to be set).
You may also schedule an appointment for a phone consultation or application support by emailing hello@vipurposefund.org.
How will finalists be selected?
Eligible applications will be evaluated by an Application Review and Selection Committee composed of both local and international experts with experience in entrepreneurship, environmental conservation, and impact investing.
Selection will be based on several key criteria, including purpose alignment, economic viability, feasibility, impact potential, and innovation. Your proposed solution should aim to deliver both economic success and measurable environmental impact.
Ventures that demonstrate the below will be scored most favourably:
Integrate ocean protection and regeneration into the core business model, where impact and profitability are inseparable
Demonstrate a clear, credible revenue model, with early traction (within 12 months) and a path to financial sustainability without ongoing subsidy
Stimulate the local economy, including job creation, durable employment, strengthened supply chains, reduced import dependence, and increased local spending
Pioneer innovative, locally rooted solutions in the BVI with strong potential for replication and scale
Deliver measurable environmental outcomes in at least one of the following priority areas:
PRIORITY SOLUTION AREAS
Reduced pressure on marine species and ecosystems
(e.g. sustainable fisheries, regenerative aquaculture, marine-based food systems)Reduction in carbon emissions
(e.g. low-carbon, ocean-linked local manufacturing)Sustainable local food sovereignty linked to ocean health
(e.g. aquaponics and systems that reduce pressure on marine ecosystems)Ocean and coastal restoration businesses (e.g. reef-safe mooring installation, mangrove restoration services, coral restoration enterprises, restoration-linked eco-tourism)
Waste Reduction, Material Substitution & Circular Solutions
(e.g. plastic alternatives, reuse models, recycling, and solutions reducing ocean-harmful waste)Sargassum-to-value models
(where commercially viable)
Can I edit my application after submitting it?
Unfortunately, you will not be able to edit your submission once it’s been sent. We encourage you to review your answers carefully before submitting.
What happens if I’m selected as a finalist?
Finalists will receive mentorship and support in preparing for the pitch event in November. Their story may also be featured as part of the campaign to celebrate their journey.
Will my idea remain confidential?
While we encourage sharing ideas to build community excitement, only non-confidential summaries will be made public. Proprietary information will remain protected. Please review our Terms of Service here.
Can I apply if I’ve never run a business before?
Yes! We welcome first-time founders and new entrepreneurs with bold ideas that are ready to make a big impact.
Is there an age limit to apply?
Applicants must be at least 18 years old at the time of application. Please view all eligibility criteria here.
So what exactly is the 2026 Impact Challenge?
The 2026 Impact Challenge, powered by The VI Purpose Fund, is a dynamic entrepreneurship competition aimed at identifying and accelerating innovative, business-driven solutions to the environmental challenges threatening ocean health.
Our mission is to support the development of purpose-led ventures that deliver both economic success and tangible environmental impact. Through this challenge, we seek to nurture businesses that are not only commercially viable but also act as powerful agents of positive change, advancing the well-being of people and protecting the planet we all share.
Who is behind The VI Purpose Fund?
The VI Purpose Fund is an initiative of Unite BVI, a non-profit foundation based in the British Virgin Islands (BVI). Their mission is to bring together trusted partnerships, great ideas, and resources to empower action and deliver a sustainable, positive impact. Their vision is to create opportunities that inspire and empower generations of change-makers, starting right here, in the beautiful BVI!
Virgin Unite has been an instrumental partner of Unite BVI, helping to incubate and support the foundation since its inception in 2015.
Alongside Virgin Unite, the support of Sir Richard Branson and Rick Kearney has made The VI Purpose Fund - and therefore The 2025 and 2026 Impact Challenge - possible.
Who is Virgin Unite?
Virgin Unite is the independent non-profit foundation of the Virgin Group and the Branson family – uniting people and entrepreneurial ideas to create opportunities for a better world.
Over the past two decades, Virgin Unite has helped establish impactful collaborations, including The Elders, The NewNow, The B Team, Ocean Unite (now ORRAA), Carbon War Room (now merged with RMI), Caribbean Climate Smart Accelerator, Unite BVI and Planetary Guardians.
Who is Rick Kearney?
Rick Kearney is a highly accomplished entrepreneur, committed philanthropist and a proud founding member of the Planetary Guardians Advisory Council. His dedication to environmental protection and community empowerment has inspired his decision to make the British Virgin Islands his home, following the purchase of a residence on Moskito Island. Mr. Kearney is deeply passionate about investing in the preservation and regeneration of the natural environment, as well as supporting initiatives that strengthen and uplift communities throughout the territory. He has been a key supporter who has helped to catalyze The VI Purpose Fund’s 2025 and 2026 Impact Challenges.
Who is Sir Richard Branson?
Sir Richard Branson founded Virgin in 1970. There are now more than 40 Virgin companies worldwide in over 35 countries.
Since starting Student magazine in his teens, Richard has found entrepreneurial ways to provoke positive change in the world for over 50 years. In 2004, Richard established the non-profit entrepreneurial foundation Virgin Unite to challenge unacceptable issues, create opportunities for a better world, and promote business as a force for good.
Richard was awarded a knighthood in 1999 for services to entrepreneurship. He lives in the British Virgin Islands.
