Terms & Conditions

Last updated: May 30, 2025

By participating in ‘The 2025 Impact Challenge’ powered by The VI Purpose Fund, a Unite BVI Initiative, you agree to the following terms and conditions (“Terms”):

01. PROMOTER & PROMOTION DETAILS

  • The Promoter is Unite (BVI) which is incorporated in the British Virgin Islands as a company limited by guarantee, with company number 1919768, and registered as a BVI non-profit organization with number 200010.

  • The title of the promotion is The 2025 Impact Challenge, a Business Innovation Competition powered by The VI Purpose Fund, a Unite BVI Initiative (“Campaign”).

02. WHAT TO KNOW

There are 3 Phases to the Application Process:

  1. Phase 1: Submission of The Initial Assessment Form

  2. Phase 2: Submission of The Detailed Business Plan, Financial Forecast and Impact Projection

  3. Phase 3: In-Person Pitch Event

Please see the full timelines in the Initial Assessment Form.

03. WHO CAN APPLY

Phase I – The Initial Assessment Eligibility:

1. Trade Licence Requirement:
You must either:

  1. Have a registered trade licence, or

  2. Have applied for a trade licence with the Department of Trade, Investment Promotion and Consumer Affairs, Government of the Virgin Islands, no later than July 14, 2025

IMPORTANT NOTE: To advance to the final phase of the application process, you must have a fully registered trade licence by September 1, 2025. If your business activity relates to fisheries, you will be required to submit proof of any requisite additional licence/s under The Fisheries Act by September 1, 2025. If you are applying on behalf of a non-profit organisation, you must submit a current non-profit organisation certificate, along with a letter from both the Department of Trade, Investment and Consumer Affairs, Government of the Virgin Islands, and the Ministry of Health and Social Development’s NPO Board granting permission to operate the proposed business under the non-profit. 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.

2. Age Requirement:

You must be at least 18 years of age.

3. Business Idea Requirements:

Your business idea must demonstrate:

  • A clear commitment to addressing an ocean health-related environmental challenge within one of the 2025 Impact Challenge Strategic Environmental Impact Areas:

  • Sustainable Fisheries

  • Ecotourism

  • Coastal Resilience

  • Eco-Waste Management
    (See detailed descriptions in the Initial Assessment Form)

  • Your proposed solution should aim to deliver both economic success and measurable environmental impact, and must be:

    • Solvable – addressing a problem with a clear, proven solution

    • Measurable – with quantifiable environmental and economic outcomes

    • Sustainable and Replicable/Scalable – adaptable to other regions or markets

    • Catalytic – capable of triggering broader change or innovation

    • Innovative – reflecting fresh thinking and creative approaches

Phase II - Detailed Business Plan, Financial Forecast and Impact Projection

Eligibility:

  1. You must be prepared to submit a Phase II Application by September 1, 2025, including a detailed business plan, financial forecast, and impact projection that demonstrates the venture’s economic viability and potential for environmental and social impact (templates will be provided). Your proposal should prove that your idea isn’t just a dream—it’s a viable blueprint for change. For full details, please refer to TheVIPurposeFund.org

  2. Ethical Practices: Your business must operate with ethical practices that prioritize the well-being of both people and the planet.

  3. Compliance: Your business must comply with all relevant legislation and regulations in the BVI, including any anti-financial crime and anti-money laundering laws and regulations. You will also be required to comply with Unite BVI policies, made available to you from time to time, including for example any applicable policies relating to safeguarding and ESG. Particular attention must be given to ensuring your business complies with all relevant and regulatory requirements of The Ministry of Environment, Natural Resources and Climate Change.

  4. Background Checks: You must be prepared to submit a:

    1. Criminal Background Check in the country/countries in which you have been residing in over the last 10 years. (In the BVI, this is a ‘Police Certificate’ )

    2. Credit Check (with any relevant financial institutions)

You will also be subject to standard KYC (Know Your Customer) and due diligence checks that Unite BVI or its agents may carry out. If Unite BVI as a result of such checks believes that your business’ values and core principles are misaligned with its own, it retains the right to reject your application.

4. SELECTION PROCESS

Selection and Review:

  • Our selection process is comprehensive, transparent, and designed to ensure fairness at every stage. All eligible applications will be evaluated by a diverse panel of subject matter experts in environmental conservation and entrepreneurship, drawn from both local and international contexts. You will not in any way manipulate, interfere, interrupt, or attempt to interrupt the operation of this selection and review process. Failure to comply with this provision may lead to your application being excluded.

  • Applications will be assessed using a weighted scorecard that considers:

    • A detailed business plan, financial forecast, ROI and impact projections, and adherence to clear eligibility criteria

    • Independent reviews by the evaluation committee

    • Feedback from mentors

    • Performance in interviews

    • Results from the final pitch event

      Final decisions will be formally approved by the Unite BVI Board, ensuring accountability and integrity throughout the process.

Respect and Integrity:

  • Please keep your application and pitch respectful, free from offensive content, and geared towards making a positive impact. By participating in the Campaign, you agree not to disparage, tarnish or bring into disrepute the image and standing of Unite (BVI) (or other Unite entities), Sir Richard Branson, or any other member of the Virgin Group, Rick Kearney or damage the respective goodwill or reputation of any of the foregoing.

  • Our Application Review and Selection Committee Members and Pitch-Event Judges’ decisions are final, and we trust them to choose the ideas that best align with our shared vision.

5. SUPPORT AND FUNDING

Funding & Mentorship:

  • Selected applicants may receive funding support along with expert mentoring and other resources to help bring your idea to life.

No Strings Attached:

  • Our support is designed to empower you—there’s no hidden catch, and we’re here to help you succeed! The winning applicants will not only receive funding but also be offered business coaching and mentorship support. An Incubation Team for one year will help you launch your dreams and support your idea through the first stages of success.

  • For the avoidance of doubt, Unite BVI is not regulated to provide investment advice or financial services and the provision of such advice and/or services does not form part of the mentoring support that will be available. Applicants are encouraged to secure their own financial and/or investment advice from appropriately regulated persons or entities, to the extent required..

Service Providers:

  • Just to flag, there may be other service providers who support you in the provision of mentorship and beyond, and they may have their own T&Cs for you to comply with. Rest assured, these would be made clear to you in advance of working with any such service provider, so nothing to be concerned about!

6. OWNERSHIP AND CONTENT

Your Ideas, Your Rights:

  • Once you submit your application, you’ll still own your brilliant idea.

  • By entering, you give us permission to showcase your Final Pitch – should you be selected as a winner - on our channels (with your name, of course), so we can inspire others with your creativity.

Confidentiality and Data Protection:

  • We promise to treat any sensitive information in your submission with the utmost care. Your ideas won’t be shared without your permission, other than as follows:

    • sharing of your business idea on our channels as detailed in this paragraph 6 of these terms and conditions. For the avoidance of doubt, sharing of such information on our channels will not include information which if disclosed could harm your economic interests or competitive position in the market;

    • sharing of any of the information submitted as part of your application with anyone involved in the application review and selection process, and any mentors or business coaches engaged in delivering support for the 2025 Impact Challenge. All such individuals will be required to sign confidentiality undertakings to protect your business interests; and

    • sharing of the winner’s business idea publicly once such winning applicant has been selected;

If you progress through the application process and are invited to the In- Person Pitch Event, you acknowledge and agree that you are happy with pitching your submission to the judges who sit on the judging panel and any guests and staff present.

All personal data submitted in connection with your application will be processed by the Promoter and its agent (if any) for the purposes of administering and managing the 2025 Impact Challenge and verifying the eligibility of each participant. Applicants also consent to their personal data being passed to any service providers as flagged at paragraph 5 of these terms and conditions where necessary. The Promoter is committed to protecting the privacy of all participants and will not sell on or share personal information in contravention of applicable laws.

7. WARRANTIES

By Entering:

  • You warrant that:

    • your submission is original, accurate, current and complete;

    • you’re responsible for ensuring that your entry follows all applicable laws and doesn’t impinge on anyone else’s rights;

    • your business will comply with all relevant legislation and regulations in the BVI; and

    • your business will operate with ethical practices that prioritize the well-being of both people and the planet.

  • If any information you submit is found to be fraudulent, inaccurate, incomplete, misleading, infringing on other’s rights and/or in breach of applicable laws and regulations, we have the right to reject your application.

8. LIABILITY

Other than for liability that cannot be excluded at law, we are not responsible for any loss or damage suffered by you or any third party whatsoever, including but not limited to any loss or damage arising from:

  • your entry, including any technical issues or delays with your entry, or any third-party claims that your entry infringes their intellectual property rights; and

  • any advice or support given in accordance with paragraph 5 of these terms and conditions.

9. CHANGES AND UPDATES

We might update these terms from time to time, but we’ll always let you know in advance if something major changes.

10 . GOVERNING LAW AND JURISDICTION

The Nitty-Gritty: These terms and conditions are governed by the laws of the British Virgin Islands, and are subject to the exclusive jurisdiction of the courts of the British Virgin Islands

11. GENERAL

If any provision of these terms and conditions is held to be illegal, invalid, void or otherwise unenforceable it shall be severed from the remaining provisions of these terms and conditions which shall as far as possible continue in full force and effect.