Willem Hovy Fonds

Projects are reviewed by the Willem Hovy Fonds (hereafter: WHF). The WHF Advisory Committee advises the Board. The committee organises several evaluation rounds per year. The Advisory Committee selects projects on the basis of two criteria:

Is the idea in line with VU values? Will it make the world a better place?

Think of:

• Economically sustainable (not dependent on subsidies)
• In line with the principles of a 'fair economy' and contributing to the achievement of the SDG goals
• Ecologically sustainable
• Embracing diversity

Does the applicant have the right entrepreneurial profile?

• Passionate about the idea
• Self-starter 
• Go-getter, but open to advice; not rigidly attached to the original idea
• Socially adept, networker

Evaluation criteria
Projects will be evaluated on the basis of their impact, their feasibility and the extent to which they contribute to the objectives of the Fund.

• Advice: the Advisory Committee formally advises the Board on the selection of projects and possible mentor assignments.
• If a Board member is also a member of the Advisory Committee, they do not vote in Board votes.

After evaluation, project proposals are discussed with the Bord of Willem Hovy Fonds. The board makes the final decision on the allocation of financial support. In some cases, pitches are organised to gather additional feedback.

• If you have nominated a project, you will not vote.
• Mentor Matching: the board agrees to assign a mentor to the project, depending on the needs of the entrepreneur.

Once approved by the board, the project enters the implementation phase. Here we liaise with the assigned mentor to monitor progress. Naturally (but not necessarily), the project will be accepted into VU Demonstrator Lab, our no-cost, no-risk environment, including workstations, use of the workshop and/or lab, and peer-to-peer coaching.

•  Financial and administrative handling: VUfonds will take care of the administrative handling of the awarded amounts and the conclusion of the agreement with the project.

During and after the project, the student will report regularly to a member of the Advisory Committee on the progress of the project. The fund requests a report from the team on the impact and progress of their project. The fund also organises events where projects present their results to donors and other stakeholders.

Impact Afternoon
These events showcase projects and discuss the wider impact of the initiatives supported.

Willem Hovy Fonds (hereafter: WHF) is a philanthropic fund and provides financial support and (knowledge) networking for students with promising, innovative ideas that contribute to a better world (SDG) or: a 'fair economy'.

Specifically, it supports 'very early' (TRL 0-2) projects within VU and Amsterdam UMC. We have established the fund as a philanthropic fund. All initiatives supported by the fund must contribute to a better world (SDG) or, in more contemporary terms, to a 'fair economy'. Initiatives with a more social entrepreneurship profile may also be considered.

WHF is a named fund within the VU fundraising network (VUfonds). The fund is particularly active within VU entrepreneurial ecosystem and focuses specifically on providing financial (philanthropic) support to innovative initiatives.

WHF supports two key VU themes:

• Entrepreneurship: as part of high-impact, values-driven research and education.
• Equality of opportunity: a level playing field for talented and motivated students who can and want to contribute to a better world.

Willem Hovy Fonds is structured around various stakeholders, each of whom has their own role in the process of selecting, supporting and reporting on projects.

The key players in the governance are:

• WHF Board: responsible for the final decision making process, including approval of projects to receive funding.
• WHF Advisory Committee: this committee advises the Board on the selection of projects. This advice is based on established evaluation criteria and interviews with the entrepreneurs concerned. The Advisory Committee also provides mentor matching.
• DURF team: responsible for the day-to-day management, communication and marketing of the fund. This team also organises the administrative handling of the projects.
• Donors: key stakeholders who make financial contributions and may be involved in selection rounds and pitches.
• Applicants: innovative students who want to be supported in their search for market traction.
• Mentors: experienced (former) entrepreneurs who enjoy giving something back (unpaid) to young people with entrepreneurial talent (or innovative ideas). They offer their experience and network to help students get off to a flying start.