The Venture Edge

On January 5, 2010, I posted about a new opportunity for funding for "pro-social" entrepreneurs and businesspeople: The Pepsi Refresh Project. To refresh your memory, PepsiCo decided to dump its $33-million advertising plan for the 2010 Superbowl, and instead use the money to provide funding grants to U.S.-based individuals, non-profits, and pro-social businesses to make a positive impact in their communities. Each month, Pepsi promised to award up to $1.3 million as follows: 2 Grants at the $250,000 level; 10 Grants at the $50,000 level; 10 Grants at the $25,000 level; and 10 Grants at the $5,000 level. Pepsi planned to accept 1,000 ideas each month, with the public voting on its favorites. At the end of each month, grants would be awarded to the top vote getters, and the process starts fresh for the next month. Now that the program is well underway, and with entrepreneurs looking for any possible funding alternative, I thought the timing would be good for an update.