BAGUIO CITY – BPI Foundation is inviting young minds to address social problems through businesses by joining the BPI Sinag, a business plan competition aimed at empowering entrepreneurs with social mission.
Together with the Ateneo Center for Social Entrepreneurship (ACSEnt), its partner for this initiative, they are calling young social entrepreneurs aged 18 to 35 years old who have business ideas or those leading existing enterprises in operation of not more than three years and being implemented in specific marginalized communities or social sectors in the Philippines – addressing a specific social problem and aimed at generating a defined social impact – to join this challenge.
“We’re seeking young entrepreneurs with socially oriented businesses – the so-called millenials are as creative as they are critical thinkers, and they have the passion, the heart and the skills to change the world through business,” says BPI Foundation Executive Director Fidelina Corcuera.
Rewards await the winners. Twenty to 30 semi-finalists will undergo a 6-day business bootcamp. Five finalists will receive P200,000 each, 6-month mentoring and access to the Ateneo business incubation center. And should they meet requirements, the finalists will also receive access to financing to help sustain their social enterprises.
Director Danilo Ocampo of ACSEnt emphasized the following key criteria: social purpose, business model (financial viability), and innovation. Aside from the age qualification, entrants should be currently residing in the Philippines, with beneficiaries in the Philippines; and that the enterprise should not have received cumulative funding in excess of $50,000 or P2M.
Submission of entries for the challenge is on-going until July 20. More details can be found at www.sinag.bpifoundation.org. BPI Foundation is the social development arm of the Bank of the Philippine Islands.
By Chris Dao-anis