By Rizal Raoul Reyes
The bank of the Philippine Islands (BPI) Foundation, in partnership with the Ateneo Center for Social Entrepreneurship, has launched BPI Sinag, a business-plan competition aimed at empowering entrepreneurs with a social mission.
Cezar Conzing, president and CEO of BPI, said the launch of the competition aims to boost inclusive growth and help the country address the big gap between the marginalized and the rich.
āWe have to do business in a way that produces positive side effects. That way more people would benefitāour shareholders, clients and employees will be beneficiaries of that approach. It isnāt just a CSR [corporate social responsibility] approach; it has to be engrained in the way we do business,ā said Consing at the projectās launch.
āThe BPI Sinag Challenge is a social business-plan competition. Weāre seeking young entrepreneurs with socially oriented businesses. The so-called millennials are as creative as they are critical thinkers, and they have the passion, the heart and the skills to change the world through business,ā BPI Foundation Executive Director Fidelina Corcuera pointed out.
Chairman Jaime Augusto Zobel de Ayala II said entrepreneurship is a powerful idea that connotes innovation that can address new needs of society. āOn the other side, it can address social needs for the benefit of society,ā he said. He said BPI looks forward to working hand in hand with Ateneo de Manila University to promote social entrepreneurship.
Young social entrepreneurs from ages 18 to 35, who have business ideas or existing enterprises that address social issues, may join the search. Aside from winning cash prizes, the top entries to BPI Sinag will have access to workshops, mentorship and financing. Five finalists will receive P200,000 each, six-month mentoring and access to the Ateneo business incubation center. Should they meet the requirements, the finalists will also receive access to financing to help sustain their social enterprises.
Submission of entries for the challenge started on May 22 and will end on July 20. For more information on BPI Sinag, visit www.sinag.bpifoundation.org.