Innovation begins with an idea

More than just engines of economic growth, businesses are also powerful drivers of social change. Enterprises can lead social transformation in several ways, such as by turning inventors into entrepreneursor by fosteringsustainable ways for communities to meet different challenges.

Many local businesses are beginning to tap science and technology as sources of creativity to solve urgent social problems. In turn, the results strengthenlocal economies through more profitable jobs and higher quality products.

“Innovation and local entrepreneurship play an important role in achieving inclusive growth and improving the lives of those in the margins,” said Dado Banatao, chairperson for the Philippine Development Foundation (PhilDev), a non-profit organization dedicated to progressive entrepreneurship.

As a way of helping thinkers and innovators pursue social responsibility, the PhilDev Foundation, in partnership with the United States Agency for International Aid (USAID), is holding its third IDEA Global Entrepreneurship Symposium to spur science-based entrepreneurship in the Philippines. The symposium will gather leaders from different sectors to discuss topics such as emerging industry trends and the different opportunities for startups.

“Through the IDEA program, PhilDev encourages scientists, engineers, and inventors to go into business and create innovations that impact local communities,” Banatao said.

The symposium supports the efforts that many local businesses have made to lead change and sustainability in local communities.

Here are a few notable examples that are creating positive impact in the Philippines:

Connora Technologies, founded by Entropy Resins co-founder and advisor Dr. Rey Banatao,Connora Technologies hasreceived awards and recognition for the Recyclamine, the world’s first recyclable epoxy resin system. The Recyclamine allows the recovery of high-value materials such as carbon fiber, fiberglass, and Kevlar from composite waste so they can be recycled and repurposed, enabling manufacturers to save on costs during the production cycle.

Connora Technologies has received several accolades for its Recyclamine epoxy system, including the 2015 JEC Asia Innovation Award in the recycling category, and the “Best in Show” award from the California Technology Council. The Tech Connect Innovation Awards also gave the companyrecognition with the Innovation Award in 2015.

Kalsada Coffee, which championed Philippine specialty coffee, Kalsada Coffee sees itself as a supporter of local coffee producers.

As a way of supporting local farmers in theproduction of exceptional coffee, the company pays their growers a minimum of $2.50 per pound, which exceeds the Fair Trade Labeling Organization (FTO) standard of $1.40 per pound.