BPI Foundation launches business plan competition
Ayala-led BPI Foundation, in partnership with the Ateneo Center for Social Entrepreneurship, has launched a business plan competition seeking to empower entrepreneurs with a social mission.
Called BPI Sinag, the competition aims to promote the active participation of the private sector through the development of more social enterprises as a means to create jobs and deliver basic services to the marginalized sectors of the society.
“Addressing social issues using an entrepreneurial mindset is a very powerful concept. The whole concept of entrepreneurship is a powerful one, it can make things happen, and using that force to address the societal challenges that we all face is tremendous,” Ayala Corp. chairman Jaime Augusto Zobel de Ayala said.
The competition is open to all young social entrepreneurs aged 18 to 35 who have business ideas or existing enterprises that address a specific social problem and aimed at generating a defined social impact.
BPI said it hopes to bring through the program light to the communities that need support through sustainable development as well as enlighten the public on a more inclusive way of doing business.
“We have to do business in a way that produces positive side effects. That way, more people would benefit – our shareholders, clients, and employees will be beneficiaries of that approach. It isn’t just a CSR approach, it has to be engrained in the way we do business,” BPI president and chief executive officer Cezar P. Consing said.
“The BPI Sinag Challenge is a social business plan competition. 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,” BPI Foundation executive director Fidelina Corcuera added.
Aside from cash prizes, the top entries to BPI Sinag will have access to workshops, mentorship and access to financing.
Five finalists will receive P200,000 each, six-month mentoring and access to the Ateneo business incubation center.
Should they meet requirements, BPI said the finalists would 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.