BPI Sinag Challenge

Tuesday, June 16, 2015 jeffrey siy 0 Comments

Are you an entrepreneur with a social mission? Or maybe you have a business idea that solves a problem. Then make it shine bright and help improve the lives of Filipinos in the BPI Foundation Sinag Challenge. The basic aim of this challenge is to discover, capacitate, recognize and support young social entrepreneurs who can help uplift Filipino communities. Apply now by downloading the application form online or by directly filling out an online application form available on the contest website. Around 20-30 participants will move on to the Semi-Finals round wherein they will be invited to attend a 6-day Business Bootcamp. From there, ten (10) will compete in the Final Round where they will make a pitch presentation, consisting of oral and PowerPoint presentations before the panel of judges and an audience. Five (5) winners will be rewarded with P200,000 cash + undergo a structured mentoring program over a period of 6 months + opportunity to set up an office at the Ateneo Impact Hub + an access to finance. From among these winners, one (1) will be named the Grand Winner and will receive additional cash prize worth P300,000. The 5 non-winners will not go home empty handed because they will receive P50,000 each.

http://www.boy-kuripot.com/2015/06/bpi-sinag-challenge.html
Contest Requirements:
  • Individuals and/or groups, 18-35 years old
  • Local residents with beneficiaries in the Philippines
  • Leads an existing social enterprise in operation for not more than 3 years and being implemented in specific marginalized communities or social sectors in the country
    • The social business addresses a specific social problem and aimed at generating a defined social impact
    • The social enterprise is financially sustainable
    • The enterprise has not received cumulative funding in excess of $50,000 or P2 million
    • If you don't have a social enterprise running, you must at least have a definite social enterprise idea or concept in mind, but need guidance in order to plan and start the social business
Contest Mechanics:
  1. Log on to sinag.bpifoundation.org and download the application form. You can also choose to fill out an application form online
  2. Send your application form to bpisinag@gmail.com with subject "BPISinagEntry_Lastname, Firstname, Middleinitial "
  3. Competition Stages
    • Selection Round
      • A panel of screeners will select the top 20-30 participants from the entries submitted
    • Elimination /Semi- Final Round
      • Five (5) judges will select the ten (10) Finalists who will make a Pitch Presentation in the Finals
      • Finalists will be invited to attend the 6-day Business Bootcamp after which they will compete for the Top Ten Finalist slots
    • Final Round
      • Each finalist will make a pitch presentation, consisting of oral and PowerPoint presentations before the Panel of Judges and an audience
      • Each finalist will be given a maximum of 7 minutes to deliver their pitch presentation
      • After each pitch presentation, the panel of jurors will be given a maximum of 5 minutes for questions addressed to the finalist
      • The criteria and scoring system with a scoring sheet will be distributed to all jurors ahead of the judging. There will be one scoring sheet per finalist or business plan
      • A panel of five (5) judges will select the five (5) winners and the Grand Champion
  4. Judging Criteria
    • Selection Round
      • 40% Potential to attain desired social impact
      • 30% Strong business model – financial and market potential
      • 30% Innovative approach
    • Elimination Round
      • 33.3% Business Model, Mission, Vision & Objectives (entrepreneurial spirit, mission & vision, logic & feasibility; realistic & sound objectives)
      • 33.3% Market Strategies & Competitive Analysis (soundness; depth of market knowledge)
      • 33.4% Design & Development Plan (logic, implementability, comprehensiveness of business model; supportive of the social value proposition)
    • Final Round
      • 20% Business Model, Mission, Vision & Objectives (entrepreneurial spirit, mission & vision, logic & feasibility; realistic & sound objectives)
      • 20% Market Strategies & Competitive Analysis (soundness; depth of market knowledge)
      • 20% Design & Development Plan (logic, implementability, comprehensiveness of business model; supportive of the social value proposition)
      • 20% Financial Plan (realistic projections consistent with development plan)
      • 10% Management & Organization Plan (managerial experience, cohesiveness & efficiency)
      • 10% Written Plan/Pitch Presentation (Clear, concise, well-written/well-presented interesting business plan)
  5. If your group lands in the semi-finals, you can only send a maximum of one (1) representative to the Bootcamp
  6. The panel of judges for the selection of finalists and winners will consist of business educators, social entrepreneurs, social development experts, and marketing/functional specialists nominated by BPI Foundation and ADMU-John Gokongwei School of Management
  7. The decision of the panel of judges is final and irrevocable
  8. View complete contest mechanics
Contest Period: Submission of entries until July 20, 2015
  • October 6, 2015 - Selection of winners
Contest Prize:
  • Grand Prize - One (1) winner of P300,000 CASH
  • Final Round Prize - Five (5) winners of
    • P200,000 CASH each
    • Undergo a structured Mentoring program over a period of 6 months
    • Will be entitled to set up office at the Ateneo Impact Hub, a physical incubator for start-up social businesses
    • Access to finance
  • Consolation Prize - Five (5) finalists will receive P50,000 EACH
Upside
  • Online submission
  • CASH prize
  • Winners will undergo mentoring and access to finance
Downside
  • The decision of the panel of judges is final and irrevocable
For more info, log on to sinag.bpifoundation.org