Join the BiD Challenge 2009
Posted on June 19th, 2009
Announcing an opportunity for all entrepreneurs and aspiring entrepreneurs to get that much needed funding for your project you’ve been keeping for so long. This is through the Philippine Business in Development (BiD) Challenge 2009 which is being launched by the Philippine Business for Social Progress (PBSP).
The BiD Challenge is a business plan competition for poverty reduction. This is open to all entrepreneurs, employees, returning OFWs, or any organization from Luzon, Visayas or Mindanao. At stake is a start-up capital to support the most socially-responsible and innovative business concept.
Manuel V. Pangilinan, PBSP Chairman and Chairman of PLDT and SMART Communications, Inc. said, “Beyond the capital, finding investors for these innovative businesses will create greater impact. PBSP is committed to matching finalists and winners with investors in the Philippines and Europe as we have done in the past two years.â€
Business concepts submitted should demonstrate that it can generate profit, has a social return and will protect the environment, to be able to qualify. Contest entries that are able to demonstrate ability to produce the three bottom lines will be selected. They will be then matched with business advisers, who will help the entrepreneurs to develop a full-blown business plan.
Last year’s top winners of the BiD Challenge, Rags2Riches and EchoStore, were sent by PBSP to compete in the International BiD competition in Amsterdam, The Netherlands, where Rags2Riches won the top prize and received £20,000. It also received offers from investors.
The concept of Rags2Riches was to transform scrap cloth into bags designed by Rajo Laurel and Amina Aranaz. The bags were produced by women from the Payatas dumpsite in Quezon City.
Anna Annipao, 41, one of the women-weavers in Payatas said they used to just weave rags and earn P8 each. But now, instead of ending up as pot holders, the cloth they weave turns into beautiful bags, and they are able to earn more from them.
Interested parties may submit their entries at www.bidnetwork.org/philippines. The deadline is on August 30, 2009. You can also check the website of PBSP at www.pbsp.org.ph for more information.
