Background
Last year, BPI Sinag Synergy focused on looking inward through strengthening ties with the social enterprise ecosystem and providing more opportunities for social enterprises nationwide. It also built on the success of the previous years through the creation of more programs to further promote the National Social Enterprise Development Roadmap through campaigns, events and learning opportunities. The mission continues in spreading awareness and advocating for social entrepreneurship in the Philippines.
In a social enterprise, the poor and marginalized become participants in economic development as workers, suppliers, customers, managers, or owners. The Social entrepreneurship model enduringly advocates for inclusive development. With an entire social enterprise sector, in both the public and private sectors working towards national development, it is time to step up and go to the next level.
The BPI Sinag Elevate 2024
Steps have been continuously made to gather and open discussions with all groups and organizations involved in the national social enterprise sector. The effort continues with the attempt to reach a higher level through the active and collaborative act of elevating oneself and others. In elevating the mind and the social enterprise ecosystem, the country follows. To elevate is a logical step in the work for synergy and national development. The direction to go is upwards.
This 10th edition of BPI Sinag will have a theme that represents its next goal, a theme which defines the next level in further strengthening social entrepreneurship and development in the country: Elevate. This can indeed be reached with teamwork and with an enduring commitment to implement and strengthen the possible outcomes and opportunities created by and taken from the National Social Enterprise Development Roadmap.
The theme strongly encapsulates the ideals of the Sinag program’s noble beginnings while embracing a need to step up towards a higher mission of a collective effort of contribution all towards systemic change. From merely one-time capacity building and grant assistance to deeper engagement and understanding the needs of the social enterprise sectors to ensure viability and sustainability including the community that they serve encapsulates building the nation from below.
The main components of BPI Sinag Elevate 2024 program were designed to support its main objective: To deepen and elevate capacity building efforts and enhance support service offerings for BOTH new social enterprises and previous social enterprise registrants who were not selected in previous editions of Sinag.
The BPI Sinag Social Entrepreneurship Challenge
BPI Foundation and Bayan Academy have partnered once again to recognize and support more social enterprises nationwide. The BPI Sinag will have a social entrepreneurship challenge and a series of online learning opportunities or roadshows for the ecosystem that include educators and SE support intervenors that it supports.
Who Can Join?
The Nationwide Social Enterprises Community
The BPI Sinag Social Entrepreneurship Challenge is an annual search for social entrepreneurs whose enterprises are ready to scale-up and expand, while deepening their impact in community development. The program is intended for social entrepreneurs whose enterprises focus on sustainable business models that address social and environmental problems, particularly in agribusiness, education, health, energy, technology, and other marginalized sectors across the archipelago. The program shall continue to focus on promoting business resiliency.
Given the important role SEs play in economic and social development, BPI Foundation will be opening its doors to new SEs for the Sinag Elevate 2024 Program. This program aims to contribute to nation rebuilding by igniting interest in developing and sustaining social enterprises. It is a catalyst in changing the SE landscape to be responsive to the needs of stakeholders. It is an impetus that will evolve Sinag to become a thought leader in the social entrepreneurship agenda in the country.
The social enterprise must have a clear and significant market potential alongside with the socio-economic impact to its target beneficiaries. Thus, the business model should be responsive to the ever-changing business environment and allow the social enterprise to grow and adapt or shift when needed while staying true to their mission of supporting communities and creating impact in their respective sectors. Thus, business performance goes hand-in-hand with social performance.
The program is composed of three phases: search, learn, and boost. It opens up various opportunities to allow the chosen participants to grow, giving them access to grants, continuous relevant learning engagements, and potential market reach through the Sinag Sari Sari Stores. The program also ensures to build up its intellectual capital through developments of various learning materials showcasing the best practices and challenges faced by the social enterprises that will serve as future learnings of aspiring social entrepreneurs.
A. For Social Entrepreneurs:
- Must be at least 18 years old.
- Must lead a registered social enterprise operating for at least six months.
- Must be willing to undergo and complete the online bootcamps to qualify in the business pitch and access to the grant.
- Must register as a member of the Sinag SE Registry Page on Facebook at http://bit.ly/JoinTheSinagSocialHUB.
- If selected as top winners, the SE owner and the enterprise must comply with the Tripartite Agreement with Bayan Academy and BPI Foundation to release the cash grant.
B. For the Social Enterprise:
- Proof of registration
- For Sole proprietor – Business Permit and DTI Registration
- For Corporation - Business Permit and SEC Registration
- Not a previous Top 10 BPI Sinag SE Challenge Winner.
- Latest Financial Statement of the social enterprise (preferably audited financial statements if available).
- Supporting documents that show the enterprise’s products/services and provides a background of the business.
- The social enterprise or business must address a specific social issue/problem and have a defined social impact in fields like Agriculture (agribusiness and agroindustry), Healthcare, Education, Energy, Technology and other sectors included in Sustainable Development Goals (SDGs) of the United Nations.
- Must have a valid bank account associated with the social enterprise and not a personal account of the social entrepreneur.
- Must have an official receipt of the social enterprise.
- If selected as top winners, the enterprise must comply with the Tripartite Agreement with Bayan Academy and BPI Foundation for the release of the cash grant.
Process and Screening Criteria
Applicants will undergo an initial screening based on the application form and then go through an initial online pitch process. This will be held in front of the screening committee. For this initial online pitch, each applicant will be given Five (5) minutes on why they should be part of the BPI Sinag Challenge.
With the given time, applicants are expected to introduce their enterprise, how they plan to grow the business, the potential positive impact of their proposal, and the investment needed for the enterprise and to its partner communities. This will serve as an addition to the enterprise’s submitted application form.
Essentially, the Screening Committee will also use the following criteria which will be based on the answers at the application form:
- What are the economic benefits for the beneficiaries?
- What are the social benefits for the beneficiaries?
- Can it continue to grow its impact in the future?
- Can your enterprise be scaled up significantly to include new beneficiaries?
- Will you experience the same success if your enterprise is situated in a different area or location?
- Does the social enterprise’s product/service have a clear and significant market potential?
- Is the market enough to sustain the enterprise’s operations?
- Are the social enterprise’s business model and strategy responsive to the business environment?
- Is the social enterprise able to fulfill the needs of beneficiaries and customers regardless of the economic situation?
- What innovations did your enterprise come up with that are unique or better than other solutions? What makes your product or service stand out?
- Does your enterprise have better technology?
- Is your enterprise a cost leader?
- Is your enterprise being run by a superior organization?
- How has your enterprise been doing financially the past few years?
- Will your enterprise be financially viable 5 years or 10 years from now?
- Are the internally generated funds enough to sustain your enterprise?
After these processes, qualified and selected applicants will proceed to the social enterprise bootcamp, a series of mentoring opportunities, discussion or lectures and networking sessions which then will prepare the enterprises for the final pitch, in front of a panel of judges, and the creation and submission of their Social Enterprise Development Plan (SEDP).
Application Process and Timeline
The BPI Sinag Social Entrepreneurship Challenge will be officially launched on June 6, 2024. During this event, all requirements and opportunities will be discussed in detail as well. The application process will also be opened by then.
The application form can be accessed via the link below:
https://bit.ly/BPISinagSE2024Application
The application deadline is on August 8, 2024.
Significant dates can be found below:
The BPI Sinag Inclusive Program
New to this year’s BPI Sinag component will include a program for budding social enterprises, advocacy businesses and organizations as well. The BPI Sinag Inclusive Program has the main objective of preparing enterprises to reach the next level of growth by introducing them to social entrepreneurship and equipping them with tools and best practices to try out and eventually adopt the social entrepreneurship (SE) model.
Program participants will also undergo a training program which will introduce them to the SE model and provide both learning and networking opportunities. A chance to fully embrace the social entrepreneurship principles and activities.
The Social Enterprise Sector - Supporting Educators and Social Enterprise Intervenors
Online Events and Roadshows for BPI Sinag Educators and Social Enterprise Intervenors/Sub-sectors
BPI Sinag has always aimed for the mainstreaming and democratization of social entrepreneurship in the Philippines. The program will continue to provide learning opportunities for social enterprises, educators and social enterprise intervenors nationwide. This will be an opportunity for organizations to share thoughts, meet each other and study the ‘big picture’ of their respective sub-sectors.
These events also have the intention of introducing the BPI Sinag Program and its impact over the years to a wider audience and to organizations from across the country.
