PBSP invites entrepreneurs to join BiD Challenge Philippines 2010

PBSP invites entrepreneurs to join BiD Challenge Philippines 2010 
The Freeman
October 16, 2010

The Philippine Business for Social Progress (PBSP) invites all enterprising individuals with innovative business ideas to submit their proposals for the Business in Development (BiD) Challenge Philippines for 2010.

In return, winners of the competition will get the chance to be exposed to an international network of investors, experts, and business partners, receive professional feedback and assistance from business coaches, and win prize money which they can use as capital for their business ideas.

The BiD Challenge, initiated by the Netherlands-based BiD Network, is an annual international online business plan competition with participants from Africa to Latin America promoting poverty reduction through enterprise development. It aims to stimulate and support business ideas that combine profit with the improvement of living standards in the country and boost private sector development in the country by creating a platform where entrepreneurs and investors meet and interact with business executives and corporate professionals.

Participants of the BiD Challenge can receive assistance in developing solid, bankable, and complete business plans, as well as get exposure to a network oflocal and international financiers, investors, and other business contacts.

Investors, on the other hand, get exclusive access to quality small and medium-sized business plans in need of financing, while companies and non-government organizations get the opportunity to share their competence and expertise with local entrepreneurs.

Interested participants should have business financing needs equivalent to between US $10,000 and $1 million to qualify in the competition, and their respective businesses aiming to be profitable within the next three years, withgrowth potential in employees and sales of more than 30 percent per annum.

Ten of the winners will receive start-up capital, while the top two contenders will be sent overseas to join the International BiD competition.

The Dutch Nationale Commissie voor Internationale Samenwerking en Duurzame Ontwikkeling (NCDO, or the National Committee for International Cooperation andSustainable Development) initiated the BiD Challenge in 2005. The Philippines is the only country in Asia actively participating in the BiD Challenge, with the PhilippineBusiness for Social Progress (PBSP) as the local organizer of the competition since 2007.

Last year, the competition attracted more than 80 entries nationwide with winningentries including Rags2Riches, which specialized in transforming scrap fabric into bags from the designs of renowned Filipino designers Rajo Laurel and Amina Aranaz.

Interested participants to this year’s BiD Challenge have until October 30 to submit their social enterprise ideas. PBSP is particularly encouraging entrepreneurs from outside Metro Manila to submit their business plans through the BiD website at www.bidnetwork.org.

For more inquiries about the BiD Challenge, interested applicants may contact Donna P. Cariño via telephone at (02) 527.7741 loc 103/104 or via email at donnapcarino@yahoo.com.