Budding entrepreneurs with a unique business plan in mind are encouraged to participate in the Business in Development (BiD) Challenge Philippines fifth season, where the top winners may get the once-in-a-lifetime chance to compete with their enterprising counterparts from Africa to Latin America.
Organized by the Philippine Business for Social Progress (PBSP), the BiD Challenge Philippines is the local search of an annual international online business plan competition that has already awarded local winners in the Netherlands since 2005, and has even sent two other participants in a BiD exhibit in Colombia for the 2010-2011 season.
The competition aims to promote poverty reduction through enterprise development, primarily to generate new and innovative business ideas combining poverty reduction and profit, where viable ideas are being matched with potential investors.
PBSP said the competition further aims to stimulate and support business ideas that combine making profit with the improvement of living standards in the country, as well as stimulate private sector development by creating a platform where entrepreneurs, experts, networks, and investors can meet.
It said entrepreneurs will get exposure to a network of investors, experts, and business partners, plus a chance to win prize money.
In the business matching sessions, investors can 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 have until 31 October 2011 to submit their social enterprise ideas. In the previous BiD Challenge season, Nathalie Arsonillo of Quezon, Bukidnon won the top prize in the Women in Business Challenge category in the Netherlands with her mobile cassava processing plant project, which won over competitors from Peru and Uganda.
Also in the recent BiD Challenge awarding, Kevin Hernandez of Cubao, Quezon City and his cogon furniture innovations represented the Philippines in the international BiD fair in Bogota, Colombia.
“The competition struck me as very attractive because it is not restrictive and welcomes anyone with any kind of business idea,” Arsonillo said, as she encouraged participants to the new season of the BiD Challenge Philippines.
Arsonillo added that she was able to have “the opportunity to talk to potential investors,” as well as make friends and meet future business contacts.
“I saw that the future for my business was limitless. Even then, operating in the rural areas, I felt satisfied, knowing that I am doing what I have set out to do and accomplishing it in my own way,” Arsonillo said.
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For information on how to join, please visit BID Network.