PBSP opens RP BiD Challenge 2008

MANILA, Philippines - The Philippine Business for Social Progress announced the opening of the “Philippine BiD Challenge 2008" and called on individuals and groups with businesses - whether already existing, about to start or still just an idea - to take part and help stimulate economic activities in the communities. The “BiD Challenge" or Business in Development Challenge, is a business plan competition, meant to spur innovation and stimulate transfer of wealth, knowledge and skills through small and medium scale enterprises that combines making profits with addressing social issues. It is a matchmaking mechanism that provides a platform for entrepreneurs to find investors, markets, and other business contacts necessary to build or expand their businesses. About 50 to 75 of the most innovative and most feasible proposals will be chosen. Professional coaching shall be extended to the proponents of these proposals so they can develop these into solid, bankable and full blown business plans and better participate in the investment matching forum. The best 10 will be awarded seed capital from a pool of prize money while the top two will represent the country in the International Challenge in Amsterdam, The Netherlands along with 11 other participating countries. International winner will receive 20,000 Euros. Now on its third year in the Philippines, The BiD Challenge was initiated by the Dutch National Committee for International Cooperation and Sustainable Development (NDCO) in 2004 through the BiD Network Foundation and in partnership with private Dutch companies to promote the United Nation’s Medium–term Development Goal of alleviating poverty. The NDCO is fully funded by the Dutch Ministry of Foreign Affairs. Back then, it was mounted globally without country-based competitions but overwhelming response from developing countries like the Philippines prompted the NDCO to engage country partners to undertake their respective national contests. The Philippines through PBSP, was one of the six pilot countries to do this. Last year, the Philippine BiD Challenge was able to generate 211 entries, 45 of which were developed into full blown business plans. The best two that competed in The Netherlands, were a tire recycling project and a coconut based charcoal briquette project. The opportunity accorded the winners to interface with investors and promote their product has already brought in fresh investment from a Dutch firm for the tire recycling venture here. Participation to the BiD Challenge is done on-line through the Bid Challenge Network, a transaction platform for entrepreneurs in search of equity finance. For more information and for submission of entries to BiD Challenge 2008 log on to www.bidnetwork.org/philippines. For further queries, contact PBSP, (02) 527-7741 to 48; email: info.philippines@bidnetwork.org Deadline for submission of entries is on June 30, 2008.@