4 Social enterprises pitch solutions during ISIP’s first virtual showcase
THE PHILIPPINE STAR
April 27, 2020 | 1:58pm
MANILA, Philippines—Four social enterprises pitched their innovative solutions to global problems to a virtual audience of local investors on April 17, as part of the Social Enterprise Showcase of the Innovation for Social Impact Partnership (ISIP).
Due to COVID-19 restrictions, the showcase and demo day saw entrepreneurs, investors, media and guests interacting through a web-based conferencing app.
The Demo Day marked the culmination of an intensive six-month journey of support and training in the ISIP Social Impact Accelerator for Filipina Homebased Moms (FHMoms), MAD Travel, Magwayen Organics, and PeoplePods.
FHMoms is a social enterprise that equips Filipina mothers with skills that can help them become ready for online jobs.
Make a Difference (MAD) Travel is an educational travel platform that uses sustainable experiential tourism to educate guests on sustainable development issues and practices.
Magwayen Organics is a social enterprise that developed products such as MAGWAI, a coral reef-safe sunscreen—free from the commonly used chemicals that harm our marine environments.
PeoplePods is a social enterprise that provides dignified housing solutions to female migrant workers located in Batangas and Laguna.
The social enterprises received technical assistance, mentorship from top business and social impact leaders, learning sessions, and impact management tools and training for them to grow and ultimately contribute to the achievement of the United Nations Sustainable Development Goals (SDGs).
ISIP uses the Social Impact Accelerator to help address the financing gap experienced by social enterprises in the Philippines.
Support like this helps social enterprises attract investment, scale, sustain their social impact, and maintain stability amid unprecedented challenges such as the COVID-19 crisis.
“We recognize the economic impact of COVID-19 on micro, small, and medium enterprises including the social enterprises we support through the ISIP project. The new approaches and innovative solutions that social enterprises can contribute are needed now more than ever,” said Australian Ambassador to the Philippines Steven Robinson, as he assured the Australian Government’s continued support to the project.
“Social enterprises are crucial in these challenging times as they provide innovative means to deliver goods and services, and create new opportunities. However, in a rapid survey we conducted on the effects of the COVID-19 pandemic on the 15 social enterprises we have supported in ISIP, we found that majority of these social enterprises experienced a major slowdown on their business. Four even completely stopped their operations," said Titon Mitra, resident representative of the United Nations Development Programme (UNDP) in the Philippines.
"We need to support these social enterprises for their business continuity and market access. It is time for the private sector to invest in the SDGs,” Mitra added.
“The health crisis has forced us to rethink how we can run our businesses under a new set of conditions. But these challenging times only fuel our ingenuity further. Today’s Social Enterprise Showcase demonstrates that through innovation and entrepreneurship, we can develop unique solutions that can address problems and multiply opportunities. At PhilDev, we are and we will continue our commitment to empower Filipinos through entrepreneurship,” said Dr. Paco Sandejas, chairman of PhilDev Foundation.
Among the organizations that joined the online pitching event were the Manila Angel Investors Network (MAIN), ARQCapital, xchange, ADB Ventures, the Department of Trade and Industry-Export Marketing Bureau, Ignite Impact Fund, SEAF, Wavemaker Partners, Accion Venture Lab, Launchgarage, Plug and Play Tech Center, Capital4Development, ICCP SBI Venture Partners,, Villgro Philippines, CORE Capital, Foundation for a Sustainable Society Inc., IISLA Ventures, GIV Capital, Aboitiz Group, Asian Venture Philanthropy Network, Cebuana Lhuillier Foundation.
The Innovation for Social Impact Partnership aims to support promising innovative social enterprises in the Philippines to collectively contribute to the achievement and acceleration of the United Nations Sustainable Development Goals.