Social Entrepreneurship and the Social Entrepreneur
Innovative solution is key in addressing society’s most pressing problems. Social entrepreneurs who are ambitious and persistent in tackling major social issues and offering while empowering members of the affected societies are crucial in delivering the much needed social change.
Each social entrepreneur presents ideas that are user-friendly, ethical and engage widespread community support. They will harness the help of the local people who will seize their idea and implement it. In other words, every social entrepreneur is a mass recruiter of local change-makers, who channel their passion into action. The spirit of social entrepreneurship allows businesses to find success in the pursuit of helping others.
WIEF Social Entrepreneurship Challenge
The WIEF Social Entrepreneurship Challenge was a competition that inculcated the spirit of entrepreneurship amongst students with the goal of training business leaders and social entrepreneurs of the future. At the same time, it would brought together entrepreneurs, corporations and institutions to help realise sustainable projects for the benefit of the targeted Malaysian communities.
Objectives of the Challenge:
- To develop theoretical and practical competence in social enterprise that prepares the social entrepreneurs of the future.
- To ensures a fairer and more inclusive society.
- To contribute to the development of social innovations in Malaysia.
- To identify and acknowledge the contributions of young social entrepreneurs.
- To develop entrepreneurial skills and enterprising attitudes amongst students, faculty members/academicians, and the members of the communities.
The Challenge aimed to:
- Promote social entrepreneurship awareness among other students and communities.
- Empower the less fortunate communities, improve their quality of life and standard of living, and to equip them with the knowledge and skills to be independent community.
- Develop entrepreneurial and management skills among students.
- Instil team spirit that would foster closer bonding between students.
- Enhance students’ creativity and develop affiliation with local communities so as to develop suitable projects for the latter.
- Contribute to the socioeconomic development for the communities.
- Teach students to be socially, economically and environmentally responsible.
- Help students conceptualise sustainable business models that take into account social, economic, financial and environmental perspectives.
- The Challenge is open to full-time students at any public and private universities, colleges and polytechnics in Malaysia of any discipline and level of study.
- Students must be organised in teams of 4 students. Teams may comprise students from one or several institutions.
- Each team must submit one viable proposal for the socioeconomic empowerment of one of four selected communities to be determined by Challenge.
- Each institution can submit an unlimited number of teams.
One of the key outcomes of the WIEF Social Entrepreneurship Challenge is to develop projects that would financially empower the poor, disadvantaged and marginalised groups as well as the underprivileged communities in Malaysia.
Four (4) communities have been identified to be the beneficiaries of the WIEF Social Entrepreneurship Challenge:
- North: The fishing village of Kampung Belakang Kilang, Kuala Perlis, Perlis
- South: The Temuan community of Kampung Guntur, Kuala Pilah, Negeri Sembilan
- Sarawak: Community Rehabilitation Centre of Muara Tuang, Kota Samarahan, Sarawak
- Sabah: Kalangkaman Village of Pulau Banggi, Sabah
The Challenge seeks four (4) of the most innovative, student-generated social business plans that are viable and sustainable to alleviate the social problems of each of the communities identified above.
Format of the Challenge
The Challenge will be implemented in three stages
- Challenge 1: The Business Idea Challenge
In this challenge, all teams must submit a brief write-up of their business proposal. The write-up must reflect a viable socioeconomic empowerment project for their chosen community.
- Challenge 2: The Business Plan Challenge
In this challenge, the top 20 teams will be invited attend a compulsory 2-day boot camp on:
- Business Planning and
- Financial Planning.
At the end of the boot camp, each of the top 20 teams must submit a business plan. The business plan must be creative in identifying sources of funding and other necessary support to help implement their project. To assist them, each team will be assigned an academic advisor.
10 teams with the best business plans will be selected to proceed to Challenge 3.
- Challenge 3: The Pitching Challenge
In this challenge, the top 10 teams will be invited to attend a compulsory one-day Business Pitching Session conducted by certified coaches. After the completion of this session, each team will be required to deliver a timed 5-minute pitch to the Judging Panel. To assist them, each competing team will be paired with a business mentor.
The Judging Panel will determine the top four winners who presented the best viable socioeconomic projects for the four communities. Prizes will be awarded to the 4 most innovative business proposals that meet the Judging Criteria and demonstrate the best integration of financial and social returns on investment.
All submissions will be judged on the following:
- Judging Criteria for Challenge 1: Business Idea Challenge.
To proceed to the next challenge, the business idea must display:
- Social impact – the process and/or output are for public benefit
- Market orientation – the performance-driven, competitive, outlook that directs greater accountability and co-operation across sectors.
- Innovation – the creation of new ideas and models that address social or environmental issues. This can be manifested in three ways:
- A new product or service
- The use of existing goods and/or services in a new socially productive ways
- Reframing of norms to redefine social problems and suggest new solutions
- Judging Criteria for Challenge 2: Business Plan Challenge.
To proceed to the next challenge, the business plan must display:
- Needs Analysis:An analysis of the issue and the affected community.
- Target:Characteristics of the market and targeted population.
- Management:An assessment of the management team required.
- Creativity:A demonstration that the proposed project displays a unique approach.
- Feasibility:A demonstration that the venture can be successfully implemented.
- Planning:A clear and well-defined strategy to achieve the objectives.
- Operations:How the product or service will be produced and distributed.
- Sustainability:Long-term prospects for viability and success.
- Social Impact:The value that the project will bring to the community
- Judging Criteria for Challenge 3:Pitching Challenge
To win the challenge, teams must demonstrate that they have created an economic opportunity by helping others in a 5-minutes Pitch that reflects the following:
- Understand how a market based economic system operates,
- Acquire the education and skills training needed to succeed in a competitive economy,
- Learn how to succeed as an entrepreneur and/or improve an existing business,
- Develop financial management skills necessary to achieve financial independence,
- Understand that the long-term success and prosperity of the project are dependent on ethical business practices and
- Ensure long-term sustainability of the project.
Important tip: The final 10 competing teams will be judged on the overall effectiveness of their pitches as it will largely determine the 4 winners of the Challenge. The Judging Panel will be looking out for these points:
- Did the presenter(s) engage the audience and hold their attention?
- Did the presenter(s) appear to speak with confidence authority?
- Were visual aids (i.e. PowerPoint® slides) clear and valuable?
- Was the pitch exciting and compelling?
- How efficiently did the team allot their time?
1 challenge trophy plus RM20,000 cash, merchandise and project incubation.
3 consolation prizes of RM10,000 cash and merchandise each and project incubation.