"MaGIC are passionate advocates of social entrepreneurship because we have seen the transformative powers of entrepreneurs led by altruistic compasses."
This was said by the CEO of the Malaysian Global Innovation & Creative Center (MaGIC), Dzuleira Abu Bakar, yesterday morning at the launch ceremony for the Bootcamp Social Entrepreneurs – Transformation, Innovation & Acceleration (SEtia).
In line with MaGIC's steadfast support for social enterprises (SEs), this is yet another initiative to support the growth of young startups striving for social change in Malaysia.
After signing a MoU between MaGIC and Standard Chartered Bank Malaysia (Standard Chartered) in December 2019, SEtia was scheduled to take place much earlier in 2020, but had to be postponed due to the pandemic.
Now it is on the move again and 50 Malaysian social entrepreneurs are ready to tackle the boot camp.
A 6 month boot camp
To qualify, the 50 participants had to have validated social impact companies that had a working prototype.
These 50 entrepreneurs come from 25 SEs, with each SE contributing at least 2 full-time co-founders to the program.
Day 1 of the boot camp / Photo credit: MaGIC
SETia's bespoke curriculum is designed to strengthen SE development through business coaching and mentoring support related to business modeling, financial management, innovative marketing strategies, government policies and more.
It is based on a cycle of creation, validation and learning in which participants have to refine their ideas and develop them into practical and actionable companies in order to further advance and maximize their impact.
Over the next 4 weeks, entrepreneurs will undergo training that will expose them to creative and innovative business strategies to maximize social impact and profit, complete entrepreneurship development modules, engage in active discussions, and extensively visit existing social businesses .
After completing the four-week training, the entrepreneurs will be monitored and have access to coaching and mentoring for the next 5 months.
In the end, they are ready to apply for Social Enterprise accreditation.
The hustle and bustle never stops
Standard Chartered has been working with MaGIC in supporting and developing entrepreneurs since 2017 and is also no stranger to strengthening social enterprises.
Lai Pei-Si from Standard Chartered delivers her speech / photo credit: MaGIC
It has a pillar of entrepreneurship among Futuremakers, its global initiative to fight inequality and promote greater economic inclusion of young people in our community.
Programs that focus on education, employability and entrepreneurship target disadvantaged young people from low-income households, especially girls and people with visual impairments.
Towards the end of the ceremony, Dzuleira had more to tell about what MaGIC had in store for SEs.
"We will shortly launch the Social Impact Matching (SIM) Grant, an initiative announced by our prime minister as part of the short-term stimulus program (PENJANA)."
She looked closely at the audience and added with a smile: "I expect at least 24 applications when we start."
MaGIC is also working with partners to set up an online area for SEs to market their products and is developing a campaign to promote impact-oriented consumption among Malaysians as well.
In the backend, MaGIC revises its framework for measuring the impact of social innovation.
"This will improve our ability to identify the immediate needs of the entrepreneurs we serve and connect them with the right partners and resources that are critical to their growth," said Dzuleira.
- More information about MaGIC can be found here.
Selected image source: MaGIC