50 promising social entrepreneurs are now primed and ready to maximise the good they do as the Social Entrepreneur - Transformation, Innovation & Acceleration (SEtia) bootcamp came to a close yesterday. SEtia, the largest bootcamp of its kind in Malaysia is the result of a partnership between the Malaysia Global Innovation and Creative Centre (MaGIC) and Standard Chartered Bank Malaysia Bhd (Standard Chartered) which employs over 7,000 employees in Malaysia.
Running from 16 July to 16 August 2020, the 4-week long capacity building initiative hosted 50 of Malaysia’s rising social entrepreneurs, imbuing them with business development skills to supersize their growth and strengthen their resilience in the face of the world’s current economic climate. The list of up-and-coming social innovators in attendance included participants from highly regarded social enterprises such as The Urban Farm and Humans of KL.
Social entrepreneurs accepted into the bootcamp undertook a customised syllabus of business coaching and mentorship surrounding key business fundamentals including business modelling, financial management, marketing strategies, navigating government policies and more. But their development does not end here. After graduation, attendees undergo a 5-month mentorship and coaching module.
“The social enterprise ecosystem is an integral force of good for Malaysia, and MaGIC is committed to help them thrive. As we deal with the economic fallout from the pandemic, our social enterprises are facing huge challenges to keep their businesses afloat. There’s a greater need to bolster the foundations that enable our most promising social innovators to survive this period of uncertainty, and we’re proud to have like-minded partners on board that recognise the importance of putting our best resources behind our most promising social entrepreneurs,” said Dzuleira Abu Bakar, Chief Executive Officer of MaGIC.
She adds that besides building business acumen and resilience, there is a need for social enterprises to establish a culture of innovation in order to thrive in an uncertain economy.
"At Standard Chartered, we have a long history of contributing to social and economic development and supporting communities in the countries where we operate. Aligning to our entrepreneurship pillar under our Futuremakers programme, we seek to promote greater economic inclusion for young people and with MaGIC on board, we will leverage on their expertise. It's a win-win for all parties, particularly the social enterprise communities," Lai Pei-Si, Country Head, Retail Banking, Standard Chartered Malaysia.
"Social entrepreneurship is a growing sector that has the potential to contribute to the socio-economy of the nation. Social entrepreneurship development is the instrument of community empowerment,” she adds.
The SEtia bootcamp is one of several flagship initiatives conducted by MaGIC to build, bridge and boost the social enterprise ecosystem in Malaysia. In 2019, MaGIC launched the Social Enterprise Accreditation (SE.A) programme – the first of its kind in the region to allow social enterprises, those with audited impact, to be recognised by the Ministry of Finance and Inland Revenue Board of Malaysia.
“There’s a great deal of interest in social entrepreneurship today because this approach offers a new and possibly more sustainable way to address social and environmental issues. Through the programme’s guided workshops and mentorship, we foresee an increase in applications from SEtia graduates to apply for the Social Enterprise Accreditation in a few months,” Dzuleira predicts.
Commenting on the impact of the programme, participant Nik Faris from Sama Sama Spa, said, “Being part of SEtia has been eye-opening. It gifted us practical tools and we’ve gained deep insights from exchanging information, reviewing case studies and taking real-time exercises. This experience has made me feel valued and supported in a community of inspiring and highly-driven social entrepreneurs.”
Another participant, Rizam from Urehab, added, “SEtia opened my mind and directed me to learn, unlearn and relearn. The programme embodied all essential and fundamental aspects of social entrepreneurship, helping us innovate and ultimately, flourish, in such challenging times.”
The graduate list of SEtia 2020 includes:
● Petani Millennial
For further information about MaGIC’s programmes for social entrepreneurs, visit www.mymagic.my