BPI Foundation has launched a new program aiming to help develop local micro- and small-sized enterprises (MSEs). BPI Small Enterprise Acceleration Lab (SEAL) comes with its first track, Small Enterprise Growth Agenda (SEGA).
During the virtual launch, the social development unit of BPI and its program partner, Bayan Academy, said BPI SEAL-SEGA is a search for startup businesses that are ready to develop their viable ventures. It will meet the requirements of startup businesses through training, mentoring sessions, and cash grants.
The program’s training component is designed to help participating startups assess their products, services, operations, and marketing as well as assist them in developing their respective startup enterprise development plan.
“It’s no secret that the past two years have been extra tough for the entire business community most especially for the micro and small enterprises (MSEs), which faced multiple challenges including the lack of funds to maintain their businesses after a series of lockdowns,” said BPI Foundation Executive Director Owen Cammayo.
“To help address the pressing need for an intervention and spur growth to the MSE sector, we are excited to kick off the pilot run of the BPI SEAL-SEGA,” Cammayo added.
Bayan Academy President and Chairman Prof. Francisco ‘Jay’ Bernardo said, “BPI SEAL-SEGA is dedicated to helping startups sustain, develop, and scale up their businesses. We are here to be part of the nation-building efforts that SMEs have been providing us.”
Small businesses struggle
According to data from the Department of Trade and Industry (DTI), 99.51% of all businesses nationwide are categorized into the MSME sector, as of 2020. The government agency also revealed that micro-sized businesses account for 88.77%, while small enterprises account for 10.25% of those.
The sector continues to struggle due to lack of access to financing to technical and management know-how, based on a study by the Philippine Institute for Development Studies in 2018. BPI SEAL-SEGA is aimed at helping bridge those gaps.
“Startups proved to us that crisis can also be a strong driving force for creativity and innovation,” said DTI Undersecretary of Regional Operations Group Blesila A. Lantayona. “If this new normal has taught us anything, it is harnessing the benefits of digital technologies and transformation that could be an opportunity to create sustainable and adaptable businesses.”
Clockwise from upper left: DTI Undersecretary of Regional Operations Group Blesila Lantayona, BPI Foundation Executive Director Owen Cammayo, Startup Village President Carlo Calimon, and Bayan Academy President and Chairman Prof. Jay Bernardo
Challenge for startups
BPI SEAL-SEGA is open to startup entrepreneurs, who are at least 18 years old. Their small businesses should have an asset size that will not reach or exceed ₱1 million. To participate, register to be a member of the SEAL Startup Enterprise HUB Registry on Facebook, then send an email to bpifoundation@bpi.com.ph. Visit https://bpifoundation.org/page/bpi-seal-sega to know more details and follow BPI Foundation on Facebook and Instagram.
Fifty (50) MSEs will be selected to join the boot camps where they can showcase their business plans through a business pitch to a panel of judges. The Top 10 will receive a cash grant of ₱100,000 each, while the Top 11 to 20 will bag ₱50,000 each.
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