MaGIC & Standard Chartered Bank Malaysia Kick Off SEtia Bootcamp

“MaGIC are passionate advocates for social entrepreneurship because we have seen the transformative powers of entrepreneurs who are guided by altruistic compasses.”

This was said by Malaysian Global Innovation & Creative Center (MaGIC) CEO Dzuleira Abu Bakar at the launching ceremony of the Social Entrepreneurs – Transformation, Innovation & Acceleration (SEtia) bootcamp yesterday morning.

In line with MaGIC’s unwavering support for social enterprises (SE), this is another initiative to support the growth of young startups looking to change society in Malaysia.

After the signing of a memorandum of understanding 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 he’s back and 50 Malaysian social entrepreneurs are ready to tackle the bootcamp.

A 6 month Bootcamp

To qualify, the 50 participants must already have validated companies with social impact that have a working prototype.

These 50 entrepreneurs come from 25 SEs, each SE contributing at least 2 co-founders to the full-time program.

Bootcamp Day 1 / Image credit: MaGIC

SETia’s personalized program is intended to reinforce the development of ES through coaching and mentoring support in matters of business modeling, financial management, innovative marketing strategies, government policies, etc.

It is structured on a cycle of construction, validation and learning which requires that the participants refine and develop their ideas in practical and achievable companies to stimulate and maximize their impact.

Thus, for the next 4 weeks, entrepreneurs will follow a training where they will be exposed to creative and innovative business strategies to maximize social impact and profit, complete modules of entrepreneurship development, have active discussions and immersive visits to existing social enterprises.

At the end of the 4-week training, the entrepreneurs will be followed and will have access to coaching and mentoring for the next 5 months.

At the end of this, they will be ready to apply for social enterprise accreditation.

The restlessness never stops

Having collaborated with MaGIC since 2017 to support and develop entrepreneurs, Standard Chartered is no stranger to the empowerment of social enterprises.

Lai Pei-Si of Standard Chartered delivering his speech / Image credit: MaGIC

It has a pillar of entrepreneurship under Futuremakers, its global initiative to fight inequality and promote greater economic inclusion of young people in our community.

Thanks to her, programs focusing on education, employability and entrepreneurship are aimed at disadvantaged young people from low-income households, especially girls and the visually impaired.

Towards the end of the ceremony, Dzuleira had more to share about what MaGIC had put on his sleeves for the SEs.

“We will soon launch the Social Impact Grant (SIM), an initiative announced by our Prime Minister as part of the Short-term Economic Recovery Plan (PENJANA).”

She looked at the audience with precision and added with a smile: “I expect to see at least 24 apps when we launch.”

MaGIC is also working with partners to create an online space for SEs to market their products and is also developing a campaign to encourage impact-oriented consumption among Malaysians.

On the backend, MaGIC is reorganizing its impact measurement framework for social innovation.

“This will improve our ability to recognize the immediate needs of the entrepreneurs we serve and connect them with the right partners and the right resources that are essential to their growth,” said Dzuleira.

  • You can read more about what we wrote about MaGIC here.

Featured Image Credit: MaGIC

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Jothi Venkat

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