GIS – 22 May 2015: The first edition of the Social Entrepreneurship Award organised at the initiative of the Ministry of Social Security, National Solidarity and Reform Institutions, in collaboration with the State Bank of Mauritius (SBM) and the NGO Trust Fund, was launched yesterday at the seat of the Ministry in Port Louis.
The launching ceremony was held in the presence of the Minister of Social Security, National Solidarity and Reform Institutions, Mrs Fazila Jeewa-Daureeawoo, and the Chief Executive of SBM, Mr Jairaj Sonoo.
The Social Entrepreneurship Award, which is a Business Plan competition for Non Government Organisations (NGOs), aims at unlocking the potential of NGOs to create social value through social entrepreneurship ventures. The projects will be assessed along the following criteria: Idea Generation and Opportunity Recognition; Social Value Creation; Organisational Capacity and Sustainability.
The three best projects will be rewarded, in September this year, with a cash grant of Rs 1 million each, disbursed over a period of three years as follows: Year 1 - Rs 500 000, Year 2 - Rs 300 000 and Year 3 - Rs 200 000.
In her address, the Minister outlined that social entrepreneurship is an innovative concept whereby entrepreneurship principles are applied to organise, create and manage a venture to bring about social change.
This award is held with a view to implement the concept of social entrepreneurship within the NGO sector, she said, adding that this initiave represents an opportunity for NGOs to ensure the economic empowerment of their beneficiaries and at the same time diversify their income base and move from dependency to sustainability.
Entrepreneurship is an important driver to economic growth in any country and Government is working hard to encourage the growth of small businesses to boost employment and opportunity, said the Minister
Mrs Jeewa-Daureeawoo recalled that nowadays the challenges of NGOs lie in their capacity to effectively respond to their dual bottom line: mission accomplishment and financial sustainability. One innovative approach of enabling NGOs to reconcile this dual bottom line is to permeate the concept of social entrepreneurship in the NGO sector, she said.
She made an appeal to NGOs to view social entrepreneurship as an opportunity to broaden and diversify their income base to mark the paradigm shift from dependency to sustainability.
For his part, Mr. Sonoo pointed out that this award will help raise awareness of social entrepreneurship as a concept among social actors and encourage them to develop socially innovative ideas to address social problems. It will also be an excellent opportunity to showcase successful models to social entrepreneurship projects in the NGO sector.
Duly filled application forms, together with relevant supporting documents, should be submitted by registered post or hand-delivered to the NGO Trust Fund, 2nd floor, Renganaden Seeneevassen Building, Port Louis, latest by Monday 6 July 2015.
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