Seeking to reshape the entrepreneurship landscape in the Philippines, digital payment firm Payoneer has joined forces with entrepreneurship group Bridge for Billions to launch an incubation program for local SMEs and freelancers.
Jen San Antonio, marketing lead for Asia Pacific’s emerging markets at Payoneer, said the program was created to support the growth of small to medium-sized businesses in the digital economy of the Philippines.
“It’s specifically designed with individual freelancers, freelance agency owners, and SME BPO owners in mind. Through this program, they can gain access to participants, mentorship, and a community of like-minded peers.”
Bridge for Billions has conducted 270 incubation programs in 134 countries over the past eight years. This initiative has matched 3,709 entrepreneurs with 3,029 mentors. Remarkably, 94% of these entrepreneurs rate the program as instrumental in their success, with revenues often soaring up to 2.4 times.
The four-month incubation program offers entrepreneurs an array of tools and resources. This includes personalized one-on-one mentoring, a meticulously structured methodology for business development, unwavering support from the program team, and comprehensive business plan development to solidify participants’ business strategies.
“By the end of the incubation program, you’ll be able to develop a solid and concrete business plan for your venture,” San Antonio said.
She added: “What we’re so proud to share is that Bridge for Billions’ innovation-based methodology is based on the discipline and entrepreneurship concepts of the Massachusetts Institute of Technology (MIT).”
Participants gain exclusive access to the online incubation platform, a hub of tools designed to guide entrepreneurs through the process of structuring their ideas and fortifying their business plans. Each tool provides a step-by-step roadmap to success, from understanding their value proposition to mapping out their competitors.
Bridge for Billions is actively seeking 70 entrepreneurs and 70 mentors who are passionate about business, and entrepreneurship, or eager to develop their entrepreneurial skills.
The incubation program is particularly targeting independent freelancers, freelance agency owners, or a small-to-medium-sized BPO owners residing in the Philippines. A crucial commitment is required, with participants dedicating 7-8 hours per week for four months.
The application window for this program is open now and extends until December. The four-month incubation program is scheduled to commence from March to June 2024.
Upon the conclusion of the four-month incubation program, a selected group of participants (15-20) will have the opportunity to participate in a pitch competition. Cash prizes await the winners, with the chosen winner receiving $4,500, and runner-ups securing $2,000, $1,500, and $1,000, respectively.
Following the program’s conclusion, an impact assessment will be conducted to track the growth and success of the entrepreneurs, ensuring that the transformative effects of this collaboration continue to flourish.
