Do you have a winning business concept that can:
- Demonstrate that it can generate profit?
- Has a social return?
- And will protect the environment?

Then this is your chance to turn that business concept into an enterprise. Join the Philippine Business in Development (BiD) Challenge 2009 by the Philippine Business for Social Progress (PBSP).

If you are chosen as one of the qualified entries, you will be matched with business advisers who will help you develop it into a full-blown business plan.

The Bid Challenge is a business plan competition for poverty reduction. It is open to entrepreneurs, employees, returning OFWs, or any organization from Luzon, Visayas or Mindanao.

Winners of the competition will receive a start-up capital support.

Rags2Riches and EchoStore were the top winners for BiD Challenge 2008. They were sent by PBSP to compete in the International BiD competition in Amsterdam, The Netherlands, which was won by Rags2Riches, who received £20,000 cash prize. It also received offers from investors.

The business concept of Rags2Riches was to transform scrap cloth in bags designed by Rajo Laurel and Amina Aranaz. The bags were produced by women from the Payatas dumpsite in Quezon City.

Thanks to Rags2Riches, the women-weaver now earns more in bags instead of the mere P8 from the rags they used to weave.

So if you think your business concept can be as innovative and dynamic as Rags2Riches, you can now submit your entry at the www.bidnetwork.org/philippines, or log on to www.pbsp.org.ph for more information.

Deadline for submission of entries is on August 30, 2009.