Jul 27, 2015
Hong Kong — J.P. Morgan and Social Ventures Hong Kong (SVhk) today launched the Social Business Forward (SBF) program, a new scheme aiming to boost the capacity of a cohort of social enterprises in Hong Kong with a goal to generate systemic and sustainable impact on the community.
Supported by J.P. Morgan, the SBF program will focus on helping to scale-up a cohort of 13 social enterprises that have a viable business model and a clear objective to improve some of the most pressing social issues in Hong Kong, including affordable housing, ageing, income inequality, education and environmental sustainability, etc.
The program will offer selected social enterprises structured skills training and capacity-building support through workshops and monthly coaching over a period of 12 months. Experts across business, academic and entrepreneurship sectors from a pool of 600 plus professional volunteers will be invited to provide training, coaching and networking opportunities in areas including business modelling, impact assessment, fund raising and marketing.
In order to help social entrepreneurs scale up their businesses, the program will also seek to connect them with potential investors, including philanthropists, foundations and corporates for future financial and capacity-building support.
“Contributing to the long term growth and prosperity of Hong Kong has always been one of our key objectives,” said Andrew Butcher, Senior Country Officer of Hong Kong at J.P. Morgan. “We believe we have a fundamental responsibility to utilize our resources, expertise and global reach to help tackle some of the social and economic challenges facing our community. Partnering with SVhk, we are confident that the program will help transform social enterprises into viable, sustainable and independent businesses.”
As Hong Kong’s first non-profit venture philanthropy organization, SVhk provides both financial and non-financial support to social enterprises as part of its mission to support and nurture social innovation. Francis Ngai, Founder and CEO of SVhk said: “The entrepreneurial culture is booming in Hong Kong, but our society will benefit more from ‘social entrepreneurship’ which leverages innovative ideas to address our social needs. Collaborating with J.P. Morgan, we believe the SBF program will generate a significant and systemic impact on Hong Kong’s society."
The program selects social enterprises in their early development or scaling up stage, based on three main criteria:
The 13 social enterprises selected to join the program include Light Be, Green Monday, Diamond Cab, OhMykids, Rooftop Republic and Pawsible.
About Social Ventures Hong Kong
Social Ventures Hong Kong (SVhk), established in 2007, is a venture philanthropic organization aiming to provide financial and non-financial support to Social Purpose Organizations or Social Enterprises in Hong Kong. Committing to create social impact, SVhk empowers innovative and sustainable business solutions through venture philanthropy models, which leverage impact-capital, professional volunteers and collaborative network in Hong Kong. More information about SVhk is available at http://www.sv-hk.org/.