C3 and HSBC launch second edition of their Social Impact Accelerator Program in the Middle East
Following the success of last year’s pilot program, HSBC has renewed its partnership with Consult and Coach for a Cause (C3) for three years; announcing the launch of the second edition of its flagship program, C3 Social Impact Accelerator - powered by HSBC.
The C3 Social Impact Accelerator program supports social entrepreneurs in their journey by helping them achieve financial sustainability and solve major social challenges at scale. This year, C3 and HSBC are expanding the program to 8 countries in MENAT. A total of 40 semi-finalists from the UAE, KSA, Kuwait, Oman, Bahrain, Egypt, Algeria and Turkey will be selected from hundreds of applicants to receive one-on-one expert support. To be eligible, applicants must be revenue-generating and must contribute to at least one of the UN Sustainable Development Goals. Applications are open until 31 October 2019.
Following a rigorous selection process, only 20 applicants will be invited to participate in a week-long program in March, 2020 in Dubai, UAE for an opportunity to connect with impact investors, international trainers and key stakeholders from the social enterprise world. The 20 finalists will benefit from customized lectures and interactive workshops tackling topics such as Theory of Change, Social Impact Measurement, Legal Structure and Governance as well as tailored expert sessions where participants receive one-on-one support from business and social impact experts. Finalists will also undergo board meeting simulations and work on their pitch decks for a chance to win the pitch competition and receive an equity-free cash prize of $10,000.
Last year’s winner Dr. Rasha Rady, co-founder and COO of Chefaa, an Egyptian based e-health startup said: “Joining C3 was one of our most important milestones yet. It helped us express our impact in a precise and measurable way. We are now able to better communicate with investors and that has boosted our growth significantly.” Chefaa recently closed a six-figure seed funding round.
Shortly after the Accelerator, in March 2019, PraxiLabs won the Next Billion EdTech Prize and other program participants, namely: Bekia, Chefaa, Hydro Wind, Desert Control were selected to be among the 100 Arab World Startups that are shaping the fourth industrial revolution in MENA and presented at the World Economic Forum in Jordan in April, 2019.
These accolades highlight the quality that is attracted to the HSBC C3 Accelerator Program.
Experts and Investors’ feedback expressing an overwhelmingly positive experience, coupled with 95% of the social entrepreneurs conveying they would recommend the program to fellow entrepreneurs and peers, further validates the strength and efficiency of C3 and HSBC’s collaborative efforts.
Medea Nocentini, Co-founder of C3 elaborates: “The Social Impact Accelerator Program is our flagship initiative. It is designed to help entrepreneurs develop the skills they need to deliver their social business goals. It is a unique model that relies on the efforts of multiple experts and provides tailored training for those seeking to make a lasting difference and do business differently. We encourage all entrepreneurs to take advantage of this opportunity and showcase the amazing work they are doing to create socially impactful businesses. We are happy to be partnering with HSBC on what we consider a one-of-a-kind impact accelerator program in the region.”
Anna-Liisa Goggs, Co-founder of C3: “Impact analysis and measurement leading into verifiable KPIs that can be presented to investors is a critical part of a social entrepreneur’s journey and something that companies typically need support with putting into practice. C3’s Social Impact Accelerator includes these elements and at the same time encourages peer to peer support to highlight pitfalls and ways to streamline impact in the field. We are really proud of what we have created and refined with feedback from our alumni over the years and we are excited to welcome a new batch of entrepreneurs this year.”
Commenting on the partnership Sabrin Rahman, Regional Head of Sustainability MENAT for HSBC Bank Middle East Limited, said: “We are proud of our partnership with C3 and the outcome of the first edition of the Social Impact Accelerator. As more MENAT countries are included in the second edition of the program, we are looking forward to contribute to developing the skills of more entrepreneurs who are committed to what is right for our communities and our planet.”