After a thorough evaluation and selection process, FGK announced the 10 social enterprises that have been selected as finalists to apply for funds in this category, ranging from US$10,000, US$20,000 and US$30,000, which will be used as seed capital for the growth of the participants.
The election of the winners of the competitive funds will take place on october 25, the ten finalists will have to present their projects with an innovative method known as "elevator pitch" or "elevator speech", participants must present and defend their projects in 3 minutes before a jury that will also have 3 minutes to ask questions, this jury will be composed of recognized international and national professionals: Adda de Molina (General Director Honduras Digital Challenge), Alexandra Araujo de Sola (Director of Banco Azul in El Salvador), Juana Jule (Executive Director FGK), Fernando Kriete (CEO and founder of KODIGO and part of the board of FGK), Francisco Perez (Director of the Entrepreneurship Center of INCAE Business School Costa Rica) and Jose Luis Giammattei (Co-Founder of Applaudo Studios).
Social entrepreneurship, unlike philanthropic organizations, is built with a model that seeks to solve a social problem and generate profits; they are companies that also include vulnerable groups in their value chain to improve their economic condition.
"In these 5 years of working to strengthen Social Entrepreneurship in the country, we have been able to support them with economic funds and help them strengthen their business models, accelerate their growth and scale their social or environmental impact. In addition, we facilitate connections with mentors, investors and other actors in the ecosystem through coworking spaces, incubation processes and consulting", explained Fernando Kriete, secretary and member of the Board of Directors of Fundación Gloria Kriete.
This category of the program began in 2018, to accompany and generate spaces for the growth of salvadoran social entrepreneurs who have in their business model the generation of positive impact on the lives of other people and comply with the triple impact line: economic, social and environmental.
"In this year's edition of the program have been selected 10 social enterprises from different economic sectors, each of them seeks to solve different social problems in the country in an innovative, sustainable and scalable way, this type of entrepreneurship goes with our goal to continue raising visibility, helping and inspiring through impact", said Juana Jule, executive director of Fundación Gloria Kriete.
Translated by: A.M