Kuala Lumpur, 7 March 2023 – SME Bank is calling for all entrepreneurs and College/University students to participate in the SME Bank Sandbox Competition 2023 to showcase innovative sustainable business ideas and win cash prizes worth a total of RM160,000.
The SME Bank Sandbox Competition 2023 aims to promote and support the development of socially responsible and innovative business ideas that prioritise positive social or environmental impact under the United Nation’s Sustainable Development Goal 12 (SDG 12): Sustainable Consumption and Production. This aims to give birth to feasible solutions to address sustainable consumption and production patterns, which is key to sustaining the livelihoods of the current and future generations.
SME Bank Group President/Chief Executive Officer, Datuk Wira (Dr.) Aria Putera Ismail said, “The Sandbox Competition 2023 is one of our many initiatives which is aligned with SME Bank's SDG framework, and reflects our dedication towards promoting environmental, social, and governance principles. By promoting awareness and understanding of sustainable practices, we hope to inspire our fellow Malaysians to bring out their best in creativity and innovation through healthy competition, we aim to nurture the development of social enterprise who will drive positive change and build a greener future for us all.”
The competition is open to two categories: Open and College/University students. Interested participants will be able to download the competition pre-learning materials which will give an overview on how to develop business proposals. The competition form will provide participants with a step-by-step guide outlining the social enterprise business idea, including the product or service description, target audience, the social or environmental problem being addressed, and the potential impact the proposal aims to achieve.
Participants are also required to submit a 2-minute video to demonstrate why their ideas should be shortlisted for the final pitch as well as showcase their creativity and passion for the business idea.
The deadline for submission is 25 June 2023. A panel of judges will review all submissions and select the top 20 business ideas from each category to move on to the next round. The selected teams will then undergo a comprehensive 3-day online boot camp training and coaching by SME Bank’s entrepreneur development arm, Centre for Entrepreneur Development and Research Sdn. Bhd. (CEDAR), to help participants to further refine their business ideas and enhance their proposals in line with the SDG 12 targets. The finalists will then be invited to present their proposals at a live event in front of a panel of expert judges.
The winning teams will take home cash prizes worth a total of RM160,000, as well as valuable exposure and networking opportunities with other entrepreneurs, investors, and supporters in the social enterprise community. For more information on SME Bank Sandbox Competition 2023, including the competition terms and conditions and how to register, visit www.smebank.com.my/sandbox. Follow SME Bank’s Official social media platforms including Facebook, Instagram, Twitter and Linkedin for the latest information on the competition.