2009 NESsT-Citi For-profit Social Enterprise Competition

NESsT and Citibank are pleased to announce the “2009 NESsT-Citibank For-profit Social Enterprise Development Program,” which aims to support the development of for-profit social enterprises in Hungary. Fifteen for-profit social enterprises that fulfill our criteria listed below and apply successfully beforel the 9 of March will be invited to participate in a management training and financing program.

The program is made possible thanks to the generous support of the Citigroup Foundation and the voluntary assistance of Citibank employees.

1. What is a for-profit social enterprise?

NESsT defines for-profit social enterprises as businesses that:   

• Sell products and services to solve critical social problems, and its business activities are undertaken in the context of a social mission.
• Improve local communities through increased employment opportunities, access to health and education services, reduced energy and resource consumption, land conservation, and improved air and water quality.
• Operate in the private sector, seeking to balance both profits and mission to maximize financial sustainability and social impact.

2. Who should apply?

We invite for-profit social enterprises registered as sole proprietorships, partnerships, or limited companies seeking to access our management training and coaching for free as well as financing to improve their bottom-line and increase their social impact.

Criteria for participating in the program are to:

A) Fulfill the definition of social enterprise above.

B) Have potential to grow and reach more beneficiaries and/or be a replicable model.

C) Employ up to 100 individuals and generating a maximum of EURO 1 million in annual revenues.

D) Opportunity for NESsT to add significant value.

3. Program components

The ten-month program will consist of a series of one-day trainings followed by individual consulting support to each participating for-profit social enterprise. NESsT’s support will focus on the following five areas:

• Market research and analysis
• Marketing and branding
• Operations and management
• Financial management
• Social impact

The objective is for participants to develop business plans to grow their enterprises and improve their bottom line and social impact.

For-profit social enterprises developing the three most successful business plans will each be eligible for a non-reimbursable grant of US$ 10,000, awarded by an investment committee of NESsT and Citibank and presented at an awards ceremony.

4. What will my for-profit social enterprise gain?

• Management/business planning training and consulting support for free.
• Capital: NESsT and Citibank will present US$10,000 financial awards to recognize the three best business plans.
• Access to business mentors from Citibank and NESsT’s Business Advisory Network, composed of members from the business community.
• Promotion through NESsT’s marketing channels.

5. How can I apply?

Interested For-profit social enterprises must complete the application form and send it to NESsT via e-mail by March 9, 2009 to Laura Tóth, ltoth@nesst.org. Selected enterprises will be short-listed on the basis of their applications and will be invited to participate in the first training scheduled to take place in March 2009.

The 2009 NESsT-Citibank For-profit Social Enterprise Development Program reflects NESsT’s work developing the field of non-profit social enterprise in Central Europe for the past ten years.

Please do not hesitate to contact us with any further inquiries.

We would also appreciate if you would share this invitation with individuals, organizations, and enterprises likely to be interested in this program.