BizzNest

BizzNest is an alternative business incubator & digital learning program aims to make unemployed youth employable and financially capable

Photo of Lloyd Lugtu Lumagbas
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Eligibility

  • Yes, I fulfill all of the eligibility criteria.

Initiative's representative name

Lloyd Lugtu

Initiative's representative date of birth

September 30, 1992

Initiative’s representative gender

  • Man

Which eligible market are you based in?

  • Philippines

Where are you making a difference?

Metro Manila

Website or social media url(s)

NA

When was your organisation founded?

2019

Focus areas

  • Helping people adapt to technologies of the future
  • Financial skills and capability
  • Reskilling and upskilling the workforce

Project Stage

  • Pilot (have done first proof of concept)

Yearly Budget: How much capital do you need to accomplish your proposed project?

  • $1k - $10k

Organisation Type

  • Hybrid

2. The problem: What problem surrounding employability or financial capability are you helping to solve?

The continuing inability of the underprivileged youth to complete basic education will lead them to the vicious cycle of poverty. Their lack of education, then, denies them access to better-paying jobs due to the need for certain skills and abilities taught mainly in school. More and more of Philippine’s youth have not been able to access education and this can result to limited income-generating prospects.

3. Your Solution: How are you planning to solve this problem? Share your specific approach.

BizzNest is an alternative business incubator and capacity building program using digital learning tools which teaches underprivileged and out-of-school Filipino youth a.) technical skills training in producing marketable products, b.) business & financial skills training (e.g. marketing, finance and operations management), c.) futuristic skills such as analytics and c.) communication skills . But this program does not only intend to educate them with business knowledge, we also provide an avenue for these budding entrepreneurs to have real-life business experience by conducting a 6 week-long Business Bazaar and funding the capital of their start-ups by providing them with micro-finance loans. In essence, the BizzNest aims to enable youth entrepreneurs age 18-24 to jumpstart their own businesses or make them employable in the business sector.

4. How are you innovating or using unique approaches to solving the problem?

Innovation # 1: We are innovating by providing not only capacity building for the target stakeholder but also mentorship and start-up capital. t Innovation # 2: We will utilize digital technology to deliver the e- learnings. There is still a face to face training component but for the project to scale, digital technology will be maximized. Innovation # 3: Aside from technical skills and financial skills, we are including futuristic skills such as analytics and basics of robotics. Innovation # 4: After the program, if the participant isn't ready to implement a full-time business, he can still get a government-recognized vocational certificate that he can use for employment.

5. Employability: how is your organization or project teaching people to develop the skills that they need to survive in the future job market?

We are using the following methods to teach people to develop skills: - digital methods through e-learnings and gamification - classroom trainings - an actual bazaar where the participants will be selling their - mentorship and coaching sessions - case studies - group projects

5a. Please describe which future-oriented skills your organization is focused on fostering and how you have measured / plan to measure progress

Skills: Marketing using digital technologies Business and financial planning using software or web applications Operations planning using RPA and analytics Future skills such as dealing with VUCA and dealing with complex change We plan to measure progress by: 1) there will be an exam to measure the pre-program and post-program scores 2) participants will be required to complete project outputs to demonstrate their learning 3) revenue generated by their busineses or number of people hired after the program

6. Financial capability: how is your organization or project creating innovative solutions that arm people with ability to optimize their current and future financial health

Finance is included a key topic in the trianings. We will be using the following methods to teach people to develop skills: - digital methods through e-learnings - class room trainings - an actual bazaar where the participants will be selling their - mentorship and coaching sessions

6a. Please describe what aspect of financial capability your organization is focused on fostering and how you have measured / plan to measure progress.

Skills: Skills: Future skills such as dealing with VUCA and dealing with complex change Personal financial planning using existing mobile applicaitons such as Spendee, etc. We plan to measure progress by: 1) there will be an exam to measure the pre-program and post-program scores 2) participants will be required to complete project outputs to demonstrate their learning 3) revenue generated by their busineses or number of people hired after the program

7. Marketplace: Who else is addressing the same problem? How does the proposed project differ from these approaches?

There some local NGOs in the Philippines that are addressing the problem. We are different because of the following: - a more human-centered curriculum - focus on integrating topics with futuristic technologies - manner of delivery using both digital and class room training - experiential learning such as actual bazaars for participants to test out their business skills - capital is provided to the aspiring entrepreneurs - mentorships will be provided - matching the graduate with job opportunities

8. Impact: How has your project made a difference so far?

It's in idea phase.

9. Financial Sustainability Plan. Can you tell us about you plan to fund your project and how that plan will be sustainable in the short, medium, and long term?

we have several methods of sustainable revenue generation. # 1: by charging a placement fee for job opportunities # 2: charging a small interest from the loans # 3: application of grants and alternative sources of funding such as crowdfunding # 4: business consultancy services for a fee to entrepreneurs who have graduated the program or other SMEs

10. Team

Founder & Chief People Development Officer - Laurence Lumagbas - Current Management Consultant of a Global Consulting Firm , Human Resource Development Expert Co-founder - Charles Reyes - Business Consultancy Expert Co- founder - Nathalie Marie Lumagbas - Business Consultancy Expert

Help Us Support Diversity! Are you a member of an under-served , under-represented, or marginalized group in your country of residence? (yes/no) (this question is optional – if you choose to fill it out, the response will not be shared with your fellow contestants)

  • Nationality
  • Age

How did you hear about this challenge?

  • Search engine

1 comment

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Photo of Laura Blumes
Team

Wonderful idea! Would be great to focus on validating your business model by gathering data firsthand, so that you can turn this into a sustainable project. Go for it!