November 16, 2019
Yangon, Myanmar: The inaugural Inclusive Business (IB) Challenge 2019, jointly organised by the UK aid-funded DaNa Facility and the Myanmar Young Entrepreneurs Association (MYEA), with financial support from A Bank, concluded with an awards ceremony at the Myanmar Entrepreneurship Summit 2019 on 16 November. The event raised awareness of the potential for inclusive business and provided recognition for enterprises that create significant social impact.
During the IB Challenge, 16 aspiring inclusive businesses submitted proposals. On 8 November, eight shortlisted applicants pitched their solutions to a panel of judges with experience in the business ecosystem. Following pitch day, five finalists were announced: Snacks Mandalay, Mya Ayer, Shwe Taung Nyo Gyi, Shan Maw Myae, and Maha Agriculture. During the summit, three winners were announced for the following awards:
Winner – MYEA Inclusive Business Award. Maha Agriculture Public Co., Ltd (Maha) is a microfinance institution that provides financial services to the unbanked in Myanmar, with a focus on households in rural areas of the country. Maha serves rural people living in remote areas where bank branches don’t reach. Maha has a presence in 8 regions/states throughout Myanmar, with 32 branches and a workforce of 223.
MYEA Inclusive Business Innovation Award. Shwe Taung Nyo Gyi (STNG) Company, Ltd. was founded in 2017 and partners with rural communities in Shan State, Mandalay Region, Yangon Region, and Kayin State to supply free-range chicken eggs (a first in Myanmar) to the market. STNG provides rural farmers with organic farming methods, financial capital, and market linkages.
MYEA Inclusive Business Social Impact Award. Mya Ayer Company is a family owned business that processes and supplies a range of coconut products to the market. Mya Ayer sources coconuts from over 800 smallholder farmers in the Ayeyarwaddy Delta and the Gwa area of southern Rakhine State whose plantations have been certified organic with support from Mya Ayer. Mya Ayer offers fair prices to farmers and implements organic intercropping to supplement farmers’ incomes.
These three innovative enterprises were awarded prizes together with inclusive business development opportunities at the MYEA Annual Entrepreneurship Summit 2019. All the innovative enterprises that pitched for the IB Challenge will become part of the ambitious awareness and policy initiatives under the Inclusive Business/Impact Investing Steering Group.
Notes to editors:
For more information please contact the DaNa Facility communications team at: +95 9782500752 or through email: firstname.lastname@example.org.
The DaNa Facility: The DaNa Facility is a UK aid-funded programme, established in May 2016 as one of six components of UK aid’s wider ‘Business for Shared Prosperity’ (BSP) programme. The DaNa Facility, implemented by DAI Europe and KPMG, supports inclusive economic growth and private sector development in Myanmar through responsible and sustainable business growth, investment and trade. For more information on the DaNa Facility please visit: www.danafacility.com. Follow the DaNa Facility on Twitter | Facebook.
Myanmar Young Entrepreneurs Association (MYEA): The Myanmar Young Entrepreneurs Group was initially formed in November 2009 with 45 Executive Committee Members. In June 2012, MYEA transformed into a registered association as the Myanmar Young Entrepreneurs Association (MYEA) with 50 Executive Committee Members. MYEA’s aim is to become Myanmar’s leading institution for empowerment of young entrepreneurs. The main objective is to empower young entrepreneurs and assist in creating a vibrant entrepreneurship ecosystem in Myanmar. Currently, MYEA is composed of 1062 Executive Members, 651 Associate Members, and 1 Cooperating Member, and reaches out to 4 states and divisions across Myanmar. For more information, please visit www.myea.org.mm.
You can find a Myanmar version of this Press Release here.