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Sun Life Foundation with the help of The Spark Project is looking to crowd source and fund financial literacy projects for 2018.
In celebration of 10 years of building a brighter world, Sun Life Foundation has partnered with The Spark Project, the leading crowdfunding platform and community in the Philippines, to search for, fund and accelerate 10 financial literacy initiatives for 2018. This collaboration will crowd source creative and innovative solutions from social innovators and change makers, helping them deepen their impact with the communities they serve.
This project is called the Brighter World Builder Challenge and was launched during Sun Life Foundation’s 10th year anniversary celebration last November.
“We’re giving a shout out to people who have ideas on projects focused on financial literacy, as it’s our company’s core competency,” said Alex Narciso, President of Sun Life of Canada (Philippines) and Sun Life Foundation “It’s our way of communicating, too, that we are entering the digital age, modernizing the foundation.”
Applications for the Brighter World Builder Challenge are open to all mission-driven groups, social enterprises, and nonprofit organizations creating positive change in their communities. “We’re very excited to work with Sun Life Foundation on this, and we’re looking forward to crowd source new financial literacy projects for the foundation,” said Patch Dulay, Founder and CEO of The Spark Project.
Applicants have a chance of receiving grant funding worth P100,000 from Sun Life Foundation, crowdfunding support from The Spark Project, and a chance to develop their initiatives in a Social Impact Bootcamp by The Spark Project.
Deadline for applications are until February 16, 2018. For more information, visit the Brighter World Builder Challenge website at https://www.thesparkproject.com/sun-life-brighter-world-builder-challenge.
Key Information
Sun Life Foundation in partnership with The Spark Project invite all financial literacy initiatives to apply to the Brighter World Builder Challenge!
About the Challenge
In celebration of 10 years of creating a brighter world, Sun Life Foundation has partnered with The Spark Project, the leading crowdfunding platform and community in the Philippines, to search for, fund and accelerate financial literacy initiatives for 2018. This collaboration will crowd source creative and innovative solutions from social entrepreneurs and change makers, helping them deepen their social impact on the communities they serve.
Applications for the Brighter World Builder Challenge are open to cause oriented groups, social enterprises, and nonprofit organizations creating positive change in their communities.
Applicants have a chance of receiving grant funding worth P100,000 from Sun Life Foundation, crowdfunding support from The Spark Project, and a chance to develop their initiatives in a Social Impact Bootcamp by The Spark Project.
Low rate of Financial Literacy in the Philippines
According to Standard and Poor’s survey last 2015, only 25% of Filipinos are financially literate. This would equate to approximately 75 million people who have no idea of financial concepts such as inflation, risk diversification, insurance, compound interest or let alone the idea of having a savings account.
While the government is pushing to increase financial inclusion by boosting access to bank accounts and other financial services, there is a need to also come up with innovative and non-traditional ways to increase financial literacy beforehand to different sectors in the country, as having little to no skills in financial concepts and management can still result to having high debts, mortgage defaults or insolvency.
This is most apparent for people in poverty and the less educated. While different government and non-government organizations have targeted them in expanding financial inclusion, there has always been a certain disconnect with approaches of how to educate and empower them. It is therefore necessary to bridge informational and methodological gaps with creative tools to best cater to the literacy needs of the ordinary Filipino.
Are you building a brighter world for your community?
The Brighter World Builder Challenge aims to discover and support high potential Financial Literacy initiatives that:
The BWB Challenge will be selected based on their entries as determined by members of the Brighter World Builder screening committee curated by Sun Life Foundation and The Spark Project.
Awards and Benefits
Top Finalists will:
Top Winners will:
Key Dates (dates may still change)
November 28, 2017 – January 31, 2018 (11:59 PM) – Application Period
January 31, 2018 - Application Screening and Deliberations
March 2, 2018 - Phase 1: Deliberation of Top Finalists
March 5-9, 2018 - Announcement of Top Finalists
March 24, 2018 - Social Impact Bootcamp for Top Finalists
April 5 or 6, 2018 - Phase 2: Pitching of Top Finalists
April 9-13, 2018 - Announcement of winners
Eligibility
Applications for the Brighter World Builder Challenge are open to organizations, social enterprises, and nonprofit entities in the Philippines, with at least one team member based in Metro Manila.
Sun Life Foundation and The Spark Project are looking for initiatives that aim to increase financial literacy of the community it wishes to serve.
If your answer is ‘yes’ to each of these questions, and are aligned with the terms, you are eligible to apply.
Terms of joining
Criteria
Winning applications will show strength in the following areas: