ECONOMY
EU, UNDP kick off incubation process for social entrepreneurs in Azerbaijan
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Baku, July 27, AZERTAC
The European Union (EU) and UNDP started the incubation stage for the social entrepreneurs that were selected following the Ideation Bootcamp organized in April.
The incubation programme is realized within the EU-funded project supporting civil society organizations. The incubation programme hosts 41 participants from Aghdam, Baku, Bilasuvar, Ganja, Mingachevir, Neftchala, Shamkir, Sheki, Sumgayit and Zagatala that came up with the best social business ideas out of the Bootcamp. The first 3-day training of the incubation process introduced the method called the ‘Social Return on Investment’ aiming to assess social impact of businesses and discussed data visualization and communication for social reporting. The workshops are led by ARCO (Action Research for CO-development) Research Centre (Italy) specialized in social economy, and local and inclusive development.
The Incubation Programme aims to support the social entrepreneurs to further cook their business ideas and strengthen its commercial aspect while staying focused on social benefits.
At the end of the two-month incubation, the entrepreneurs will finalize their business plans and up to 30 best plans will receive financial support to begin realization of their socially oriented businesses. These social businesses will contribute to achieving Sustainable Development Goals by offering employment, inclusive and affordable services, also new education opportunities, ‘green’ solutions and innovative partnerships.
The incubation process is organized by the ‘Developing innovation-driven and sustainable civil society in Azerbaijan’ project, funded by the EU and implemented by UNDP. The project aims to increase civil society organizations’ capacities to engage in policy-making processes, help local development, and promote social entrepreneurship in the country.