4 April 2019
The DaNa Facility, funded by UK Government Department for International Development (DFID), launched two projects under the Inclusive Business Ecosystem Window on Thursday in Yangon.
Each project will advance the start-up ecosystem for inclusive businesses through incubating at least 10 enterprises in the priority areas of AgriTech, FinTech, Health and Education sectors in Myanmar.
Inclusive Businesses are commercially viable, scalable and innovative enterprises which include low-income populations into corporate value chains and create triple wins: for the poor, for companies and for government.
This is the 3rd time of providing grants to the business models in Myanmar which could help create more job opportunities.
Inclusive and Responsible Lead, DaNa Facility, Aung Kyaw Phyo said “Under the grants, we selected two groups Phandeeyar and ICCO Corporation together with One to Watch and Truvalu. “Accelerate Inclusive Myanmar SMEs for Shared Prosperity” project will be run by ICCO Corporation together with One to Watch and Truvalu while Phandeeyar will implement “AccelerateMM: Using Technology to Grow Inclusive Businesses in Myanmar”. We hope that the two projects will create more job opportunities and bring positive social impacts especially to the low-income population.”
The accelerators believe that the two projects will strengthen the foundation for the ecosystem to implement Inclusive Businesses from the pre-acceleration phase up to investment management and scaling up.
The accelerator Director of Phandeeyar also explained about the role of Phandeeyar in this project and how the project will run.
Accelerator Director, Phandeeyar, João Dutra said “… We are very excited because Phandeeyar has been accelerating tech startups for three years now. And with DaNa’s help, we can grow even more than that Phandeeyar is helped in the startups investing can help on Myanmar Population. With the help of DaNa, Phandeeyar, we rescue 10 tech startups that help people to get out of the poverty here in Myanmar.”
Last year, the government conducted survey to facilitate environment for inclusive businesses in Myanmar as a first step. U Aung Naing Oo, Director General of DICA also expressed that regarding inclusive responsible business in Myanmar, it is fully in line with the objectives of the Myanmar Sustainable Development Plan.
Director General, Directorate of Investment and Company Administration (DICA), Aung Naing Oo said “Inclusive business is beyond doing business and it brings social impacts to low- income population such as creating job opportunities and upgrading their livelihoods so that it will contribute to the government’s duty of reducing poverty. Working group on the implementation of Inclusive Business has already established by the government, private sectors and development partners. There are a lot of hopes from our working group like how the government recognizes and supports to those inclusive business owners. We will go forward step by step to boost the Inclusive Businesses throughout the country.”
It is learnt that the DaNa Facility, ICCO Corporation and Phandeeyar will jointly invest almost 1 million UD dollars into two Inclusive Businesses Ecosystem grants in Myanmar.