Winners announced for C3 Social Impact Accelerator Program 2021 powered by HSBC

Hossam Mounir
4 Min Read

The third edition of the C3 Social Impact Accelerator Program, powered by HSBC, concluded on 1 July, with the three winners announced by Stephen Moss, Regional CEO of HSBC Middle East, North Africa and Turkey.

Egyptian startup Baramoda came first, with the UAE’s The Zola Collective in second, and EduPloyment, also from the UAE, in third.

“We’re delighted to help extend the C3 Social Impact Accelerator to Egypt entrepreneurs and to provide them with the opportunity to set up and grow,” said Todd Wilcox, HSBC Egypt Deputy Chairperson and CEO, “SMEs and startups remain one of the biggest priorities for HSBC in Egypt. We constantly strive to help new businesses get off to a good start and contribute to a more diverse and sustainable economy.”

The three winners have received equity-free cash prizes courtesy of HSBC, pro bono consulting support from Bain & Co, and pro bono legal support from Al Tamimi & Company. This is in addition to a complimentary licence to the Dubai Multi Commodities Centre (DMCC), the world’s leading free zone.

The winners will also benefit from Amazon Web Services (AWS) promotional credits as part of the AWS Activate programme, and receive support from FH Insights, a corporate training company that will help them align their company values with their mission.

This year, the programme has attracted more than 1,000 applications, with 42 entrepreneurs from eight countries across the MENAT region, covering 17 UN Sustainable Development Goals (SDGs), shortlisted to join the semi-finalist training sessions.

The shortlist was then cut to 24 finalists, of whom 45% are female entrepreneurs, to continue their journey and participate in board meeting simulations and the final pitch competition.

The new interactive format of the online programme was developed by C3 in partnership with data analytics experts and learning technology providers. It allowed the entrepreneurs to maximise their learning outcomes, and effectively implement all the learnings acquired over the course of the three-month programme.

Sabrin Rahman, HSBC’s Managing Director – Head of Sustainability EMEA, said, “I couldn’t be prouder of how the programme has evolved year-on-year. Scaling up these social businesses also means scaling their impact, which means we are able to begin tackling some of the most critical issues in our communities.” 

Rahman added, “Collaboration and partnerships across all sectors are key if we want to create long-term solutions for the region, by the region, which is why we value our partnership with C3.”

The programme underlined the remarkable cooperation between different ecosystem players in their mission to support C3 entrepreneurs.

C3 co-founder Medea Nocentini said, “This year the support from our network has been incredible, with more than 160 experts from blue-chip companies and more than 30 international and regional VCs participating in the board meeting simulations, and over 20 distinguished judges helping us with the very difficult task of selecting the winners.”

Nocentini added, “Moreover, we have observed a phenomenal spirit of collaboration among the finalists, and it is heart-warming to witness emerging partnerships between business leaders that are intentional about creating positive change in our communities.” 

All the C3 entrepreneurs will continue to receive support from C3 and different partners and experts as part of the efforts towards building a collaborative ecosystem.

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