Xinhu-Yu VP Award
Background
In November 2011, supported by British Council (BC) and Diageo, VA provided incubation support to 5 high-potential social enterprises (SEs), and achieved positive results both in social impact and financial performance one year later——
- Total SE revenue increased by 22%
- Total beneficiary increased by 20%, per capita benefit increased by 30%
- Strengthened strategic/financial planning capability, total employee size increased by 35%
- Total RMB 8M+ social investment raised in a year, 3.5 times of previous year (3 of 5 SEs successfully received impact investment from Xinhu-Yu Venture Philanthropy Fund and Avantage Ventures.
To ensure continuous momentum, Xinhu-Yu VP Fund announced “Xinhu-Yu VP Award” in January 2013 in partnership with BC and VA. It is a non-cash award to support the growth of high-potential SEs in China.
How Many SEs Will Be Awarded in 2013?
Two award winners will be selected. Besides, Xinhu-Yu VP Fund will support continuous consultancy services to the 5 Diageo award recipients of 2011-2012 in partnership with VA, with customized on-going support scope/plan developed by VA at the beginning of 2013 to match individual needs.
What Services Will Winners Receive in 2013?
The 2013 award recipients will receive a combination of on-site / off-site incubation services from VA and its partners. The on-site support will continue to be on monthly basis, and will continue covering topics in strategic planning, financial management, operation optimization and HR management, as well as strategic/operational partnership with VA’s CSR partners.
As for the previous 5 award winners, the on-site support will only be need-based. This is in witness of a solid co-work mechanism being established in the past year, as well as strengthened SE capability.
How Different Will VA’s Role Be in 2013?
VA will continue leading the incubation support in 2013, but with a slight adjustment in the following areas:
- VA will engage experienced consultants from Boston Consulting Group to provide consulting support on topics of strategic planning, operational improvement, financial services and HR management
- VA will focus more on the “PMO” (Project Management Office) role: to closely work with SEs/BCG consultants to identify needs, manage monthly deliverables for both SEs and consultants, and to connect SE needs
Selection Criteria
- Maturity of SE model
- Ambition to be big and the best
- Flexibility to change and work with incubation partners
Timeline
