by Cassandra Retino Teodosio
A press roundtable was held by Esquire Financing last February 2 to announce the winner of its recently-concluded Fueling the Dream business model competition which aims to encourage and support students with entrepreneurial aspirations.
Esquire Financing President and COO Navin Uttamchandani welcomed the guests to the roundtable by presenting the four students who conceptualized and developed Project Duracinth. .
In turn, the winners presented a prototype of their product and revealed plans of implementing their business concept after they graduate in a few months.
They are: Alfonso Luis Serafico, Tristan Joshua Alba, Arlyze Arenas, and Pierrei Anneliesse Pica from Ateneo de Manila University.
The winning project, Duracinth, is described as an alternative hydrogel wound-care material produced from water hyacinth fiber to provide better wound recovery and comfort to users. The project is also expected to help local communities address the problem of water hyacinth-clogged waterways, which contributes to flooding during typhoons.
Mr. Uttamchandani also explained the objective of the competition.
It was not only about the profit, he said, but also about helping realize the dreams of young people with business start ups who are in need of guidance, oversight, and support.
The contest, which began mid last year was participated in by about 40 teams from different universities.
The roundtable was attended by Esquire’s media partner Entrepreneur Magazine and its advocacy partner SERDEF represented by Ms. Serenidad Lavador.
Dr. Eduardo Canela, also of SERDEF, who was in the panel of judges that evaluated the entries, was also present.
In the open forum that followed, Ms. Lavador of SERDEF asked about Esquire’s plans to help other finalist-groups that made it to the top 10 in the competition. Mr. Uttamchadini replied that Esquire is willing to sit down with SERDEF to explore possible opportunities that can be offered to the other students who have what it takes to succeed and grow their businesses in the future.
A representative from Entrepreneurship magazine also asked Mr. Uttamchandani why Duracinth won. He said that Duracinth bested the other finalists by having the most potential, by having the best pitch, and by catering to the criteria of the triple bottom line of People, Planet, Profit.
The event ended with the awarding of the cash prize of P100, 000 to the Duracinth group. The project is also entitled to equity financing of up to P1 million from Esquire Financing.
Esquire Financing, Inc. is a leading financing company in the Philippines that caters to the needs of SMEs. Since 2011, it has served more than 3,000 businesses around the country.
The event was held at the Korea Gardens in Makati.