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Top 3 teams of Hult Prize Vietnam joined a workshop at iCare Benefits Head Office

Thursday, January 19th 2016, Ho Chi Minh City, students from Foreign Trade University, RMIT University, and Ton Duc Thang University visited iCare Benefits Head Office to learn about its business model which has been recently recognized by UNDP for its contribution to improving quality of life for factory workers and their families. "Thanks to the workshop, we have gained a more realistic view on what is a social enterprise. It's important to see how to balance profit and social impact." - shared Minh Phuong, one of the participants. The visit is a part of the preparation of the students who will represent Vietnam at the Hult Prize regional finals in Dubai and Shanghai in March. During the finals, they will present their own ideas for a business model that can significantly improve lives of refugees and migrants in a commercially viable way. During the workshop, Pawel Gorski, Head of Impact Partnerships at iCare Benefits, shared with the participants about the origins of iCare Benefits in Vietnam, the challenges of its expansion from end of 2013 when it served about 10,000 members in Vietnam to serving over 3 million factory workers across 7 countries by end of 2016. Participants learnt based on real-life example how to build a commercially viable business model which combines earning profit with improving quality of lives for millions of disadvantaged people. „We learned that building partnerships could help our business in the long run to add move value to our customers such as: education, spreading out new and useful information to help raise awareness.“ - says Tin, one of the participants from FTU. "iCare Benefits has help factory workers to feel safe and secure about their daily basic needs. It helps them to feel more appreciated at work and control more effectively their income for the family. Based on example from iCare Benefits we see that the more positive impact on society you have, the more successful you can be in the future“ - he concluded. iCare Benefits is a for-profit social enterprise that enables manufacturers, social organizations, banks and service providers to serve workers at the bottom of economic pyramid. The company aims to give employees immediate access to essential products and services that will improve their quality of lives and well-being, and enable comfortable, healthy, smart and prosperous living both in the workplace and at home. The company was awarded the Global Top100 award by Red Herring – a prestigious list honoring the year’s most promising private technology ventures from the Asia business region. For more information about iCare Benefits, visit www.icarebenefits.com. The Hult Prize Foundation is a not-for-profit organization dedicated to launching the world's next wave of social entrepreneurs. It encourages the world's brightest business minds to compete in teams to solve the planet's biggest challenges with innovative ideas for sustainable start-up enterprises. Annual Hult Prize winners can make their ideas reality with the help of USD1 million in seed funding.