Out
of the Classroom, Into the Market Place:
The School of Management Business Accelerator 2005 (SOMBA)
The John Gokongwei School of Management (JGSOM) continues to distinguish itself as the country's center of excellence and leadership in undergraduate business education through its Business Accelerator Program (SOMBA). Launched in May 2003, SOMBA is the first, and so far, the only business incubator facility for students in the Philippines. Now on its third run, SOMBA provides students the opportunity to successfully design and implement their own business, with the guidance of top-notch faculty and business practitioners from various industry sectors.
From 'Idea' to 'Incorporation'
SOMBA veers away from the usual classroom type of teaching by taking into consideration diverse needs of students in their business ventures. It is a twelve-month program for aspiring student entrepreneurs, taking an enterprise from "idea" to "incorporation." Enterprises that are accepted for incubation into the SOMBA include for-profits as well as non-profits, product-oriented as well as service-offering types of businesses, commercial ventures as well as R&D-type projects. Designed as a business incubator facility, the academic component is made up of a total of 18 credits spread out over an entire year. Students enrolled in the program receive guidance and business coaching from the SOMBA staff as they work to take their fledgling business ideas from the realm of the classroom out into the market place.
The program is divided into three stages. During the first stage referred to as Jumpstart, aspiring entrepreneurs apply by submitting a business brief. The SOMBA Board reviews and selects 12 to 15 teams, which are given a coursework that includes strategic visioning workshops, detailed action planning, entrepreneurial skills deepening (self-management, team-building, project mgmt, etc.). After six weeks, final presentations will be made to the SOMBA Board, and the proposals with the strongest business prospects will be allowed to move on to the next stage. Meanwhile, in the second stage called Prototype, student teams are expected to deliver a working prototype of their respective products or services. During this stage, action plans finalized in the Jumpstart phase are carried out and monitored through incorporation, hiring employees, etc. In the final presentations of the prototype and revised business plan, the best teams are selected to move on to the next phase. Lastly, student teams establish a going concern in the third stage called Takeoff. During this stage, business development and marketing plans finalized in the first two stages are carried out and monitored through contract negotiations, raising additional funds, relocating to a new site, launching in a new market, etc.
Unique Incubation Program
What makes the SOMBA different from other incubation programs is its wide network of coaches and business advisors from the faculty and alumni. The program also provides resource speakers for student teams almost every week (around five to ten per semester) for generic topics such as finance and law. Mr. Paul Ambas, former Director - SOMBA, emphasizes that the program offers a full value-added team-based incubation model, which is not just a virtual incubator. "[Aside from that,] the nice thing about this is that when students need professional help, they don't get charged," Mr. Ambas adds.
Aside from the network of coaches and advisors, the program also boasts of a network of funding sources, which consists of "angel" investors, corporate sponsors, and development institutions like the Small Business Guarantee and Finance Corporation.
In addition to intellectual and financial support, student teams are provided free office spaces and equipment. Currently, the JGSOM provides all the teams with the following: work cubicles and personal storage areas; conference rooms; PABX with direct lines per company; internet connections; metered photocopier; networked laser printer; shared fax machine; Centralized Accounting PC with licensed accounting software; secure mail drop facility; and miscellaneous equipment such as water dispenser, coffee machine, refrigerator, microwave oven.
Come graduation time, student teams can avail of a six-month privilege to continue having the School of Management as their working base. SOMBA continues to provide for the student teams until they are stable.
SOM Tykes to Business Tycoons
Twenty-six (26) enterprising students organized into six (6) business units consist the batch of successful student business ventures under the SOMBA program for S.Y. 2005 - 2006:
Sugarush, Inc.
Sugarush, Inc aims to become the leading provider of sugarcane juice in the country by making a seasonal product available in the market for consumers without risking the quality. It also aims to a product that is truly Filipino and worth patronizing.
The company's pioneer product is All Seasons' Tubo made from freshly harvested sugarcane stalks and packaged in 330ml PET bottles. It has a shelf life of one year and can be stored at room temperature. What is special and different about All Season's Tubo is that the company has found a way to make a very seasonal and natural product, such as sugarcane juice, available all year round and can be stored at room temperature with a shelf life of one year.
Sugarush, Inc. consists of Roslyn Chua (IV MGT), Christina Sioco (IV BS MGT), Catherine Tsang (IV AB MEC), and Yan Mei Zheng (IV BS Mgt).
Encycnc Beverages Incorporated
Encync Beverages Incorporated aims to contribute to the market expansion for ready-to-drink coffee frappe in the Philippines and set the definitive benchmark for such product. ENCYNC Beverages Incorporated will provide not just a great coffee drink but a new experience as well. It's mission is to provide the best choice in ready-to-drink coffee beverages.
Coffee Dean is the umbrella brand for our line of coffee related products while Frappei is the brand name of Coffee Dean's first product line-bottled coffee frappes that consumers can stock up and indulge on, whenever and wherever-minus the hassle! Made with the perfect, distinct blend of Arabica and Robusta beans, it has the creamy, smooth taste to suit every coffee lover's sweet tooth, and at the same time curing coffee cravings too.
The company is the brainchild of Senior Legal Management students Jeffrey Choi, Marc Cu, Ian De Leon, Raizelle So, Rickie Tan, and Vendric Tan.
First Sachi Marketing Corporation
First Sachi Marketing Corporation aims to be the premiere lunch bag manufacturing company in the country and eventually penetrate the international market.
The company's product is LunchSAK, a lunchbag that has an insulated hot or cold retentive interior to accommodate snacks and meals that have to be kept at a certain temperature. LunchSAK is 100% durable because of its sturdy base especially made to avoid spillage. Even with added stress or force, food containers inside the lunch bag will remain protected and intact. The washable nylon in the bag's interior serves to seal whatever smell the food may contain. Not only is the lunch bag durable but also functional and stylish.
First Sachi Marketing Corporation is run by Michael Austria (IV BS LM), Kristine Chuacokiong (IV AB MEC), Clarisse Pua (IV AB MEC), and Tony Quetulio (IV AB MEC).
PyroMedia
Pyromedia is a service-oriented company whose main objective is to provide mobile solutions for specific groups and organizations and mobile content in the future. It aims to personalize mobile services and applications to suit the needs of different people of diverse lifestyles.
Pyrotext, the company's initial offering, is an SMS broadcasting service that allows an organization to send pertinent information of events, meetings and other functions to its members. By texting a specific keyword allotted per organization and their respective subgroups, a single text could be received by the members of that specific group, regardless of the number of people belonging to it. The product is also capable of conducting text polls and info-on-demand. Through Pyrotext, organizations will be able to manage their costs and communicate with their members efficiently.
The company is managed by Management seniors Rita Alo, Ma. Kristina Barreiro, Juan Leo Cabredo, Julian De Guzman, Anna Katrina Echevarria, and Karlo Mortel.
ThinkBox
ThinkBox is into food processing, specifically tuna jerky which the company refers to as Tuna Tapas. The company positions its product as a high protein, low carbohydrate, low fat snack that will appeal to health enthusiasts and snack aficionados.
The company aims to become locally competitive in the manufacturing, packaging, transporting, and distributing high quality tuna jerky for customers' satisfaction.
Management seniors Kevin Chua, Johann Garcia, Jill Lao, and Miguel Villadolid oversee the operations of ThinkBox.
Biggulp! Inc.
BiggulpI Inc. aims to become recognized as a world-class producer of innovative health drinks that will cater to gym enthusiasts and athletes.
The company's initial product is Promax a cool and refreshing ready-to-drink whey protein isolate that has 22 grams of protein. The drink, in apple and orange flavors, contains neither fat, sugar, carbohydrates, and lactose. It is packaged in 500 ml PET bottles (plastic bottle).
Biggulp! Inc. is a collaborative effort of Sarah Liuson (IV BS ME) and Harrier Ongsun (IV BS LM).
All groups have completed their product prototype and will soon be ready to start generating revenues. For more information on the SOMBA, you may log-on to the JGSOMBA Website.