The Swiss bank and an organisation specialising in social entrepreneurship are launching a programme to support what they view as the most promising social enterprises.

UBS has launched a global programme to support “social innovators” who bring about changes in areas such as the quality of human life while using business techniques to deliver financial returns.

The Zurich-listed lender has rolled out UBS Social Innovators, which it has described as its “signature global programme to select high-potential social enterprises that are delivering innovative solutions to society’s most pressing challenges”. 

According to one definition, a social enterprise is an "organisation that applies commercial strategies to maximise improvements in human and environmental well-being—this may include maximising social impact alongside profits for external shareholders".

The programme helps such social entrepreneurs to grow their organisations rapidly and achieve more impact; a support package will be drawn from the Swiss bank’s network, expertise and links to coaching, UBS said in a statement.

The programme is being launched with support from Ashoka, an organisation operating in the field of social entrepreneurship since 1980. Eligible enterprises can be from any field and tackling a social or environmental issue at any scale from local to international, UBS said. 

Entrants must have developed ideas beyond proof of concept and be up and running and potentially looking to grow through social investment. Up to 12 shortlisted social enterprises in each participating region will be invited to a two-day regional “bootcamp”, during which they will pitch for a spot in their regional final. One social enterprise from each region will earn the title of UBS Social Innovator. Successful entrants will receive a $40,000 grant.

“At UBS, we believe our clients can do well by doing good – that social investments can be profitable investments. But there is a gap: many social enterprises have difficulty growing large enough to become truly investable. We hope to identify innovative social enterprises that are at that difficult point and help them to scale,” said Caroline Anstey Global, head of UBS and society.

The deadline for submitting the official application form is 31 August. 

UBS and Ashoka experts will review all the application forms, provide each applicant with feedback and select a shortlist of 10 to 12 applicants in each region. Shortlisted social enterprises will be announced before the end of September 2016.