Banpu Champions for Change (BC4C)
The flagship CSR project of Banpu Public Company Limited, implemented by ChangeFusion continuously since 2011. It has incubated 123 teams of social entrepreneurs across 14 cohorts and, since 2022, has worked to fill the funding gap and help alumni grow further through its Acceleration Program.
Translated from Thai · reviewed by the CF team
Incubate social enterprises with seed funding and business knowledge, then stay alongside them until they can grow independently.
Starting in 2011
Banpu believes that sustainable economic growth must go hand in hand with positive social and environmental impact. It therefore established Banpu Champions for Change (BC4C) with ChangeFusion in 2011 to provide seed funding and incubate people with ideas for solving social problems, helping them develop into enterprises where business and impact grow together sustainably. The two-round funding structure used today began to take shape from cohort 3 onwards (cohorts 1–2 did not yet divide funding into two rounds).
Adapting based on 14 years of learning
Along the way, the project has adapted several times based on lessons from previous cohorts. In 2015, it raised the maximum applicant age from 30 to 35 after finding that applicants with some work experience had higher business survival rates than recent graduates. That same year, Ma:D joined ChangeFusion as a project co-ordinator and became an important driving force in bringing alumni together as a social enterprise community. In 2020, the project paused for a year due to COVID-19, before resuming in 2021 with seed funding increased to 80,000 baht and second-round funding set at 250,000 baht.
From incubation to growth
After a decade of running the incubation programme, the team observed that many alumni had grown beyond the start-up stage but remained stuck in the missing middle: they had tangible revenue and growth but were still too small for mainstream institutional investors. The Acceleration Program therefore began in 2022 to help them prepare in finance, governance and impact communication, enabling enterprises to connect more effectively with funding sources and strategic partners. In 2025, the programme changed its format again, moving from business plan development to matching expert mentors who work directly on specific bottlenecks facing each enterprise.
Incubation Program
Each year, 15–20 teams are invited to apply. The programme begins with workshops covering business models, impact goals and presentation skills. Then 7–10 teams are selected for the first round and receive up to 80,000 baht each in seed funding to test their ideas in the market over 3 months, along with advice on business plans, basic finance and marketing. The 3–5 teams with the strongest results are then selected for the final round, receiving up to 250,000 baht in additional funding and close support from professional mentors for a further 4–6 months, covering social impact measurement and basic accounting.
Acceleration Program
From 2022–2024, enterprises were selected if they had annual revenue of at least 1 million baht or verifiable sales demonstrating that their businesses could continue. They entered a 3-month business plan development process, ending with a showcase event where they presented to funding sources and strategic partners. Since 2025, the format has changed to matching enterprises with specialist mentors who work directly on their individual bottlenecks for 3 months, following an in-depth needs assessment and progress reviews every two weeks.
Cumulative figures from 14 years of the incubation programme and preliminary outcomes from the Acceleration Program.
The impact figures above are cumulative data from 3 of the project’s social impact assessment reports: 2017 (covering cohorts 1–6), 2023 (covering cohorts 1–11) and 2026 (covering cohorts 1–14, including the Acceleration Program). Each report surveyed alumni from cohorts not previously surveyed and combined those findings with the results of earlier surveys.
The impact of the Champions’ own work is grouped into 7 main areas: education, agriculture, health, environment, livelihood creation, finance, and intermediary organisations/volunteers (updated from the original 6 areas used in the 2017 report: livelihoods, education, environment, psychology, health and people with disabilities).
Data note: The survival rate in each report was measured using different sample groups and time periods (the 2017 report measured 51 of 61 Champions from cohorts 1–6; 2023 measured all 99 Champions from cohorts 1–11; 2026 measured all 123 Champions from cohorts 1–14). The figure of "1.4 million people reached" appears unchanged in both the 2023 and 2026 reports, so it may be a cumulative figure that was not recalculated for each report. Check with ChangeFusion before citing it further to confirm whether this figure includes the work of cohorts 12–14.
Champions who progressed to the second funding round consistently had higher survival rates and financial sustainability than those who stopped after the first round, across all reports (2026: survival, 86% versus 75%; financial sustainability, 60% versus 36%). This reflects the significant effect that more intensive and sustained support has on success rates.
Banpu Public Company Limited
The project’s main funder as its flagship CSR initiative, providing continuous support from 2011 to the present. Funding covers both seed grants for Champions and project operating costs.
ChangeFusion
The project’s main designer and implementer, responsible for selection, curriculum development, mentor matching and impact assessment over 14 years.
Professional mentor network
More than 100 experts from a range of professions have advised Champions throughout the project’s history. Some continue to serve as mentors in the Acceleration Program today.
Partners in the social enterprise ecosystem
Thai agencies and organisations working on social enterprise, including the Office of Social Enterprise Promotion (OSEP), Social Enterprise Thailand Association (SE Thailand), National Innovation Agency (NIA), SET Social Impact, Ashoka Thailand and G-Lab, recognise BC4C as one of the country’s longest-running social enterprise incubation programmes.
Building on 14 years of learning to provide more targeted support with clearer measurement of results.
The project plans to expand 3 main areas of work in the next phase, based on recommendations from the 2026 impact assessment report.
Involving alumni as mentors more systematically
The network of more than 100 enterprises built over 14 cohorts is the project’s most valuable asset. Organising a more formal role for experienced alumni to mentor newer cohorts will help ensure that their advice reflects the realities of social enterprises better than that of general consultants.
Grouping impact areas and developing shared indicators
Analysis of the 14 cohorts has made it clearer that groups of Champions work on similar impact issues. Developing shared indicators for each issue area will make it easier to compare results across enterprises and provide a reference point for future cohorts to set clear impact goals from the outset.
Expanding the in-depth mentoring model of the Acceleration Program
Based on lessons from the 3 pilot enterprises in 2025, which achieved good results through targeted, in-depth mentor matching, the project plans to extend this approach to other alumni groups and develop more systematic processes for mentor selection, orientation and progress reviews of goals.
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What change does this work create, and how do we know it is effective?
BC4C supports social enterprises from their early stages through growth, tracking their survival, financial sustainability and the reach of their impact.
BC4C supports social enterprises with seed funding, business knowledge and mentors, then builds on this with a growth acceleration programme for alumni who have moved beyond the start-up stage. This Project
- Cumulative outcomes Across 14 cohorts, there have been 123 Champion teams. 80% remained in operation for at least 3 years after completing the programme, and 49% of survey respondents reported positive net profits for 2 consecutive years. Update14 years, 123 Champions, 1.4 million lives: BC4C’s impact at a glance
- Social reach The Champions’ work spans 7 main areas, and has reached a combined total of more than 1.4 million people affected. Update14 years, 123 Champions, 1.4 million lives: BC4C’s impact at a glance
- Tracking method The cumulative figures come from 3 impact evaluation reports, which added surveys of alumni from cohorts not previously surveyed to the results of earlier surveys. This Project
We interpret the figures for people affected with caution, because the 2023 and 2026 reports show the same figure of 1.4 million people, and it remains to be checked whether this includes the work of cohorts 12-14. This Project Another lesson is that, in the 2023 and 2026 reports, recipients of second-round funding had higher survival rates and financial sustainability than those who passed only the first round. However, this is an evaluation finding, not evidence that funding alone caused the result. UpdateSecond-round funding makes a difference: consistently higher survival and financial sustainability rates
How was this work carried out, and what lessons can be applied going forward?
We combine incubation with seed funding, market testing and mentoring, then adapt support during the growth stage so specialists can help each venture address its bottlenecks.
We start with workshops on business models, impact goals and pitching, then select teams to receive seed funding to test their ideas in the real market, along with advice on business plans, finance and marketing. Teams that reach the final round receive additional funding and continue working with mentors. This Project
For ventures that have already grown, the growth acceleration programme in 2022–2024 focused on developing business plans and pitching to funding sources. However, the lesson was that planning had not effectively connected ventures with funding sources, and some ventures still faced constraints in putting their plans into practice. UpdateThe first three years of the accelerator programme: clearer business plans, but funding remains out of reach In 2025, we therefore shifted to matching each venture with a specialist mentor to help address its bottlenecks. The engagement lasts 3 months, with follow-ups every two weeks. UpdateRedesigning the growth accelerator: from business plans to hands-on mentoring
Evaluation findings also indicate that coaching should involve practical, hands-on work, with an initial meeting, visits to understand the context, and reviews of goals along the way. UpdateLatest lessons: From an alumni network to issue-based impact clusters and in-depth mentoring For incubation, we see an opportunity to systematically involve experienced alumni as mentors and develop shared indicators for each impact area. UpdateLatest lessons: From an alumni network to issue-based impact clusters and in-depth mentoring
What kinds of areas is this approach suitable for, and what is needed to get started in our area?
BC4C supports social enterprises working across a range of issues, with examples from several areas, but we have not yet recorded the criteria for selecting locations or the steps for starting a project in a new area.
BC4C works with social enterprises across a range of issues, such as education, agriculture, health, the environment, livelihood creation and finance. Update14 years, 123 Champions, 1.4 million lives: BC4C’s impact at a glance Examples of enterprises in the 2025 growth acceleration programme include enterprises working in crafts and livelihoods, an enterprise providing care for older people, and an organic farming enterprise in Chaiyaphum Province. UpdateAttalak: Building a strong financial accounting system for long-term growth UpdateBNC Group: Strengthening online marketing strategy to reach the adult children of older people UpdatePlearnprai Organic: Matching a branding mentor with organic farmers in Chaiyaphum to reach new customers
The documented approach requires seed funding, business knowledge and mentors who can respond to enterprises’ needs, as well as funding partners, experts and social enterprise networks. IssueSocial Enterprise Incubation However, we have not yet recorded what criteria are used to determine whether an area is suitable, what minimum resources are needed, or how to start a project in a new area.
What methods or tools can we start using right away?
Tools that can be used from the outset include market testing, business and financial planning, impact measurement, and matching mentors to specific business challenges.
Our incubation approach includes workshops on business models, impact goals and presentation skills. Teams then test in real markets, with advice on business plans, basic finance and marketing. This Project Systematic impact measurement is also part of business development; it is not enough to look only at revenue or the number of service users. IssueSocial Enterprise Incubation
For businesses that have moved beyond the start-up stage, our approach is to assess their needs in depth, set goals and desired outcomes, and match them with mentors whose expertise addresses their challenges. The work runs for 3 months, with follow-ups every two weeks. UpdateRedesigning the growth accelerator: from business plans to hands-on mentoring Examples of tools developed through practical work include an accounting document management system for Attalak, a content framework for BNC Group, and a brand model and content guidelines for Plearnprai Organic. UpdateAttalak: Building a strong financial accounting system for long-term growth UpdateBNC Group: Strengthening online marketing strategy to reach the adult children of older people UpdatePlearnprai Organic: Matching a branding mentor with organic farmers in Chaiyaphum to reach new customers
A lesson from the project is that mentors should help solve problems hands-on, understand the working context, and review goals continuously. UpdateLatest lessons: From an alumni network to issue-based impact clusters and in-depth mentoring
How does this work connect to systemic issues, and what kind of collaboration is needed?
BC4C addresses the gap between seed funding and medium-sized financing, which is difficult for social enterprises to access. It is looking for partners with expertise, funding, market access and ecosystem connections.
Social enterprises must balance both business and social goals, but the support system has a gap between programmes for early-stage ideas and profit-focused business accelerator programmes. IssueSocial Enterprise Incubation Once enterprises have grown beyond the start-up stage, many are still too small for institutional investors but need more funding than seed grants can provide. This gap led to the launch of BC4C’s growth accelerator. UpdateLaunch of the Acceleration Program to address the missing middle funding gap
A lesson from the first 3 years is that enterprises have developed clearer business plans, but connections to actual sources of funding have not yet been effective, because there are few funders and their funding criteria may not match the enterprises’ stage of growth or level of risk. UpdateThe first three years of the accelerator programme: clearer business plans, but funding remains out of reach We are therefore looking for mentors with expertise in finance, marketing, operations and law, as well as funders and investors interested in growth-stage enterprises. IssueSocial Enterprise Incubation
The partnerships we seek also include organisations that co-design CSR programmes with measurable impact, partners who can help connect enterprises to resources, and market or media channels that can help enterprises reach customers. IssueSocial Enterprise Incubation In this new approach to accelerating growth, mentors work directly on each enterprise’s specific bottlenecks rather than stopping at the planning stage. UpdateRedesigning the growth accelerator: from business plans to hands-on mentoring