Is Singapore the right place to set up a social enterprise?

Are you a purpose-driven individual? Do you see yourself and your business as part of the global community? Are you seeking to be the change and innovation that Singapore loves to foster?

If the answer to these questions is yes, then it is likely that your business and your intentions are part of the new wave of social enterprise that is shaping the world of tomorrow.

Social enterprises are businesses which have been set up with their primary goal being a social return on investment. Whilst the definitions and models of what a social enterprise should be vary widely, it is generally understood to be businesses that generate social returns but are still financially stable and in some cases financially lucrative.

Today, successful small businesses that have in the past been primarily occupied with financial profit are now looking to generate a social return.

Singapore personifies what a successful social enterprise should be. With over 60 years of social planning and strategising, Singapore is representative of what more and more Singaporean small businesses are trying to achieve i.e. success from both a financial profit and a social impact point of view.

At the end of the day, I think we’d all like our business to mean something more than just making money.

With social enterprise on the rise in SE Asia, it is Singapore who is leading the way in its support and uptake. The Ministry of Social and Family Development funds social enterprise start-ups and gives tax benefits to attract larger social enterprise organisations.

A direct result of this public support means that Singapore is one of the world’s hotbeds of social enterprise talent.

Businesses like Buy1GIVE1 (B1G1) are changing the way SMEs achieve more social impact by embedding giving activities in their operations. They believe that every business activity, no matter how small, can have an impact on lives.

"Imagine if every time you had a meal, a child in need received a meal or imagine if every time you bought a book, a tree got planted or imagine if every time you went to see a doctor, someone in need received care," says Masami Sato, founder of B1G1.

This is the thinking behind social enterprise B1G1. Using a unique business partnership model that allows for a sustainable flow of resources between small business and small high impact NGOs, B1G1 helps SMEs leverage their social impact in unison with pursuit of profit.

For more information and support, Singapore’s Social Enterprise Association (SEA) is an umbrella organisation tasked with the role of promoting social entrepreneurship and social enterprise in Singapore.

Since its inception in 2006, it has grown steadily and today lists hundreds of SMEs that are making a real difference to the community whilst also providing partnering with some large multinationals.

Both the SEA and B1G1 are a sign of the times. Singapore and the world at large understand that profit should be measured in more than just financial terms.

Much of this change has begun at the top end of town spurred on by Western philanthropy wanting to have more impact in transitional economies. Global investment funds like the Acumen Fund and Omydiar Network are amongst the trailblazers of giant organisations that only invest in social enterprise.

Now with both corporate and government support assured for social returns, there’s been a rise of ‘purpose-driven individuals’ seeking to make the world a better place.

The Hub Singapore is a community of social entrepreneurs who congregate in a co-working space. The Hub’s mission is to create environments that inspire, connect, and enable people and SMEs to realise entrepreneurial ideas for a sustainable impact.

Today, more than at any time in history, if your business has an element of social reward, then there are likely to be any number of grants, subsidies, and seed funding available.

Singapore’s rich history of social planning combined with its public and private support network for social enterprise make for a business climate where win-win enterprises can thrive.

As we grow into a more interconnected future it is incumbent on us as members of the greater community to ensure that our profits are more than just financial. Sharing knowledge, improving livelihoods and the environment through collaboration and innovation, and being socially responsible should be a part of all our missions.