Singapore’s social enterprise ecosystem builder aims to unlock S$10m more in funding in 5 years

As social enterprises grow, operational complexity also increases, he noted.

“As you get bigger, the cost is going to get a bit more complex … you need more, better talent to maintain that level of business that you are in,” Mr Alfie added.

“But then again, nobody twists their arms to become a social entrepreneur. The young ones actually want to take this challenge, and we, as an ecosystem supporter, have to support them.”

This support includes foundational training for early-stage social enterprises, as well as specialised assistance delivered through its ecosystem partners.

“This is where the ecosystem partners come to play,” Mr Alfie said.

“Say, for example, a social media company puts up workshops on digital marketing, which our social enterprises find useful. Or an organisation that gives pro bono legal services in terms of contextual agreement and so forth.”

HOPES FOR THE SECTOR

Looking ahead, raiSE expects emerging needs such as mental health support and ageing-related services to spur greater demand for enterprise-led solutions.

To kick-start innovation in these areas, the organisation has launched a S$1 million sandbox programme to help 20 start-ups partner with social service agencies to address social gaps in the community.

“If a social enterprise wants to solve an issue on mental health and ageing … how do you validate that? Because you need some market validation,” said Mr Alfie.

“Now, on the other side of the equation, the social service agencies are facing this issue day-by-day, so they have a better sensing on what is needed or what is not needed, or what can complement what is existing in the social sector, so that there will be no duplication of some sort.”

He added that partners such as the Singapore University of Social Sciences can also help fine-tune business models.