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The theme for raiSE’s FY21 annual report is raiSE the bar.
We at raiSE want Social Enterprises to be the inspiration for all businesses to intentionally and strategically incorporate social impact into their business models and not view impact creation as an afterthought or a nice-to-have.
As businesses place more emphasis on purpose and impact, they need to commit to a double bottom line of sustainable financial returns and measurable social impact creation.
raiSE, together with other stakeholders, would like to engage with businesses and help them deliver measurable human-centred impact by working with or investing in Social Enterprises.
Mr Gautam Banerjee
Chairman
As businesses place more emphasis on purpose and impact, they need to raiSE the bar by committing to a double bottom line of sustainable financial returns and measurable social impact creation. A shining example of a business that does this successfully is a Social Enterprise!
As businesses place more emphasis on purpose and impact, they need to raiSE the bar by committing to a double bottom line of sustainable financial returns and measurable social impact creation. A shining example of a business that does this successfully is a Social Enterprise!
Is it possible to balance a double bottom line? Yes, Social Enterprises integrate impact into their business model strategically so that social impact is a value creator instead of a cost centre.
How much good is good enough? At raiSE, there are 3 broad criteria that we consider when assessing our membership applications. Read on to learn what it takes for a business to be considered as a BusinessForGood.
15% of Social Enterprises provided skills development opportunities to over 32,000 disadvantaged individuals, empowering them with new skills for personal development or for improved employability.
29% of our Social Enterprises provided employment opportunities to more than 1,200 persons from disadvantaged groups so that they can make a living with dignity and improve the overall quality of life for themselves and their families.
And in recent times, we have noticed a growing trend of Social Enterprises in an emerging impact area of improving mental health and wellness, who have supported more than 23,000 disadvantaged individuals.
The ‘raiSE the Bar’ series tells the stories of how these entrepreneurs turned their businesses into a Social Enterprise model, where they balance a double bottom line of financial sustainability and social impact creation.
Such engagements combine the strengths of both parties: the SEs bring on-the-ground expertise of working with beneficiaries while the corporations use their resources and platform to amplify the scale of the impact that is created. In turn, this results in more effective and efficient use of resources to create greater impact for the disadvantaged community.
Launched in March 2012, the President’s Challenge Social Enterprise Award (PCSEA) is a biennial Award conferred by the President’s Office in support of the social enterprise sector in Singapore by honouring and recognising outstanding Social Enterprises for their contributions to the local community and Champions within the sector who advocate and promote Social Enterprises too.
In 2021, 16 finalists were invited to the Award Ceremony which took place on 2 December at The Istana, with President Halimah Yacob as the Guest-of-Honour.
The Social Enterprise Champion of the Year (Corporate) award was won by Singtel for its continued efforts to invest in local and regional start-ups. Kowabunga! Global was awarded the Social Enterprise of the Year award,
for its work to ensure that children from disadvantaged backgrounds are still able to access quality enrichment and learn about environmental sustainability, and the Social Enterprise Start-up of the Year award was won by Insect Feed Technologies for their good work in employing persons from the disadvantaged community and advocating for food waste sustainability.
As a Venture Builder, raiSE supports Social Enterprises across various growth stages through the raiSE VentureForGood Grant and raiSE Impact Finance+.
Mohamad Fairuz – Lead, Grant Management
The Capability Development team supports Social Enterprises at different stages through tailored programmes to improve their business model and social impact, all whilst driving them to be sustainable.
At raiSE, we proactively identify opportunities for Social Enterprises to forge collaborations with other players in the impact investing ecosystem. As part of our collaborative financing initiative, we also provide catalytic capital to mobilise more private funding for Social Enterprises to scale their impact.
In March 2022, we held our inaugural impact investment conference, The PurpoSE Agenda, which ignited conversations between active and interested players in the impact investment space on the importance of the social component of ESG.
As we work towards lending more support to our Social Enterprises, we have also set our sights on further developing the sector through our continuous partnerships with our various stakeholders such as the Ministry of Social and Family Development (MSF) and the National Council of Social Service (NCSS).
Additionally, raiSE is also looking to forge new partnerships with corporations, Institutes of Higher Learning (IHLs), Social
Service Agencies (SSAs) and Small and Medium Enterprises (SMEs), to deepen the collective impact in Singapore.
