What is a Social Enterprise?

Raise defines Social Enterprises (SEs) as business entities set up with clear social goals; and where there is clear management intent and resources allocated to fulfil their social objectives.

Social entrepreneurship in Singapore is still in its early days.Social enterprises provide business solutions to address unmet and emerging social needs and gaps. They have the potential to make a difference, create value and solve social challenges in sustainable ways. SEs have grown to become part of a broader system to address social needs. In an emerging trend, they also fulfil the aspirations of a new generation of Singaporeans who are passionate to do good through means other than charities, and as a part of their daily lives.

Check out our resources page for useful publications, toolkits and links to get you started on your social enterprise journey!

Guidelines & Criteria

VentureForGood (Youth) is open to youths aged 18 – 35 years.

Key applicant must be Singaporean or Permanent Resident of Singapore

The social enterprise must a member of raiSE

VentureForGood (Youth) is open to new/existing social enterprises addressing one or more of the following outcome areas for an intended beneficiary group:

Provision of employment opportunities
Provision of education
Provision of skill development
Provision of basic human needs (e.g. housing, transport, food)
Provision of economic tools and services (e.g. financial access, crowdfunding, eCommerce)
Provision of health care/social care products and services (include disease/illness prevention and mitigation)
Provision of products and services to improve the mental health & well-being (e.g. address social exclusion)
Capacity building for organisations in the social sector

VentureForGood (Youth) is open to all new and existing locally based social enterprises that are registered/ intend to register under the Companies Act or Co-operative Societies Act. For applicants who have not incorporated their business at point of application and are in the process of prototyping, a partnership with a relevant Social Service Agency (SSA) and/or validations with intended beneficiary groups should be illustrated. However, we will require the business to be incorporated prior to the first tranche of disbursement.

What is VentureForGood (Youth)’s grant quantum?

VFG Youth provides up to 80% of the total projected capital expenditure and first year operating expenditure, capped at $20,000.

How are the funds disbursed?

Funds are disbursed as reimbursements in tranches, released upon meeting of pre-determined key milestones. Supporting documentation as evidence of having met milestones, and evidence of expenditure of released funds must be submitted before the next tranche is disbursed.

Who do we consider as beneficiaries?

We consider beneficiaries as people or communities who are facing issues, or susceptible and at risk of facing issues that will affect their social and economic well being. Generally, this occurs when there is deprivation in at least one of the following areas:

Economical
Physical (e.g. abilities to perform daily activities)
Mental
Social (e.g. ex-offenders, victims of crimes, elderly)

Some examples of groups that have relatively higher percentage of people who are in need or at risk of being in need includes:

People/Families with low income
People with health conditions
People with disabilities and/or special needs
People with mental health needs
Ex-offenders
Disadvantaged youths
Disadvantaged elderly

What do we look for in applications?

Applications must show that the social enterprise has:

A Compelling Social Objective

Clear engagement model to sustain social objectives that addresses a gap/need in Singapore.
Prior engagements with validation from VWOs, sector experts and intended beneficiary groups are encouraged. Proposed interventions or social objectives should preferably be validated with a pilot/proof of concept.

A Viable Business Proposition

Strong business model and feasible operations plan. Proposal should include information such as potential size, market survey, product differentiation, product pricing, potential competitors and strategies to sustain the business.
Reasonable organisational capabilities and capacity to carry out its plans to achieve sustainability and growth.

A Committed Team

Management and implementation team should demonstrate commitment and ability to execute proposal.
Members of the team should possess relevant experience and expertise in the market/ industry that the social enterprise operates in. The team should also preferably possess some experience in working on the social need.
Management and implementation team possesses a mind-set geared towards results, accountability, sound business principles and a clear understanding of the social need.

Submission details

vfg-youth-submission What is a Social Enterprise?

How is VentureForGood (Youth) different from VentureForGood?

entureForGood (Youth) was set up to provide funding support to youths under 35 in developing and implementing their social enterprise ventures. The fund is administered through our VentureForGood (Youth) Partners who will assess the eligibility of the proposal and help applicants strengthen and ready the proposal for final approval.

VentureForGood provides funding support of up to $300,000 for seed grants, targeted at new or existing social enterprises addressing a social gap or need. Grant calls for VentureForGood are held twice a year and applicants may apply to raiSE directly when the call is open.