Imagine a world where businesses don’t just chase profits but actively solve society’s toughest problems—unemployment, mental health crises, and the challenges of an ageing population. That’s the bold vision driving Singapore’s social enterprise ecosystem builder, raiSE, which is now aiming to unlock an additional S$10 million (US$7.8 million) in funding over the next five years. But here’s where it gets controversial: can businesses truly prioritize social impact without sacrificing financial sustainability? Let’s dive in.
Founded in 2015 as a public-private partnership, raiSE has spent the past decade shaping Singapore’s social enterprise landscape. Its mission? To support organizations that blend commercial viability with meaningful social change. According to CEO Alfie Othman, the goal now is to push corporations to embed social impact directly into their business models—a shift that could revolutionize how businesses operate and benefit society as a whole. But this isn’t just about lofty ideals; it’s about proving that social enterprises can deliver tangible value.
And this is the part most people miss: When raiSE began, only 16% of Singaporeans even knew what a social enterprise was. Fast forward to 2020, and that number skyrocketed to 72%. With public awareness soaring, raiSE is now focused on showcasing the real-world impact of these enterprises and fostering deeper collaboration across sectors. From corporations and universities to charities and social service agencies, a diverse network of partners is stepping up to contribute to this growing ecosystem.
Interestingly, there’s been a demographic shift among social entrepreneurs. While early adopters in their 40s and 50s focused on sustainability without risking failure, today’s younger entrepreneurs in their 20s and 30s are more ambitious, prioritizing scalability and impact. But here’s the catch: balancing social good with profitability remains a Herculean task. As Mr. Othman candidly puts it, ‘It’s challenging to run a business in Singapore, but adding a social impact goal? That’s a whole new level of difficulty.’
Early-stage social enterprises face the same hurdles as any startup—securing funding, finding product-market fit, and entering competitive markets. As they grow, operational complexities multiply, requiring better talent and resources. Yet, despite these challenges, young entrepreneurs are willingly stepping into this space. ‘Nobody forces them,’ Mr. Othman notes. ‘They want to take on this challenge, and we’re here to support them.’
That support includes foundational training, specialized assistance from ecosystem partners, and even pro bono services like legal advice or digital marketing workshops. For instance, a social media company might offer workshops to help social enterprises boost their online presence, while universities like the Singapore University of Social Sciences fine-tune their business models.
Looking ahead, raiSE sees emerging issues like mental health and ageing as opportunities for innovation. To tackle these, they’ve launched a S$1 million sandbox program, pairing 20 startups with social service agencies to address community gaps. ‘How do you validate a solution for mental health or ageing?’ Mr. Othman asks. ‘Social service agencies, who deal with these issues daily, provide critical insights to ensure solutions are both needed and effective.’
But here’s the question we leave you with: Can social enterprises truly scale their impact without compromising their mission? Or will the pressures of profitability always overshadow their social goals? Share your thoughts in the comments—let’s spark a conversation that could shape the future of business and society.
