Singapore’s business-friendly stance and conducive environment for businesses of any size have made it one of the most appealing nations for investors to establish a firm. From snappy startups to worthwhile social enterprises, Singapore offers fantastic opportunities and grants to get you started the right way.
The Singaporean government has demonstrated its support for emerging companies by providing grants and money to enable startups to grow during their early stages of the company. We have outlined various startup grants and funding forms in the following guide.
The dream of many startups is to receive venture capital funding. After all, what could be more thrilling than getting millions to create your brand-new sharing platform or game-changing app? Venture capital provides not just the money needed to cover operational costs for a few years but also the notoriety of being a funded startup in a cutthroat industry.
What sort of investment should social entrepreneurs seek? Here are five funding categories, from the most obvious to the most unexpected.
Government funds
Government funds and research grants offer an excellent opportunity for social enterprises at the forefront of particular areas. However, they may have complicated application procedures and requirements.
Philanthropic support
Good social enterprises are funded by both well-known and less well-known private foundations. The modern foundation is astute: they now want well-written, logical business strategies. Funding can also come in the form of contests, so be on the lookout.
Impact investment
This brand-new type of finance goes beyond traditional financial metrics like profitability and return on investment by including social and environmental metrics. Both large banks and some investment funds dedicate a portion of their assets to impact investment. Even if this only accounts for a tiny portion of these organizations’ total investment, the funds made accessible for startups are sizable and increasing quickly.
Collaborate with major corporations
To scale more quickly, consider utilizing a strategic partner’s clientele. You can work with businesses that assist you greatly, often in kind. Large organizations are curious about what is available and will support the growth of your business without demanding a board seat or a significant cash reward.
The advice to social entrepreneurs to “think like business entrepreneurs” is too frequently taken as a push to mimic traditional business strategies. However, if it were so simple, there would be no pressing need for social innovation.
Social enterprises should model their strategic thinking after business entrepreneurs, ensuring they have a compelling value proposition and a scalability strategy.
While digital entrepreneurs tend to focus on venture money, social entrepreneurs have access to a much more comprehensive range of funding possibilities, which they can use to their advantage.
Finding money compatible with your social objective and impact is the goal. These categories will inspire you to look for money in different areas. Best of luck! Financial institutions like DBS have a foundation supporting social enterprises in growing their businesses and creating a positive impact. Their grant funding and resources allow social enterprises to improve operational capacity and innovation capabilities while expanding into new markets and deepening their social and environmental impact.
