The Business Times
Two organisations recognised as Companies of Good share how, even with limited resources, SMEs in Singapore can make a tangible difference to society.
Quest Ventures
VENTURE capital (VC) firm, Quest Ventures, is committed to driving positive change and fostering sustainable development across Asia. To realise its objectives, it supports the efforts of non-profit organisations and charities to address pressing social issues. Areas it focuses on include empowering youth, supporting the elderly, and fostering entrepreneurship.
This year, Quest was named a Champion of Good in the National Volunteer and Philanthropy Centre’s (NVPC) Company of Good (COG) Recognition System, which recognises companies for their commitment to corporate purpose and contributions in the five impact areas of People, Society, Governance, Environment and Economic. It was among 290 companies recognised at the Company of Good Conferment in July this year.
The COG recognition has enabled Quest to communicate its impact goals within the investor community and among its portfolio companies, as well as with its team, says James Tan, its managing partner.
“We firmly believe that responsible investment goes beyond financial returns, encompassing broader objectives such as environmental sustainability and social responsibility.”
The firm has the unique opportunity and responsibility to influence the next generation of entrepreneurs and businesses that create job growth in the region to do so in a holistic fashion, he adds.
Quest and its portfolio companies run initiatives to create positive social or environmental impact. For instance, through its Questions With podcast, Quest invites startup founders to share stories of positive impact, such as community-based care solutions by SG Assist and veterinary telehealth by ZumVet.
The firm also recently worked with social enterprise Social Collider to support the Wellbeing Champion Charity Walk by Over the Rainbow, a one-stop hub for youth mental wellness.
To promote responsible and impact investing, Quest collaborated with the Singapore Centre for Social Enterprise (raiSE), Asia’s first VC-backed accelerator for socially impactful enterprises, for its Sustainable Impact Accelerator programme.
Under this programme, entrepreneurs get funding, as well as access to training and networking to develop business opportunities. “These initiatives benefit both investors and startups in tackling important social issues, environmental challenges and development gaps,” Tan says.
For example, food sustainability startup treatsure connects hotels and grocers with surplus food to everyday consumers in Singapore, while software company Tictag provides artificial intelligence (AI) solutions to engage community organisations to train and employ beneficiaries, including the elderly and persons with disabilities.
Tan believes that businesses, including small and medium-sized enterprises (SMEs), should embrace social responsibility. Contributing to community development such as “raising awareness on social causes and environmental protection and conservation”, he adds, will also foster long-term success.
Tan says businesses should recognise the role of technology and digitalisation in sustainable development and improving lives. Technology can accelerate the distribution of goods and services in sectors such as agriculture, healthcare, finance and education, while digitalisation has become an enabler for social services and development work.
For SMEs that are hoping to be purpose-driven, Tan advises them to work towards building something, whether for the community or for-profit, that can scale, replicate, and target large communities. “Businesses have a substantial influence over society and the environment,” he notes.
He acknowledges that “promoting responsible investment and ESG (environmental, social and governance) principles will require time and transition for our team as well as our stakeholders”.
“While the interest and intention to integrate policies is present among entrepreneurs, there is still a need for knowledge transfer, support and capacity-building. But, this ongoing effort reflects the dynamic nature of sustainability practices, underscoring both the progress made and the potential for further development.”
