The Singapore Centre for Social Enterprise raiSE on Wednesday unveiled initiatives to catalyse financing, capabilities, and talent to scale up public-private synergies in Singapore’s social ecosystem.
As financing to drive social impact becomes an increasingly pressing concern, raiSE has connected stakeholders from Singapore’s public and private sectors alike to collaborate on a new pay-for-success social impact bond (SIB), raiSE said in a statement.
In addition, to establish stronger capabilities within Singapore’s social enterprise ecosystem, raiSE has partnered with venture capital firm Quest Ventures to launch Asia’s first venture capital-backed, sustainable impact accelerator programme targeted at socially impactful enterprises.
Slated to run from June to August 2022, the Sustainable Impact Accelerator combines the expertise of raiSE and Quest Ventures to support socially impactful enterprises with high potential in scaling up their impact. They should have proven revenues, an enthusiastic user base, and clear intent or track record to integrate human-centred social impact, while also demonstrating potential for double-digit year-on-year growth within the next five years.
Start-ups will receive funding and capability support to drive their next stage of growth, and gain exposure to investors across key cities in Asia as they work towards raising an institutional investment round in the next 12 months.
Under the programme, eligible start-ups and businesses will undergo a unique curriculum designed by Quest Ventures and raiSE around achieving real-world outcomes and tangible impact. Participants will also gain access to both Quest Ventures’ and raiSE’s diverse network of mentors, entrepreneurs-in-residence, and founders.
Together, these resources build on existing seed and early-stage grants provided by raiSE and aim to further support social enterprises on their journey towards developing a sustainable and impactful business model so that they are in a good position to raise subsequent funding.