Social Entrepreneurship in Singapore
The business community of Singapore has also joined the bandwagon to support the growth of social enterprises in the country. Companies all over the world are trying hard to recognize social problems and implement traditional principals of entrepreneurship to create ventures that will bring social change. A large number of successful social enterprises started in Europe and since then many countries across the globe have undertaken policies to support the growth of such enterprises at the local as well as national level.
Studies show that the concept of social enterprises in the conservative and traditional society of Singapore is mostly focused on charity. They work on the pattern of spending a large amount of the donated money on people who benefitted. This leaves little resources for the organization. The National Kidney Foundation (NFK) scandal may have marred the growth of non-profit organizations in the country but hope still exists for emerging enterprises.
A large number of social enterprises in Singapore have emerged from agencies involved in social services. Such agencies are involved in the diversification of their funding sources and offering sustainable services. With the importance of social enterprises rising all over the world, government in Singapore is also making efforts to tap its benefits for the growth of the economy.
According to the Ministry of Community Development, Youth and Sports, such enterprises are beneficial in the fulfillment of various social and environmental causes. They cannot be considered a mere charity because social enterprises can also generate revenue. Funding agencies administered by the ministry are providing subsidies and grants to entrepreneurs in Singapore who are running social enterprises based on the work integration aspect. Traditional business start-up grants are also offering financial help to social enterprises in the country. Courses related to social entrepreneurship are being taken up by several business schools and universities in Singapore.