President Tharman Shanmugaratnam,
Ms Theresa Sim,
Chairperson,
Singapore Centre for Social Enterprise,
raiSE,
Partners and Distinguished Guests,
Introduction
1. A very good evening. My warmest congratulations to raiSE on this significant milestone. raiSE has been instrumental in shaping and strengthening Singapore’s social enterprise ecosystem these past ten years.
2. When MSF established raiSE in 2015 to engage and cultivate social enterprises, social entrepreneurship was still an emerging concept in Singapore. The ambition then was clear, but the path needed to make it reality required intentional stewardship.
3. Over the past decade, through its capability development programmes and resources, raiSE has nurtured a robust ecosystem of over 306 social enterprises and fostered partnerships with corporates and Institutes of Higher Learning.
4. But raiSE has done more than simply grow social enterprises. raiSE has also shifted mindsets that businesses can do well do good through and its progressive and inclusive approach to supporting a wide range of social enterprises across different growth journeys.
5. It supports enterprises at the start up stage as well as those ready to scale, recognising that different forms of support are required at different phases.
6. It also embraces social enterprises emerging from diverse pathways, whether from SMEs seeking to incorporate social impact, or non-profit organisations spinning off social enterprise subsidiaries.
7. What matters is clear intentionality to creating human centred social impact through a business model.
8. We need to encourage this culture, that enables profit and purpose to go hand in hand, to grow and be mainstreamed across the business sector. In this way, we can nurture a ‘We First’ society – one where we prioritise the collective over self.
Singapore's Next Bound: What a Thriving Ecosystem Requires
9. Ladies and gentlemen, social enterprises exemplify the ‘We First’ spirit. They pilot new ideas, test new models, and respond to emerging needs. By bridging social gaps with entrepreneurial discipline and innovation, they ensure that no one is left behind.
10. Over the years, our social enterprise landscape has become more diverse and social enterprises operate across a diverse range of domains, advancing inclusive employment and skills development, strengthening caregiving, and providing community services, among others.
11. But even as we celebrate these well-deserved wins, social enterprises will face a host of challenges in a shifting global environment – from finding enough funding to start up, to building awareness and scaling up their ventures. To thrive, I believe that social enterprises will have to continue to push the boundaries of innovation and deepen cross-sector collaboration. Let me elaborate.
Accelerating Innovation for Greater Impact
12. First, social enterprises must embrace innovation to drive greater impact.
a. I am heartened to see many social enterprises pioneering new approaches to social issues. Here, technology is a powerful enabler. By harnessing AI and digital tools, social enterprises can widen access, promote inclusivity, enhance efficiency, and extend their reach to better serve communities. Let me share a story of this.
b. The World Economic Forum estimates that over 250 million children globally still lack access to quality (Science, Technology, Engineering, Arts, Math) STEAM education. Stick ‘Em, founded by Adam Huh Dam and Chong Ing Kai, is a social enterprise that was determined to change this. It designed a low-cost robotics kit using chopsticks and 3D-printed connectors, five times cheaper than traditional robotics sets. Paired with a self-guided curriculum, this approach allows schools and after-school care providers to bring quality STEM education to more students, without the barriers of extensive teacher training or even costly equipment. In five years, its client base has grown considerably. They are now present in 11 markets beyond Singapore such as Indonesia, Vietnam, and Uganda; empowering over 1,200 teachers and over 12,000 students. They also recently won the prestigious Hult Prize, known as the ‘Nobel Prize for students’. Congratulations.
Deepening Collaboration Across Sectors
13. This leads to my second point of deepening cross-sector collaboration. Social enterprises, Government, and the private sector can identify win-win opportunities, where social enterprises deliver goods and services that meet pressing social needs.
a. NannyPro is one such example. Founded by Ms Becky Eng in 2004, NannyPro has an innovative model for professional nanny and caregiving services that both responds to the evolving needs of Singaporean families and provides flexible employment opportunities for women who face challenges returning to the workforce.
b. When the Early Childhood Development Agency (ECDA) was keen to expand infant care options for parents beyond centre-based infant care in 2024, NannyPro was identified by ECDA as one of three operators to pilot affordable, safe and reliable childminding services in homes or community spaces[1].
c. This is an example of a social enterprise working hand-in-hand with the Government to strengthen our social fabric through the early years of caregiving, supporting parents while providing dignified and gainful livelihoods for women from diverse backgrounds.
14. Social enterprises must also deepen their partnerships with private funders and philanthropists.
a. Over the years, raiSE has played a critical role as a venture builder, by supporting social enterprises in their formative years. It provided first-loss capital through initiatives such as the VentureforGood Grant to early-stage social enterprises, as well as capability development grants to strengthen their business and social impact creation.
b. As the sector matures, there is a growing opportunity for philanthropists, foundations, family offices and impact investors to partner with raiSE to expand and deepen their portfolio.
c. I urge impact-driven funders to consider partnerships with social enterprises, such as through blended finance that combines grants, patient capital, and impact investment. This approach lowers risk, crowds in private capital, and gives social enterprises the runway they need to grow with confidence.
15. I am glad to hear that raiSE will support such cross-sector partnerships through its membership and verification framework. This provides assurance to funders, corporates and public agencies to partner social enterprises with confidence.
Conclusion
16. Let me conclude. As we join raiSE in celebrating a decade of shaping the ecosystem, the future ahead will be defined by how boldly we choose to advance it.
a. Social enterprises can play an even greater role in shaping Singapore’s next chapter of progress by showing that business and social impact can progress in tandem, and that enterprises can uplift lives while strengthening our economy.
b. I hope to see even more social enterprises working alongside MSF and the social service sector to meet current and emerging social needs. The Government will continue to ensure the essential needs of Singaporeans and core social services are adequately addressed. Other ecosystem partners, including social enterprises, will value add to improve the quality of life of our fellow citizens.
c. For social enterprises who are already well established in making impact in Singapore, I challenge you to look beyond our borders especially for our neighbours. Consider if your innovations and services could benefit our regional partners, and extend help to those who need it.
d. I believe raiSE is well-poised to lead the way, with confidence, purpose, and a shared commitment to building a more inclusive, resilient, and ‘We First’ Singapore.
17. I wish raiSE many more decades of fruitful collaboration and innovation. Let us continue to explore this collective space and lift one another up.
18. Thank you.
[1] Source: ECDA appoints three operators for new childminding pilot for infants