Singapore’s social enterprise sector has seen an upsurge, according to Singapore Centre for Social Enterprise (raiSE). In the statistics shared along with raiSE event release, it noted that the social enterprise sector has grown by 32 percent over the past year, with 401 registered as social enterprises – up from 303 last year.
FestivalForGood, a festival dedicated for social enterprise, was attended by around 70 social businesses on Saturday. The event also featured a pop-up market that sold socially conscious products and services, as well as interactive workshops and discussions, Channel News Asia reports.
Related to the festival, raiSE CEO Alfie Othman said, “We’ve noticed an increasing number of young people in Singapore implementing socially impactful business ideas through social entrepreneurship, working across diverse industries to create positive change – from education and retail, to health, wellness and technology.”
“(The festival) is an excellent example of how various sectors of society – from individuals to corporates – can all come together to be part of the good,” he added.
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Attending the festival was President Tony Tan Keng Yam, who encouraged Singaporeans to continue supporting businesses that positive impacts. “It’s a way where people with passion can make an impact on society – not only doing a business making a profit but also doing something good for the community,” he said.
“I’m glad to see the number of social enterprises in Singapore has been growing quite fast,” he added.
Aimed to raise awareness on social entrepreneurship and support for social businesses in the city state, its centre was set up in 2015 and around 350 social enterprises have benefited from raiSE initiatives ever since.
According to the centre, businesses funded by raiSE have helped more than 4,000 beneficiaries and created more than 230 jobs over the past year. Since 2016, grants and investments worth S$6.6 million have been committed to social enterprises in, contributing to the establishment of new businesses and growth of mature ones.
First organised in 2016, FestivalForGood purposes to showcase the homegrown social enterprise sector and raise awareness amongst Singaporeans. More than 3,000 people are expected to attend the one-day festival this year.
This year’s festival is also featuring a series of experiential activities throughout the month of August, such as leather crafting workshops and concerts for seniors.
According to raiSE, the events aim to provide the public with an “up-close-and-personal view” of how such business are creating “meaningful and sustainable impact” in Singapore.
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