Speech by President Halimah Yacob at President's Challenge Social Enterprise Award Ceremony 2021

Mr Tan Soo Nan, Chairman, PCSEA Evaluating Committee

Mr Gautam Banerjee, Chairman, raiSE, Singapore Centre for Social Enterprise

Distinguished Guests

Ladies and Gentlemen

Good evening. I am pleased to join this year’s President’s Challenge Social Enterprise Award (PCSEA) Ceremony. This year marks the 6th award cycle for the PCSEA. Together with our biennial corporate networking events, we have come a long way in raising support for and celebrating the achievements of Social Enterprises in Singapore.

Since I last conferred the President’s Challenge Social Enterprise Awards in 2019, Social Enterprises have had to contend with massive disruptions and a plethora of new challenges resulting from the COVID-19 pandemic. It is truly an understatement to say that everyone here today, as well as the many more Social Enterprises that have stayed true to their cause, have demonstrated remarkable grit and resilience in dealing with the pandemic so far.

The pandemic has necessitated a re-evaluation of businesses on all fronts - business models, employee and beneficiary engagements, as well as customer acquisition strategies, to name a few. Given that the changes are here to stay, Social Enterprises, much like other SMEs in Singapore, have to find ways not just to survive, but to thrive. It is therefore heartening to hear that the social entrepreneurial landscape has remained resilient and continues to support the vulnerable groups in our society, who are most susceptible to the negative impact of the pandemic.

Even amid a global pandemic, the 368 Social Enterprise members under raiSE contributed to a total sector size of $179 million, up from $176 million in the previous financial year. A healthy proportion of new Social Enterprises have joined the community, and the number of Social Enterprises that have achieved more than $1 million in annual revenue has increased by 13 percent. Social Enterprises have not only weathered the storm, but also found ways to continue and deepen their social impact journey.

Resilience means little when things are going smoothly. It is resilience in the face of adversity, when businesses have to dig deep, work through obstacles, and tap into their strengths and support systems to meet the challenge, that is particularly meaningful and commendable. This year, we have seen many inspiring stories of resilience and recovery, where key decision makers had to take strategic decisions to pivot the course of their Social Enterprises in a timely manner.

In the current climate of economic, social and environmental challenges, Social Entrepreneurs have been tasked to take on a proactive role in navigating and spearheading initiatives in uncharted territories. This has led to the need for a new type of SE Ecosystem Leadership, where leaders embody an eco-centric mindset and reach out to their networks for tri-sector collaboration (3P - People, Public and Private) to create sustained change and transformation in the industry.

According to the second “State of the Social Enterprise in Singapore” study commissioned by raiSE earlier this year, Social Enterprises have grown both financially and in the impact they deliver. It has also been encouraging to see how Social Enterprises are proving particularly empowering for women and young people. 64 percent of Social Enterprises are led by women, while 40 percent are led by youth aged 35 years and under. This is a sign of the times, where the shift towards greater diversity and inclusion has allowed more talented and purpose-driven individuals to assume leadership positions and pave the way for a more equitable future. This is true for the Finalists of PCSEA 2021 too. I applaud the good mix of youth and women-led businesses that have qualified for the final stage and are in the running for the awards.

One noteworthy women-led Social Enterprise finalist is Amazing Speech Therapy. Ms Beatrice Teo and her team provide diagnostic and treatment services for people of all ages with speech, language, voice, and swallowing difficulties. Amidst the pandemic, they showed resilience and innovation by leveraging technology to develop an online platform to ensure that patients could access professional and affordable therapy services from the comfort of their homes.

It is heartening to see youth founders such as Oh Chu Xian from SE Start-up of the Year Finalist, Magorium, showing great passion to create a more sustainable world, through their innovative technology that re-engineers plastic waste into a new material for road infrastructure. Magorium also plans to actively engage the elderly and students in our community through their workshops and ambassador programme.

It must have been difficult to say the least, for the Awards Committee to decide on the winners for each category, especially because all the applicants have displayed true mettle in their fight against COVID-19. With that, I want to take the opportunity to thank Chairman Tan Soo Nan and the members of the evaluation panel, for taking the time to understand the contributions of the Social Enterprise sector and lend their expertise in assessing and selecting the recipient for the Awards.

In addition, my appreciation to the Champions in this industry, the Corporates, and individuals, who have stepped forward to join the good fight and make Social Enterprises a part of their sustainability journey. Your contributions are significant and strategic to catalyse growth in this sector.

As Singapore continues to transition towards being a COVID-19 resilient nation, we as a society must continue to build a more collaborative and resilient Social Entrepreneurial ecosystem. I am hopeful that we will see even more innovative solutions emerge to tackle pressing social issues, and that we can forge even stronger cross-sectoral partnerships to champion a shared vision of a more caring and inclusive society.

Together, we will emerge stronger. Thank you.