Speech by President Halimah Yacob at Virtual President Challenge Social Enterprise Networking Event

Mr Tan Chuan-Jin, Speaker of Parliament

Mr Gautam Banerjee, Chairman, raiSE 

Distinguished Guests,

Ladies and Gentlemen,

Good evening. I am pleased to join you at this year’s virtual President’s Challenge Social Enterprise Networking Event.

Our social entrepreneurial landscape has improved over the years.  According to the third Public Perception Survey commissioned by raiSE earlier this year, public awareness of Social Enterprises has increased from 65% in 2016 to 72% in 2020. The public is now better able to understand the ‘social-financial’ double bottom-lines that Social Enterprises pursue. By delivering social impact via a sustainable business model, Social Enterprises have also enhanced their value to our society and the economy. Over the same period of study, there has been a corresponding 14% growth in the respondents who have purchased products or services from Social Enterprises.   

But the world ahead will be very different. COVID-19 has significantly changed our way of life. Just like how virtual gatherings like today’s event have replaced the physical sessions we used to have, the social sector is also facing tremendous disruptions due to COVID-19. Social Enterprises, like all other organisations, have to transform and reinvent themselves. (As the proverb goes, “The bamboo that bends is stronger than the oak that resists.” Like the bamboo, a resilient society has to adapt to new ways of life, work and play.

Amidst these challenges, it is important for leadership to drive collaborative initiatives for positive social impact. In extraordinary times like this, we need a type of leadership that dares to explore new and innovative ways to partner others in doing good.  Sector leaders have a responsibility to take on a proactive role in encouraging Social Enterprises to navigate and spearhead initiatives with others. They should also support those Social Enterprises that have the potential in scaling up their social impact. raiSE, as an ecosystem builder and membership body of Social Enterprises, will help by charting the future of Singapore’s Social Enterprise Sector. 

Every alternate year, I confer the President’s Challenge Social Enterprise Awards to outstanding Social Enterprises in Singapore for their contributions made to the community. Last year, we introduced a new award category - the ‘Social Enterprise Champion’ Award – to also recognise partners that have contributed to the sector. The inaugural winner of the award – DBS Bank – champions social entrepreneurship through its Foundation, and has been awarding grants to Social Enterprises since 2014. The setting up of the DBS Foundation proves to be an effective way of supporting Social Enterprises in a more structured manner. 

Bringing the corporate and social worlds closer together is a win-win for all. Through the partnership, Social Enterprises gain greater support through shared resources and increased awareness of their social causes.  At the same time, companies can demonstrate sustained social responsibility in their business practices by collaborating with these Social Enterprises. I therefore hope more corporate partners will follow the example of DBS Bank, and work closely with Social Enterprises to champion the shared social cause.

Singapore is preparing ourselves for a post-COVID world.  As we embrace the new normal and changes that are coming our way, it is important for us to stay united.  I hope that the panel session today will inspire every leader to do our part in building a more collaborative and resilient Social Entrepreneurial ecosystem, so that together we can emerge stronger as a society. Thank you.