Initiated by DBS Foundation, the first foundation in Singapore dedicated to championing social entrepreneurship, and Singapore Management University (SMU), the DBS Foundation Social Impact Prize makes its debut this year as a category in the biennial Lee Kuan Yew Global Business Plan Competition (LKYGBPC).
Innovative start-ups and early-stage ventures looking to solve social and/or environmental issues can now be awarded SGD 150,000 worth of funding and support by participating in the inaugural DBS Foundation Social Impact Prize.
The DBS Foundation Social Impact Prize aims to identify sustainable, scalable and enterprising business solutions from across the world that help address crucial social problems and make cities of the future more inclusive, healthier and greener. The award of SGD 150,000 includes SGD 100,000 in prize money, along with non-monetary support in the form of capacity building, mentoring by DBS’ senior management, as well as branding and profiling opportunities. Its submission deadline is 17 November 2019, 11:59pm (GMT +8).
Said Karen Ngui, Board Member of DBS Foundation and DBS’ Head of Group Strategic Marketing & Communications “The world is changing at an unprecedented rate. The rapid transformation and expansion of populations and cities presents its own set of issues and correspondingly, opportunities. The DBS Foundation Social Impact Prize serves to encourage socially conscious entrepreneurs around the world to develop solutions to pressing social problems facing this generation and the next, as well as to help kick-start innovative businesses for good.”
“Smart cities innovations are happening right now, particularly with advanced technologies such as AI, robotics integration, smart mobility and more. Yet, with all these advancements we need to constantly remind ourselves how can these innovations and solutions help benefit the residents of these cities,” said Hau Koh Foo, Director of SMU Institute of Innovation and Entrepreneurship. “With DBS Foundation as our partner, we hope to drive this message through the 10th Lee Kuan Yew Global Business Plan Competition to provide a globally-recognised platform for young innovators, inventors and entrepreneurs from around the world to develop fresh and innovative ideas that would bring about positive impact for the cities of today and in the future.”
DBS also launched the DBS Social Enterprise Support Programme in 2018, where selected social enterprises have access to mentoring sessions by DBS’ senior SME bankers, banking and finance training courses at the DBS SME Academy, as well as better financing options.