Mr S Iswaran at WORLDview360 @ South West: A Youth-Nique Fiesta

SPEECH BY MR S ISWARAN, MINISTER OF STATE FOR TRADE AND INDUSTRY AT WORLDVIEW360 @ SOUTH WEST: A YOUTH-NIQUE FIESTA on SATURDAY, 28 APRIL 2007 at 2.30 Pm AT HARBOURFRONT CENTRE (NORTH ATRIUM)

Dr Amy Khor, Mayor of South West District and

Senior Parliamentary Secretary, Ministry of the Environment & Water Resources

Ms Penny Low, Founding President, SocialInnovationPark

Distinguished Guests

Our young Social Entrepreneurs

Ladies and Gentlemen

Introduction

It is my pleasure to be here today among individuals and organisations motivated by a worthy cause – to find innovative solutions for social problems so as to help the marginalised and disadvantaged in society lead a better life. The theme for this year is “Social Enterprising Youths”.It is apt, given the growing interest in how social enterprises work.WORLDview360 @South West aims to raise such awareness and heighten interest in this area by providing platforms for our youths to learn from successful social entrepreneurs and brainstorm for ideas to plug social service gaps.

In fact, WORLDview360 has come a long way since its inception in 2002 as an exchange programme for local and locally-based international youths. I am happy to note that this programme has since established itself as a 100% youth-for-youth initiative that builds on the “think globally, act locally” idea.

Social Entrepreneurship in Singapore

A study on social enterprises in Singapore, Hong Kong and Taipei, conducted by the Consortium of Asian Foundations & Organisations, found that social enterprises in Singapore lack the business expertise and public recognition to truly thrive.But at the same time, it highlighted the potential for social entrepreneurship to become self-sufficient by adopting a commercial/business approach to social innovation.

The current climate for Social Enterprises in Singapore, from both a social and economic perspective, is indeed challenging. Our social entrepreneurs stand out in a society that has typically chosen a safe path with secure jobs.Most parents and friends will likely advise you against it as it is too risky, too tough and too unconventional. The first thing that crosses anyone’s mind about social entrepreneurs is that you have to go around “begging” for money. But this is not an accurate picture.Just like any business entrepreneur, a social entrepreneur needs to seek out opportunities to create value - in this case social value. Hence, a sound business model is just as critical for social entrepreneurs, to ensure that the social output they create is of value to both investors and the community.

Encouraging Social Entrepreneurship in Singapore

To promote and support the development of social entrepreneurship in Singapore, the Ministry of Community Development, Youth & Sports (MCYS) set up a Social Enterprise Fund in 2003. To date, it has approved more than $5.9 million for 57 proposals, and is currently supporting 34 social enterprises under its Comcare Enterprise Fund. MCYS has also recently formed a Social Enterprise Committee comprising a high level team of entrepreneurs, professionals, civil servants and social service sector advocates to develop a more vibrant social enterprise scene in Singapore.

Augmenting the Government initiatives are community-led schemes which include the National Youth Council with their Incubator Bus, CitiBank-YMCA with their Youth for Causes programme, as well as non-profit organisations like Social Innovation Park (SIP), research centres like the Lien Foundation Centre for Social Innovation, and NUS Business School. All these have been effective in encouraging social awareness of our youths, inspiring them towards the path of social entrepreneurship and enterprise.

Today’s event shows how a community agency like South West Community Development Council (CDC) can also play a part in catalysing the social enterprise scene, by linking up with relevant agencies and people. By increasing awareness, South West CDC is able to translate a relatively new concept into a tangible reality within the reach and understanding of our youths and corporate organisations. I understand that the South West CDC has also supported specific initiatives by working together with social entrepreneurs to publicise their programmes to benefit youths and residents in South West district.

Conclusion

Given the level of awareness and support, I urge our youths of today, to start now and play your part in this exciting new world of Social Entrepreneurship.Do not be afraid to take the first step, but do bear four simple lessons in mind.

One, have a clear vision of what you would like the outcome of your social enterprise to be. Two, have the determination and passion to keep your dream going. Three, be creative and adaptive to adjust to the changing conditions and needs of the community. And four, be realistic and take calculated risks. The returns for being a social entrepreneur may take several years to realise. But those who dare to dream and do will reap the benefits of an enriching and exciting life.

On this note, I leave you with a quote from Bill Dryton, the founder of Ashoka, an international organisation that aims to shape a global, entrepreneurial, and competitive citizen sector. Social Entrepreneurs do not just give a fish or teach people to fish. They shall not rest until they have revolutionized the whole fishing industry. (Adapted from Ashoka Website, www.ashoka.org).

So, I encourage all of you here to be the next revolutionary wave to build a caring, self-reliant and better Singapore. I wish you a fruitful and enjoyable time today.

Thank you.