SINGAPORE, Jan. 19, 2015 /PRNewswire/ -- Into its second year, the DBS-NUS Social Venture Challenge Asia (SVC Asia) is offering SGD 150,000 of seed fund to the winners of the challenge, in commemoration of Singapore's 50th year of independence. The increased funding, from last year's SGD 55,000, also encourages participants to submit ideas that demonstrate greater scalability and potential for sustainable social impact.
The challenge, jointly organised by NUS Enterprise and DBS Foundation, aims to identify and support new social ventures as well as raise awareness of social entrepreneurship in Asia. The inaugural SVC Asia saw over 400 innovative social venture ideas from teams across 20 countries.
Through SVC Asia 2015, budding social entrepreneurs across Asia will gain access to a comprehensive regional portal over the next five months to learn how to develop their ideas into scalable and sustainable social ventures. In addition to the online portal, participants in various Asian countries can also benefit from a series of workshops and networking events organised by SVC Asia and its network of local community partners. Through these events, they can connect and team up with like-minded peers. They will also receive advice and mentoring from experienced social entrepreneurs, impact investors and industry experts.
SVC Asia will also host a series of public workshops to help raise awareness about social entrepreneurship and generate support for social enterprises.
"This year, to commemorate Singapore's 50th birthday, we increased the prize monies for the winners of the DBS-NUS Social Venture Challenge Asia to SGD 150,000. The top three teams will each receive SGD 100,000, SGD 30,000 and SGD 20,000 respectively. The total purse of SGD 150,000, which will be awarded in the form of seed funding, is the highest for a competition of this nature in Asia. We believe that social enterprises are a force for good and hope that this year's SVC Asia will fire up many socially minded individuals and ignite sparks of entrepreneurship and innovation," said Karen Ngui, Head of DBS Group Strategic Marketing & Communications and Board Member of the DBS Foundation.
"For the inaugural year of the challenge, we received many inspiring ideas that can help shape the future of sectors such as healthcare, the environment and education. SVC Asia serves as a key platform for local capacity builders across Asia to support social entrepreneurship. All finalists will be connected to our impact partners for potential post-competition support, such as mentorship, incubation and meeting with impact investors and other funding sources," said Professor Wong Poh Kam, Director NUS Entrepreneurship Centre, which is part of NUS Enterprise.
The winners of the SVC Asia will receive the seed fund in stages upon the launch of their social ventures. Submissions will close end 25 March 2015, and twelve semi-finalist teams will be selected to come to Singapore in early June for a final round of coaching and pitching, culminating in a Final Awards Ceremony.
About DBS Foundation
As the only corporate foundation in Asia solely dedicated to championing social entrepreneurship, DBS Foundation contributes towards building a more inclusive society so that those at society's margins can enjoy productive and rewarding lives. DBS Foundation works with Social Enterprises and Social Entrepreneurs in Singapore, India, Indonesia, mainland China, Taiwan and Hong Kong with programmes ranging from basic training & workshops to intensive incubation, project grant support, forums for knowledge sharing and senior management mentoring. The Foundation is an endeavor from DBS Bank to make an even greater impact in addressing Asia's evolving social needs.
NUS Enterprise
NUS Enterprise is a University-level cluster that provides an enterprise dimension to NUS teaching and research involving the University's students, staff and alumni. The functions of the Enterprise Cluster complement the academic cluster of the University to nurture talents with an entrepreneurial and global mindset. NUS Enterprise promotes the spirit of innovation and enterprise through Experiential Education, Industry Engagement & Partnerships and Entrepreneurship Support. www.nus.edu.sg/enterprise
