1




Implementation of the
Comcare Enterprise
Fund in Singapore


Caryn . Joshua . Junxian . WeeMeng . YiLing
2




Scenario


    As Minister of Community Development, Youth
   and Sports, Dr. Vivian Balakrishnan ponders over
     ...
3




Agenda
Descriptive

   Singapore’s Existing Social Safety Net

   Social Enterprises

Analysis

   Budget

   Awaren...
4




Singapore’s Existing Social Net
•Average monthly incomes rose by
   3.2% in 2006
•Lowest income group’s real income ...
5




What are Social Enterprises (SEs)
 Definition:
 A business not defined by its legal status but by its nature: its soci...
6




Ideal Social Enterprise

 •   A continuous activity producing goods and/or selling services;
 •   A high degree of a...
7




Benefits of Social Enterprise

• Social Enterprises in Singapore
• Benefits of Social Enterprise
    • Earn Profits
   ...
8




Difficulties in implementing SEs
    Problems that Singapore would face when implementing SEs.

       Mindset toward...
9




Financing of the CEF

 • Amount of funding: $500 million
 • Purpose
   • Seed Fund
   • Subsidies
10




Effect on Budget
  Operating Revenue       28.85


   Total Expenditure      (29.68)
                              ...
11




Awareness
 •   Providing funding alone is not enough.
     • Public is one of the main stakeholders of Social
     ...
12




Which Charities

•   Not all models of social enterprises can be viable
     •   Viable: able to survive without an...
13




Conclusion

 In light of Singapore’s aims of providing “anti-welfare welfare,”

                   he should implem...
14


What Has Been Implemented:
Comcare Enterprise Fund
•   Investing in the business of social change
•   Enable the need...
15




Social Innovation Park
 Founded by Miss Penny Low (MP Pasir Ris – Punggol GRC)

 Consists of:

    Social Enterpris...
16




Thank You
Questions and Answers
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Implementation of the Comcare Enterprise Fund in Singapore

  1. 1. 1 Implementation of the Comcare Enterprise Fund in Singapore Caryn . Joshua . Junxian . WeeMeng . YiLing
  2. 2. 2 Scenario As Minister of Community Development, Youth and Sports, Dr. Vivian Balakrishnan ponders over whether to approve the Comcare Enterprise Fund (CEF)
  3. 3. 3 Agenda Descriptive Singapore’s Existing Social Safety Net Social Enterprises Analysis Budget Awareness What has been implemented
  4. 4. 4 Singapore’s Existing Social Net •Average monthly incomes rose by 3.2% in 2006 •Lowest income group’s real income has fallen (when compared to 2000), and real average monthly income per member in 2006 is only $300. •Gini Coefficient risen to 0.472 in 2006. •Anti-welfare welfare •VWOs can choose to set up Social Enterprises.
  5. 5. 5 What are Social Enterprises (SEs) Definition: A business not defined by its legal status but by its nature: its social aims and outcomes, the basis on which its social mission is embedded in its structure and governance, and the way it uses the profits it generates through its trading activities Profits from SEs are typically reinvested into the firm or into the community to further these aims. Focus on triple bottom line reporting At least half their income is derived from trading rather than from subsidy or donations.
  6. 6. 6 Ideal Social Enterprise • A continuous activity producing goods and/or selling services; • A high degree of autonomy; • A significant level of economic risk; • A minimum amount of paid work; • An explicit aim to benefit the community; • An initiative launched by a group of citizens; • A decision-making power not based on capital ownership; • A participatory nature, which involves the persons affected by the activity; • Limited profit distribution.
  7. 7. 7 Benefits of Social Enterprise • Social Enterprises in Singapore • Benefits of Social Enterprise • Earn Profits • Employment • Raise Funds
  8. 8. 8 Difficulties in implementing SEs Problems that Singapore would face when implementing SEs. Mindset towards SEs • Charities are acts of altruism • Lack of transparency of these “businesses” Divergence of expectations • Differing target groups to help Infancy of SEs • Lack of financial aid • Lack of information
  9. 9. 9 Financing of the CEF • Amount of funding: $500 million • Purpose • Seed Fund • Subsidies
  10. 10. 10 Effect on Budget Operating Revenue 28.85 Total Expenditure (29.68) Of which 0.25 Primary Surplus / contributed to (0.83) (Deficit) COMCARE Special Transfers (0.82) Net Investment 1.86 Income DIstribution Overall Budget Surplus 0.21
  11. 11. 11 Awareness • Providing funding alone is not enough. • Public is one of the main stakeholders of Social Enterprises. • Bottleneck situation with many SEs competing without any public support. • Awareness programs • Separate wing under Ministry of Community Development, Youth and Sports. • Networking programs for SEs to congregate. • Exposure in mass media, such as documentaries or websites.
  12. 12. 12 Which Charities • Not all models of social enterprises can be viable • Viable: able to survive without any help from the government • Singapore still in infancy stage • Service provided • Depends on social mission that the SE adopts • NKF succeeded because service provided was in demand • SEs that engage primarily in retail may not survive • Packaging • Needs to present itself favourably in order to garner support
  13. 13. 13 Conclusion In light of Singapore’s aims of providing “anti-welfare welfare,” he should implement CEF. However, funding of SEs in itself is not exhaustive. In addition, he has to promote awareness of SEs to the general public.
  14. 14. 14 What Has Been Implemented: Comcare Enterprise Fund • Investing in the business of social change • Enable the needy to be more self-reliant • Criteria: • Business proposition • Business model and social impact • Driven by committed team • Experience and mindset • Aims must be aligned with MCYS’s aims • Arts, cultural, health, environment missions are not funded • Faith-based organisations must not exclude others • Grant characteristics • Seed grant • 1-3 year contract • 80% of project cost or $300k, whichever is lower
  15. 15. 15 Social Innovation Park Founded by Miss Penny Low (MP Pasir Ris – Punggol GRC) Consists of: Social Enterprise Hub Youth and Talent Hub 3 main objectives Enable aspiring social entrepreneurs to showcase their products and exchange ideas Platform for them to attract angels, venture capitalists Platform to raise awareness and discussion on key economic issues facing young entrepreneurs
  16. 16. 16 Thank You Questions and Answers

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