DBS-NUS Social Venture Challenge Asia returns with more money for social ventures

Last year, the first-ever DBS-NUS Social Venture Challenge Asia (SVC Asia) event saw seven social enterprises entering the finals. One of the judges, Friends International founder Sebastien Marot, remarked that the ideas were “solid, both in terms of social impact and business.”

This year, SVC Asia will be dishing out S$150,000 (US$120,000) of seed funding to the winners of the 2015 challenge – jointly organized by NUS Enterprise and DBS Foundation – in commemoration of Singapore’s 50th year of independence. The top three teams will receive S$100,000 (US$80,000), S$30,000 (US$24,000), and S$20,000 (US$16,000) respectively.

According to an official statement, the organizers hope that the increased payout – up from S$55,000 (US$44,000) in 2014 – will “encourage participants to submit ideas that demonstrate greater scalability and potential for sustainable social impact.”

The larger cash amount will also likely attract more participants. Last year’s challenge saw over 400 innovative ideas from teams across 20 countries. These teams will have access to an online portal with lessons on how to develop their ideas into scalable and sustainable social ventures, and also receive advice and mentoring from experienced social entrepreneurs, impact investors, and industry experts.

Those from certain Asian countries will also have the advantage of being able to attend a series of workshops and networking events organized by SVC Asia and its network of local community partners.

“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,” says Karen Ngui, the strategic marketing and communications head of DBS Group and board member of the DBS Foundation.

If social causes are the name of your game, take note: submissions will close on 25 March 2015, after which 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.

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