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VFG Youth provides up to 80% of the total projected capital expenditure and first year operating expenditure, capped at $20,000.
Funds are disbursed as reimbursements in tranches, released upon meeting of pre-determined key milestones. Supporting documentation as evidence of having met milestones, and evidence of expenditure of released funds must be submitted before the next tranche is disbursed.
We consider beneficiaries as people or communities who are facing issues, or susceptible and at risk of facing issues that will affect their social and economic well being. Generally, this occurs when there is deprivation in at least one of the following areas:
- Physical (e.g. abilities to perform daily activities)
- Social (e.g. ex-offenders, victims of crimes, elderly)
Some examples of groups that have relatively higher percentage of people who are in need or at risk of being in need includes:
- People/Families with low income
- People with health conditions
- People with disabilities and/or special needs
- People with mental health needs
- Disadvantaged youths
- Disadvantaged elderly
Applications must show that the social enterprise has:
A Compelling Social Objective
- Clear engagement model to sustain social objectives that addresses a gap/need in Singapore.
- Prior engagements with validation from VWOs, sector experts and intended beneficiary groups are encouraged. Proposed interventions or social objectives should preferably be validated with a pilot/proof of concept.
A Viable Business Proposition
- Strong business model and feasible operations plan. Proposal should include information such as potential size, market survey, product differentiation, product pricing, potential competitors and strategies to sustain the business.
- Reasonable organisational capabilities and capacity to carry out its plans to achieve sustainability and growth.
A Committed Team
- Management and implementation team should demonstrate commitment and ability to execute proposal.
- Members of the team should possess relevant experience and expertise in the market/ industry that the social enterprise operates in. The team should also preferably possess some experience in working on the social need.
- Management and implementation team possesses a mind-set geared towards results, accountability, sound business principles and a clear understanding of the social need.
Guidelines & Criteria
VentureForGood (Youth) is open to youths aged 18 – 35 years.
Key applicant must be Singaporean or Permanent Resident of Singapore
The social enterprise must a member of raiSE
VentureForGood (Youth) is open to new/existing social enterprises addressing one or more of the following outcome areas for an intended beneficiary group:
- Provision of employment opportunities
- Provision of education
- Provision of skill development
- Provision of basic human needs (e.g. housing, transport, food)
- Provision of economic tools and services (e.g. financial access, crowdfunding, eCommerce)
- Provision of health care/social care products and services (include disease/illness prevention and mitigation)
- Provision of products and services to improve the mental health & well-being (e.g. address social exclusion)
- Capacity building for organisations in the social sector
VentureForGood (Youth) is open to all new and existing locally based social enterprises that are registered/ intend to register under the Companies Act or Co-operative Societies Act. For applicants who have not incorporated their business at point of application and are in the process of prototyping, a partnership with a relevant Voluntary Welfare Organisation (VWO) and/or validations with intended beneficiary groups should be illustrated. However, we will require the business to be incorporated prior to the first tranche of disbursement.