As a membership body for Social Enterprises (SEs) in Singapore, raiSE qualifies SEs based on a framework that ascertains their financial sustainability through commercial activities and their commitment to social impact creation. Members are required to report their revenue and social impact achievements for the year, along with social impact targets for the year ahead, before their membership is renewed every year. Over the years, we see more SEs achieving their social impact milestones and transitioning from a provisional membership to full membership. The following charts give an insight into the collective impact of the SE sector over the past 3 years in terms of sector size and social impact creation.
Social Enterprises balance a double bottom line of:
Profits for Financial Sustainability
&
Social Impact Creation
Insights on the Social Enterprise sector
Provisional membership is granted to companies and/or startups that have conducted due validation/pilot of their Social Enterprise model but have yet to establish track record of social impact. Upon achieving their social impact, the Provisional membership may be converted into a full Social Enterprise membership after an annual review.
Breakdown of members by revenue
In FY20, the SE sector size has seen slight growth from $176 Million to $179 Million. It is heartening to know that most of our members who have submitted a membership renewal have shown resilience and effort to grow and/or maintain their social impact, and kept their business sustainable. Overall, there is also a healthy proportion of new members who have joined the community and have moved (13% increase) to the higher revenue bracket of more than $1 Million.
The SE sector catalysed greater impact in the community
368
SE Members contributed to
$179 Million
in Sector Size
Impacted
767,080
beneficiary lives and built the capacity of
1,783
Social Service Organisations
With products and services worth
$60,845,281
provided to beneficiaries
The BusinessForGood logo was created as a means of recognising and acknowledging that our Social Enterprise members are businesses that achieve social impact alongside sustainable financial return. More importantly, it helps the public to identify raiSE’s Social Enterprise members.
Percentage of Social Enterprise members supporting the respective Beneficiary Groups
Majority of our SEs create human centric impact for vulnerable individuals in the community such as Persons with Disabilities (PwDs) and low-income individuals. 17% of our SEs also build capacity for Social Service Organisations that support people/communities in need.
We also measure the dollar value of the products and services provided to the beneficiary groups that the SEs serve. Apart from direct impact to beneficiaries, some SEs also build capacity for Social Service Organisations which in turn enable them to directly impact more beneficiary lives.
Business Sectors and Revenue Size
Looking at a 3-year comparison period, albeit a decrease in the number of SEs in the Education and Training sector, it still remains the largest sector that our SE members come from. There has also been a reduction in the revenue generated from this sector due to disruptions to physical classes and training. However, many SEs in this sector have also managed to pivot to virtual classes and have contingency plans ready to meet with the evolving regulations.
Social Impact measurement and articulation is a key component of a SE’s identity. All SE Members of raiSE measure and articulate their impact through a common framework called the Social Value Toolkit consisting of 8 impact areas. Consistent with past years' trend, we see a steady growth in SEs providing employment opportunities to the vulnerable community.
The social impact outcome areas are also commonly aligned to several United Nations Sustainable Development Goals (UNSDGs) when SEs communicate their impact to a wider, global audience. Learn more about how some of our SE members have turned their business into a business for good and how some of our corporate partners have committed to integrating SEs as part of their sustainability journey.
