The article was first published on E27.
With the world’s constantly growing needs, startups play a crucial role not only in unlocking avenues for growth and expansion but also in driving meaningful societal impact. While the traditional focus of startups has been on disrupting industries and capturing markets, an increasing awareness of social and environmental challenges has prompted a shift towards a more conscientious approach.
Startups have the agility and innovative spirit to address pressing global issues, such as climate change, inequality, and healthcare access. By embedding a sense of purpose into their business models, startups can align their growth strategies with solutions that have a positive impact on communities, the environment, and beyond.
Furthermore, the pursuit of impact is not merely a philanthropic gesture but a strategic imperative for startups looking to thrive in the long term. Consumers and investors are increasingly valuing socially responsible businesses, and startups that integrate sustainable and ethical practices into their core operations are better positioned to attract support and loyalty.
Chris Marchant, CEO of Vitasoy International Singapore, explained, “We found there are two main reasons why we should be considering sustainability. The first one is that it’s what our consumers are looking for. The world is changing. People are looking to do the right thing for the environment. And the second one is thinking about the bottom line. A lot of these sustainability initiatives will actually improve your profit. At Vitasoy International Singapore, for example, we’ve been able to reduce our utility usage and our water usage in a lot of these areas. So, do the right thing and also be able to save money while you do it.”
This dual commitment to growth and impact not only helps startups build resilience in the face of societal challenges but also creates a positive feedback loop where success is measured not only by financial metrics but also by the positive change the business brings to the world. In essence, startups are uniquely positioned to be both drivers of economic prosperity and catalysts for positive change, embodying the potential for businesses to be a force for good in the global community.
Bridging the knowledge gap with DBS
In collaboration with the Centre for Impact Investing and Practices (CIIP), DBS Foundation, and e27, the DBS BusinessClass foundED event was hosted by DBS Singapore in October 2023. This inspirational forum celebrates modern-day founders and encourages innovation for the next generation of social entrepreneurs. It offered a unique opportunity for founders to connect with fellow innovators, industry experts, and like-minded individuals to share ideas, form new partnerships, and expand their network. In line with the theme of advancing startups for impact, this event served as a platform where startups can gain valuable insights on how they can take their business ventures to the next level while creating an impact on society.
The event welcomed esteemed speakers from CIIP, GovTech Singapore, Temasek, and Vitasoy International Singapore to discuss trends, opportunities, and support available for businesses with impact. The panel of experts shed light on how organisations are helping to create a more sustainable future by promoting responsible investments, leveraging technology as an enabler of social change, and providing financial assistance to startups that prioritise positive environmental or social outcomes. It was truly inspiring to hear about the various initiatives being taken by these organisations to foster meaningful progress within the wider community.
“This is our inaugural foundED event in Singapore and we are pleased to gather many startups today to celebrate the spirit of innovation and entrepreneurship,” shared Koh Kar Siong, Group Head for Corporate and SME Banking, Institutional Banking Group at DBS. He added, “With the theme of advancing startups for impact for this event, it also reinforces our key focus at DBS in supporting our clients to drive not only growth and transformation but also positive impact.”
Here’s a glimpse of the event:
Supporting sustainable growth through access to resources
Fortunately, businesses of all sizes now have access to a variety of resources that can help them reach their sustainability goals and empower their entrepreneurship journey. In supporting businesses, DBS has curated a full suite of resources available under DBS BusinessClass with insights, trends, and tools.
Social enterprises and SMEs in particular benefit from specialised programmes and initiatives designed to support sustainable growth. These include government grants, training courses, advisory services, networking events and more — all designed to provide the necessary support for organisations looking to become more eco-friendly while achieving long-term success.
For instance, one particularly helpful resource that social enterprises and SMEs can tap into is the Business For Impact Banking Package offered by DBS to support businesses for impact by providing a range of financing solutions, funding programs and knowledge sharing. With holistic assistance, businesses can focus all their resources on sustainability and innovation causes.
Find out more about DBS’ sustainability initiatives and financing options here.
