The Ministry of Social and Family Development (MSF) launched the Youth Social Entrepreneurship Programme for Start-Ups (YSEP Start-Ups) with an annual budget of S$250,000 to fund youths between the ages of 18 and 35 to develop social enterprise startups.
Each startup may receive a grant of up to 80% of the total projected capital expenditure and first year operating expenditure, capped at S$50,000.
The project, with NUS Entrepreneurship Centre and SMU Institute of Innovation and Entrepreneurship as mentors and administrating partners, aims to continue MSF’s efforts to raise awareness of social entrepreneurship among students.
YSEP Start-Ups is a new tier of funding under the ComCare Enterprise Fund, which gives grants of up to $300,000 to social enterprise startups as funding.
To be eligible for YSEP Start-Ups, social enterprises should have sustainable business models, organizational capabilities and growth potential, and committed and passionate management teams with strong entrepreneurial spirit.
“Young people have a lot of energy and ideas and they are inspired by social causes,” said Acting Minister for MSF, Chan Chun Sing. “Supporting young people to start social enterprises will help inject vibrancy and creativity for the development of our local social enterprise sector. With YSEP Start-Ups, I look forward to seeing more youths taking the initiative to address social needs in local communities.”
Interested youths must apply to MSF through either NUS Enterprise or SMU Institute of Innovation and Entrepreneurship.
