Best Place in the World for Social Entrepreneurs

Singapore as a Social Silicon

Valley?

Cross-Border Innovation & Entrepreneurship Global

Symposium4 December 2012

James Norrisjames@jamesnorris.com

www.jamesnorris.org

Where is the best place in the world for a social entrepreneur to live and

build a social enterprise?

Where is the best place for a social entrepreneur in 2020? Where is the best place for a bootstrapping social

entrepreneur? Where is the best place for a well-financed social

entrepreneur? Where is the best place for a newbie social entrepreneur? Where is the best place for a seasoned social

entrepreneur?

Related Questions

How do you reach your customers or beneficiaries? Do you distribute online or through physical channels? Are there relevant industry clusters anywhere? Etc.

Specific Model Questions

What is needed to help Singapore grow into the

world’s first Social Silicon Valley?

Global Cities Index

1. New York City 6.222. London 5.863. Tokyo 5.424. Paris 5.355. Hong Kong 4.146. Chicago 3.947. Los Angeles 3.908. Singapore 3.459. Sydney 3.4410. Seoul 3.40

11. Brussels 3.2912. San Francisco 3.2613. Washington 3.2514. Toronto 3.1315. Beijing 3.1216. Berlin 3.0317. Madrid 3.0218. Vienna 2.9619. Boston 2.7820. Frankfurt 2.78

Alpha++ world cities: London, New York

Alpha+ world cities: Beijing, Hong Kong, Milan, Paris, Shanghai, Singapore, Sydney,

Tokyo Alpha world cities:

Brussels, Buenos Aires, Chicago, Kuala Lumpur, Madrid, Moscow, Mumbai, Seoul, Toronto

Alpha− world cities: Amsterdam, Athens, Auckland, Bangkok, Budapest, Caracas,

Dublin, Frankfurt, Istanbul, Jakarta, Lisbon, Los Angeles, Mexico City, Prague, Rome, Santiago, São Paulo, Stockholm, Taipei, Vienna, Warsaw, Zurich

Alpha Cities

Success Factors

1. Access to talent2. Access to funding3. Access to markets4. Good business climate5. Supportive culture

Answers?

The Case for Singapore

Access to Talent

Very high standard of living which draws talent in Liberal immigration laws for foreign talent #1 labor force in world

Access to Funding

S$1M social innovation challenge S$588K social enterprise competition Asia’s first social stock exchange Growing venture philanthropy community S$300K grants for social entrepreneurs focusing on

employing disadvantaged Singaporeans S$200K grants for enterprises focused on volunteerism or

philanthropy S$50K grants for young entrepreneurs under 26 #1 in Asia for philanthropy and #1 in world for

concentration of millionaires

Access to Markets

Geographically situated between three of the largest markets in the world: China, India, and Indonesia

Airport rated #2 in world with multiple discount airlines flying the region

Good Business Climate

#1 place in world to do business 80% of population is English-literate and much of the

other 20% can speak at least the basics Very low corporate income taxes and zero tax on first

S$100,000 for first three years No capital gains taxes Tied for #1 for lack of corruption Effective government bodies work to support enterprise #1 at protection of intellectual property

Supportive Culture

Approximately 150 existing social enterprises Online community-edited directory for the social sector (“a

Wikipedia for people who care”) Dedicated social enterprise association Multiple social entrepreneur co-working spaces being built Multiple dedicated academic institutions Established degree program in social entrepreneurship at

polytechnic level Widely circulated sector-focused publication Five million residents and 9.7 million annual international

travelers concentrated in a very densely populated space creates a unique melting pot of ideas

Downsides

Experienced talent is very hard to secure Very small domestic market of 5 million Financing for small to mid-sized social enterprises may

currently be difficult past pre-seed stage, especially until the Impact Investment Exchange opens and the venture philanthropy community grows

Very risk-averse society Local Singaporeans are effectively indifferent to social

entrepreneurs (only 12% have heard of the term)

Population Gains – 2010 to 2020

0 million more people in Europe 4 million more people in Oceania 31 million more people in North America 57 million more people Latin American 243 million more people in Africa 429 million more people in Asia

James Norrisjames@jamesnorris.com

www.jamesnorris.org