Education scores at business challenge
Middle row: Ms Patsian Low, Head of DBS Foundation (fifth from left); Prof Wong (sixth from left); Minister Teo (eighth from left); and Dr Lily Chan, CEO of NUS Enterprise (ninth from left) with the finalists of the challenge
Thailand's Learn Education walked away with the grand prize of $100,000 in seed funding at the DBS-NUS Social Venture Challenge Asia (SVC Asia) award ceremony on 12 June. The event, graced by Guest-of-Honour Mr Teo Ser Luck, Minister of State for Trade and Industry, saw budding social entrepreneurs showcase their sustainable business ideas in a collective bid for social improvement. More than $200,000 of seed funding was awarded to winning social enterprises.
Co-organised by NUS Enterprise and DBS Foundation, the Asia-wide business plan challenge aims to identify and support new social ventures with the potential to generate positive, scalable and sustainable social impact. In doing so, it hopes to raise awareness of social entrepreneurship and build a vibrant network of social entrepreneurs and partners in Asia. This is the second year that SVC Asia is held.
A total of 683 entries was received, marking a 60 per cent increase from last year. The top 12 teams were individually coached by regional experts.
Learn Education impressed the judges with their winning proposal to raise the quality of education in Thailand, particularly in the fields of Mathematics and Science. The group designed a set of tools which includes critical thinking modules and a one-to-one learning software with tests and analytics.
"Everyone deserves the opportunity to have quality education, and this is the belief behind why we started Learn Education. Winning the SVC Asia will help us to accelerate our impact, improve our IT platform and develop more active learning modules, said Mr Tanin Timtong, Founder and Managing Director of Learn Education.
Coming in second was India's MicroX Labs, which created a low-cost, easy-to-use Complete Blood Count test using disposable cartridges and a portable reader for timely and accurate diagnostics of patients. A mobile medical system for more accessible healthcare delivery in Taiwan developed by iHealth Express rounded out the top three. The first and second runners-up won $30,000 and $20,000 respectively.
Two teams from Singapore ' Social Development Initiative Academy which champions the welfare of migrant workers, and Society Staples which integrates people with disabilities into society through fitness programmes ' received a respective grant of $50,000 and $25,000 from the Singapore Centre for Social Enterprise (raiSE).
This year's Challenge saw an increased total prize money of $150,000, up from last year's $55,000, in commemoration of Singapore's 50th anniversary. The winners will receive the seed fund in stages upon the launch of their social ventures.
Professor Wong Poh Kam, Director of NUS Entrepreneurship Centre was heartened to see an increasing interest in social ventures, with more countries taking part in SVC Asia this year. "NUS Enterprise looks forward to working with the participants to provide post-SVC Asia support in areas such as incubation, mentorship, assistance in fund raising and access to resource networks, he said.
See the full list of the 12 semifinalists and their business ideas.
