ThinkX Global launches programme to help impact ventures build sustainable businesses

[SINGAPORE] Strategic venture architect ThinkX Global on Friday (Aug 21) launched Ventures with Impact Living Lab (VWill), a programme that helps purpose-driven ventures become commercially sustainable.

Lim Wei Liang, managing director of ThinkX Global, said: “VWill was created to help founders validate their solutions, secure commercial opportunities and build organisations (with an impact that) continues long after any initial funding has ended.”

The programme targets ventures – whether they are charities, social enterprises or businesses – that focus on social impact.

Its long-term aim is to help these ventures become self-sustaining, so that they do not have to rely on grants or pilots.

Lim added that VWill is based on opportunities, commercialisation and scale, to help impact ventures find customers and sell their products or services, and then scale their business.

The launch took place at Staytion Dhoby Ghaut Lifestyle Centre, which will house the Living Lab.

Impact ventures can use this space to test solutions with beneficiaries, engage potential customers and partners, and network with other organisations in ThinkX Global’s network, including family offices, foundations and social service agencies.

Since March, prior to the official launch, VWill has already onboarded 11 participating ventures and conducted eight activation sessions.

These sessions, which are part of VWill, allow ventures to meet potential customers and partners.

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Going beyond grants

Lim said many impact ventures rely heavily on grants to further their business, without establishing a viable business model that allows them to be self-sustaining.

Since grants have an “end-date”, many venture founders give up after their funds run out, he observed.

“They run out of money and realise they need to raise another round of funds,” Lim said. “So they constantly go after grants, and there is no sustained impact.”

Residency within VWill is selective, with ventures going through an evaluation process that considers commercial viability, measurable impact, founder commitment and contributions to the wider community.

ThinkX Global does not take equity or charge ventures to be part of VWill.

Besides connecting participating ventures to ThinkX Global’s network, the company will also conduct individual consultations, run know-your-customer workshops, teach them how to pitch to partners, and help them test solutions and receive user feedback. 

“Participating ventures work directly with beneficiaries while engaging corporates, funders, public agencies and ecosystem partners that can support adoption, partnerships and long-term growth,” ThinkX Global noted. 

It is also looking to run social incubator programmes in Brunei, Bangkok and Chongqing, where ThinkX Global has offices. VWill ventures can expand their networks in these markets and gain access to regional partners, customers and opportunities to scale.

“In Singapore, impact is limited,” said Lim.

“A lot of people want to create impact, but are not putting themselves in the correct environment to create that impact… these hubs will actually create opportunities for them to go over to the ‘correct’ country to test their ideas.”

ThinkX Global is planning to launch a 12-week accelerator programme, with ventures tasked to make their first dollar by the end of it. This is in terms of profit and not just revenue, he added.

A Singapore-Malaysia partnership, as well as teaching VWill ventures how to utilise artificial intelligence for good, is also in the pipeline.

Participating ventures

One participating venture of VWill is HeartBid, a social enterprise that helps charities and non-profits fundraise through auctions.

Since the venture started during the Covid-19 pandemic, Heartbeat has run pilots in partnership with various government agencies and received funding.

Brandon Ong, founder of HeartBid, said: “We need to be (commercially-minded) and scale our impact, and not just rely on grants.”

HeartBid will leverage VWill to relook its business model and improve it, while finding new ways to be self-sustaining. It is also looking to see how AI can analyse its campaigns.

Another venture is MangaChat, which started around 10 years ago and focuses on helping children build emotional regulation and mental resilience through gamification and journalling. 

Renee Chong, chief operating officer of MangaChat, said she hopes VWill will create more “meaningful conversations” and opportunities in the ecosystem for young ventures.

As MangaChat originated from Taiwan, Chong said a challenge with expansion into Singapore and other markets has been turning impact into “repeatable commercial models, while navigating very different institutional environments”.

“What I value about VWill is the conversation it creates around commercial sustainability. It asks founders to move beyond, ‘how do I get funded?’ to ‘who genuinely values this? What problem are we solving for them? What would make them pay and continue paying?’”

She noted that commercial viability sustains social impact, and young impact ventures need “someone willing to open the first door”.