Social enterprises - A new dimension

TODAY, people across the world are paying more attention to the importance of social impact. The Deloitte Millennial Survey 2016 found that almost nine in 10 millennials (87 per cent) worldwide believe that "the success of a business should be measured in terms of more than just its financial performance". They further assert that businesses should align with a larger sense of purpose that puts people first.

Such acute social awareness has given rise to a new generation of social entrepreneurs all over the globe, who combine a spirit of innovation and entrepreneurship with a genuine desire to make a difference in society. And if what young Singaporeans are starting up these days is any indication, then Singapore's economic future is likely to see many more social enterprises emerge across different industries.

Among the recipients of the President's Challenge Social Enterprise Award presented in November last year at the Istana, many were dynamic entrepreneurs under the age of 35 who are already blazing the trail - from promoting the inclusion of persons with disabilities through sports, galvanising the recycling and repair movement, to cultivating financial literacy.