In the heart of the bustling entrepreneurial landscape of Singapore, a transformative opportunity awaits the women who dare to dream, innovate, and lead. Standard Chartered Bank and Singapore Management University’s (SMU) Lien Centre for Social Innovation have joined hands to create an exceptional platform – the Women in Entrepreneurship (WiE) Incubator. This innovative program is also a part of Futuremakers by Standard Chartered and aims to empower young women, between the ages of 18-35, to learn new skills and empower them on their entrepreneurial journey.
The WiE Incubator is intended to support both aspiring and established young women entrepreneurs who want to build significant enterprises. It is more than just business; it’s about empowering female entrepreneurs, urging social impact, and boosting Singapore’s innovation environment to new heights. If you’re a visionary woman entrepreneur seeking to make a difference, read on to discover how this program can transform your dreams into reality.
Unveiling the Incubator
Women entrepreneurs in Southeast Asia have faced challenges in getting guidance, making connections, and getting money for their ventures. In response to the challenges faced in Southeast Asia, Standard Chartered Bank is making a substantial contribution of $300,000 to Singapore Management University (SMU) to establish the Women in Entrepreneurship Incubator. The Incubator, made possible by Standard Chartered Bank’s generous donation, is not just a program, but a pivotal resource for aspiring and existing female entrepreneurs in Singapore. Its primary goal is to bridge the existing gaps by providing specialised training, mentorship, and seed funding. This initiative responds to the sobering reality that female entrepreneurs in the region face significant hurdles in accessing mentorship, networking, and financial resources.
As highlighted in a 2020 report by the International Finance Corporation (IFC), despite contributing 30% of the region’s entrepreneurial efforts, women receive only 8% of venture capital funding. The Women in Entrepreneurship Incubator aims to fix this imbalance by creating an inclusive environment that tailors its support to the unique needs of female-led startups.
Dual Focus: Innovative Mindset and Social Impact
The Incubator’s focus is twofold: firstly, it strives to cultivate an entrepreneurial mindset steeped in innovation, employing approaches such as user-centric design and technology to address both personal and societal challenges. Secondly, it is dedicated to guiding participants through the intricacies of social entrepreneurship, facilitating their growth as effective agents of positive change through comprehensive personal and professional development.
The Path to Greatness: What Awaits You
This is not a typical journey; rather, it is a transformative one with the power to change the direction of your business path. When you step into the Women in Entrepreneurship Incubator, you’re stepping into a world of unparalleled learning. Here’s why you should jump at the chance to be a part of this transformative program:
SGD$80,000 available in Seed Funding
The Women in Entrepreneurship Incubator provides a solution to the funding problem that many entrepreneurs face. The programme has SGD$80,000 available in equity-free seed funding and the top ten finalists will have the opportunity to pitch for the seed funding. . Consider what your company could do with this cash boost, whether it’s improving your product, growing your market reach, or expanding operations. This money might be the spark that takes your company from a dream to a thriving reality.
Forge Invaluable Networks
Entrepreneurship isn’t a solo journey. It is about making connections and learning from others. The Incubator offers an unrivalled chance to network with other entrepreneurs and industry professionals. Exchange ideas, and experiences, and cooperate with others who are similarly committed to making a difference.
Invest in Your Professional and Personal Development
The entrepreneurial journey is much more than simply developing a firm; it is also about growing as an individual. The Incubator understands this and provides a variety of workshops and personal mentorship sessions. These will provide you with insights into essential aspects of business development, innovation, and social impact.
Engage in Enriching Events and Activities
The Incubator experience extends beyond textbooks and lecture halls. Participate in a series of events and activities that will give you personal experience in the business sector. Participate in masterclasses, hear from industry leaders, and immerse yourself in a world of influence and innovation. These experiences will not only widen your views but will also provide you with the tools and information you need to succeed in the corporate world.
Post-Awards Support for Sustained Success
The Women in Entrepreneurship Incubator is not a one-time event; rather, it serves as a springboard for long-term success. After finishing the program, you will continue to receive assistance from the SMU Lien Centre for Social Innovation. It’s an investment in your continuous development as an entrepreneur, ensuring that your path to influence and success doesn’t cease when the program ends.
What Are The Focus Areas?
The Women in Entrepreneurship Incubator focuses on the following key areas:
UN Sustainable Development Goals: Prioritizing ventures that address at least one of the United Nations’ 17 Sustainable Development Goals (SDGs), fostering positive change on a global scale.
Growth in Asia: Encouraging ventures that contribute to the growth and development of businesses in the dynamic and diverse Asian market.
Digital Transformation: Supporting businesses that harness the power of technology and innovation to drive growth and enhance their operations.
Sustainable Living: Promoting ventures that align with sustainability principles, contributing to environmental preservation and social well-being.
A Call to the Visionaries: Who Can Apply
You, the visionary female entrepreneur who is driven to bring about change, are the target audience for this call. But here are some things you should take care of before applying:
- Women aged 18 to 35.
- New business founders/co-founders or those with a viable business idea for social impact.
- Existing businesses registered in Singapore, operational for less than 3 years.
- Teams with three or more co-founders should have at least two-thirds of women.
- At least 1 team member must be a Singaporean/PR.
- Those committed to personal growth, solving societal issues and achieving both social and financial outcomes.
Dates to Remember: Registration and Beyond
Mark your calendars, for the window of opportunity, is closing soon. From June 12 until September 1, 2023, applications will be accepted for the Women in Entrepreneurship Incubator. This time is more than just a registration period; it is an opportunity to stake your claim in a program that might change the direction of your business and life. Your adventure will not end with registration; it will be a multifaceted experience that will last months and will include learning, growth, and networking.
Don’t Miss Out: Apply Now and Elevate Your Journey
The Women in Entrepreneurship Incubator is designed specifically for women like you who want to make a difference with their businesses. Don’t let this opportunity pass you by; grasp it, apply today, and begin on a revolutionary journey that will influence not just your business but also your effect on the globe. Visit the SMU website to register. Your moment has arrived.
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