How to find suitable funding for social startups? I believe this is the question in most social entrepreneur’s minds.
As per our earlier post, we have discussed the difficulties that startups face. A sustainable business model is important in running a business because of a competitive funding environment. However, at the very first stage, insufficient capital is one of the key problems that startups face. They have to seek for more funding.
Applying for funding is not easy but it is not impossible. One of our partners who had successfully applied for different fundings shares his experience and the keys to success. First, it is essential to show the potential funders that your business can be scalable. Your idea needs to fit market needs. Besides, as a social enterprise, a problem fit solution which addresses a relevant social problem which is closely related target group.
As for applying for seed and post-seed funding, the vetting committee will focus more on whether your enterprise will at least break-even and have a sustainable business model. A revenue model and a sustainable business model need to present as a self-sustaining business and stable financial plan are necessary to an enterprise.
Let’s take a look at some well-known fundings here.
Social Innovation and Entrepreneurship Development Fund (SIE Fund)
SIE Fund is a relatively famous and covers a relatively wide range of social areas. It also includes matching grants. SIE fund programs include Impact Incubator which is run by The Hong Kong Council of Social Service; Good seed which is run by PolyU Technology and Consultancy Company Limited and Nurturing Social Minds which is run by The Yeh Family Philanthropy Limited.
Click the link for more
Community Investment and Inclusion Fund (CIIF)
CIIF funds projects which are in six core social capital dimensions, including social networks, trust, and solidarity, mutual-help and reciprocity, social cohesion and inclusion, social participation and information and communication.
Click the link for more: https://www.ciif.gov.hk/en/about-ciif/fund-objectives.html
DBS Grants has two types of grants which are prototype and organizational grants.
The Prototype grants is for newly registered social enterprises with an innovative and scalable solution which addresses social problems. The quantum is up to SGD 50,000.
The Organizational grants is for social enterprises, which are already run for a 2-4 year and are ready to scale up. The quantum is up to SGD 250,000.
Innovation and Technology Fund for Better Living
It funds projects which involve the innovative application of technologies only.
More Details: https://fbl.itb.gov.hk/
If you have any tips on applying for funding, share with us down below!