Singaporean youth looking to set up a co-operative can now apply for the annual Co-operative Social Enterprise Business Challenge.
Organised by the Singapore National Co-operative Federation (SNCF), the contest sees teams compete to develop surprising and innovative solutions for social challenges. The first edition took place earlier this year with the second due to be hosted virtually in 2021.
The competition is open to professionals, students and anyone else interested in develop solutions for existing social challenges. Participants will have to work in teams of five to come up with ideas during an event aimed at triggering innovative thinking. At the end of the event, the ideas are pitched to a professional jury who decides the winners.
The first prize winner of the Open Category will receive a SD $10,000 in seed funding to start up their business as a co-operative, which includes joining Singapore National Co-operative Federation (SNCF) as a member after the competition. The other top three winners will also be awarded cash prizes. In addition to securing funding to convert their ideas into reality, the winners will receive business advice and be mentored by co-operative members and entrepreneurs.
Those interested will have to submit a business plan by December following which 30 teams will be selected to pitch in front of a jury panel with 15 of them qualifying for the final due to take place on 15 January 2021. Entries can be made in three different categories: Schools (13-17 years old), Higher education (17-23 years old) and Open category (23-35 year olds). More information about the competition is available on SNCF’s website.