Standard Chartered Bank & Singapore Management University Launch Women in Entrepreneurship Incubator

Standard Chartered Bank announced the launch of a new Women in Entrepreneurship Incubator in partnership with Singapore Management University’s Lien Centre for Social Innovation. Funded by the Bank’s $300,000 donation to the university, the incubator aims to support female entrepreneurship that is focused on achieving social impact. Through the incubator, aspiring and current female entrepreneurs will receive training, mentoring and seed funding.

It has been observed that female entrepreneurs in Southeast Asia face several roadblocks in accessing mentorship, networking opportunities and funding. Women receive just eight per cent of VC funding despite accounting for 30 per cent of the region’s entrepreneurs found an International Finance Corporation (IFC) report from 2020. The Women in Entrepreneurship Incubator aims to challenge these disparities and build a more inclusive entrepreneurial ecosystem. They intend to do so by rendering tailored support and resources to female-led startups.

Under the new program, up to 20 female founders from 10 early-stage impact-focused startups will undergo various masterclasses, mentoring, and pitching exercises. The incubation programme period will be between October 2023 to March 2024. It will end with the selection and awarding of seed funding for their startups.

The incubator will focus on two areas of entrepreneurship development. First, the Women in Entrepreneurship Incubator will develop an innovative entrepreneurial mindset. The Incubator also aims to facilitate their social entrepreneurship journey. It will support participants in becoming more effective social entrepreneurs through personal and professional development.

“We are pleased to support the Women in Entrepreneurship Incubator programme, which will nurture young female entrepreneurs aspiring to achieve social impact and help drive a more inclusive entrepreneurship culture for all,” said Alex Manson, Global Head, SC Ventures, the fintech investment and venture unit of Standard Chartered.

 “SC Ventures was set up with the conviction that banking can be pioneering in order to play a critical role in the growth and welfare of societies. Accordingly, we are, by design, a group of highly diverse individuals, aiming to break through biases and create safe environments for ideas regardless of gender, nationality, neurodiversity, or age,” he further added.

“The Lien Centre for Social Innovation is delighted to be part of the movement aimed at increasing gender equity in business ownership and entrepreneurship in Singapore. With the Women in Entrepreneurship Incubator, we are especially keen to support enterprises that create a sustainable impact, within the overall context of contributing to the United Nations’ Sustainable Development Goals,” said Steve Loh, Executive Director, SMU Lien Centre for Social Innovation.