Giving Compass' Take:

• In this story from SSIR, authors Swee Sum Lam and Ling Han discuss efforts in Singapore to create a more vibrant ecosystem for innovation in social enterprises.

• What lessons can other economies learn from Singapore's efforts to make business easier for social enterprises? In what ways can Singapore's business ecosystem be improved?

• To learn about the sometimes negative relationship between social enterprise and earned income, click here.

There are 470,000 businesses operating in Singapore, making it a leading entrepreneurial hub in Asia. In recent years, Singapore has ranked consistently in the top five countries worldwide in which to start a social enterprise, and the World Bank’s 2018 report titled “Doing Business” ranked Singapore second among 190 economies in business regulation and the ease of establishing operations.

While Singapore’s government and universities are committed to building a vibrant ecosystem for social entrepreneurship and social innovation in Singapore, more work can be done for the social good, and we suggest three issues for consideration. First, Singapore can retain more local talents if it increases its support for its entrepreneurs by providing them with a domestic market that allows them to scale at home and abroad so that the country can benefit from all the good our entrepreneurs are doing.

Second, educational institutions need a viable way to better balance the pressure of global rankings and their responsibilities of tackling major social challenges. Inundated with output pressures, universities can be slow in identifying the social needs of surrounding communities and delay taking an active role in the ecosystem for impact.

Third, Singapore can continue to be a leading force in social innovation only if it continuously analyzes and evaluates its strengths and weaknesses. In doing so, Singapore can accomplish great things with fellow ASEAN member states. For instance, cross-sector collaboration between Singapore and China could explore how the Belt and Road Initiative could encourage international trade, improve regional infrastructure, and be a boon to the employment sector. Being mindful of these priorities is essential for Singapore to further advance its role as a leading smart sustainable city in the world.

Read the full article about social innovation by Swee Sum Lam and Ling Han at Stanford Social Innovation Review.