Standard Chartered Bank and Singapore Management University Launch Women Entrepreneurship Incubator

Standard Chartered Bank has joined forces with Singapore Management University’s Lien Centre to establish a Women in Entrepreneurship Incubator. The Women in Entrepreneurship Incubator, funded by a $300,000 contribution from the bank, aims to empower female entrepreneurs dedicated to creating a positive social impact.

The Women in Entrepreneurship Incubator, in recognition of the challenges faced by female entrepreneurs in Southeast Asia, aims to bridge the gap in mentorship, networking opportunities, and funding. Through this initiative, aspiring and existing women entrepreneurs will have access to vital resources such as training, mentorship, and seed funding.

A 2020 report by the International Finance Corporation (IFC) revealed that despite women constituting 30 percent of the region’s entrepreneurs, they receive a mere eight percent of venture capital funding. TThe Incubator aims to cultivate a more inclusive entrepreneurial ecosystem by offering tailored support and resources to women-led startups.

During the program, up to 20 female founders from 10 early-stage impactful startups will participate in a series of masterclasses, mentoring sessions, and pitching exercises. The incubation period will run from October 2023 to March 2024, concluding with the selection and allocation of seed funding for the participating startups. The five most promising teams will be able to secure up to S$80,000 in funding to fuel their ventures and drive social impact.

The selected teams for the Women in Entrepreneurship Incubator must demonstrate their active involvement in a business aligned with at least one of the 17 United Nations Sustainable Development Goals (UN SDGs) or present a business idea that aligns with them.

Upon completion of the incubator journey, the ten participating teams will receive post-program support from the SMU Lien Centre for Social Innovation, ensuring continued guidance and assistance in furthering their entrepreneurial endeavors. Additionally, all participants enrolled in the Incubator will become part of a broader network of entrepreneurs, gaining access to exclusive long-term support from a community of like-minded peers and mentors. 

“We are thrilled to collaborate with the Lien Centre for Social Innovation in driving gender equity in business ownership and entrepreneurship in Singapore,” expressed Steve Loh, Executive Director of SMU Lien Centre for Social Innovation. He further emphasized the Incubator’s commitment to supporting enterprises that generate sustainable impact, aligning with the United Nations’ Sustainable Development Goals. 

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

The 2023 cohort of the Women in Entrepreneurship Incubator has begun the series of future installments, with new participants joining the program in subsequent iterations. Entrepreneurs interested in participating in the Women in Entrepreneurship Incubator are encouraged to submit their applications starting from 12 June until 1 September 2023.