Polaris - Empowering the urban poor with entrepreneurship and capital
Published on July 2, 2014 um 12:21
Summary of your idea
The idea would be to empower the urban poor through entrepreneurship and venture capital. We focused on urban poverty, especially on youths, as we feel that they have the greatest potential and drive to break out of their current situation. We plan to provide youths with basic entrepreneurial skills (marketing, stock-taking, accounting, supply-chain management,strategy, project management etc.) and technical skills (starting an online store, managing physical retail outlets etc.)These youths would then come up with various business ideas, which would be developed with an assigned mentor which would be invested in the project to provide quality guidance as the mentor would provide venture capital, where the youths would have to return part of the profits to the mentor due to his mircro-loan or micro-venture capital investment in their business. Youths would be able to obtain skills, leadership techniques and could possibly serve as a better non-curriculum activity than taking up part-time jobs. Youths could also be inspired and directed to social entrepreneurship should they show an interest in it.
Expected impact of your idea on sustainable development
The main targets would be various welfare organisations which supports the urban poor and youth development agencies. We would approach these organisations for them to provide us with the youths who are passionate in entrepreneurship for us to develop and invest in. We would also work with youth development agencies to co-create suitable programs to have youth development, while learning to start their own business to break out of poverty. We are successful when these urban poor are financially stable and able to make a living for themselves through their successful businesses.
Plans for implementation and sustainability
We would invest in the youths and get back returns through the success of their businesses (venture-capitalist firm but for the urban poor). Financing would have to come from various other venture capital firms or angel investors in our idea. We would collaborate with welfare organisations youth by youth, business plan by business plan and would source for new mentors from the community whenever there is a new entrepreneurial project done by our youths.
I am 19 years old and I am currently serving National Service. I feel strongly for the urban poor and entrepreneurship.
Stage of Idea
Your idea has a positive impact on
education, poverty reduction, cultural diversity , empowerment of women, youth
Urban poor living in Singapore's rental flats