To bring about the betterment of the world, there has to be active steps taken towards engaging corporations, influencing government policies and educating the masses.

The skills and talents of engineers and scientists have to be tapped into as inventions have great impacts on the state of living. Especially in today’s world, technology acts as an enabling tool to connect people together on a global scale. With the Internet comes a huge rise in information. Now, there is a need to go onto the next level beyond just sharing information but sharing experiences, too.  

It is imperative, too, that we adopt the mentality of “head in the sky, feet in the mud”. Social entrepreneurs have to work closely with the communities and give them incentives to protect their own livelihoods.

Banks also have a key role to play in collaboration, and DBS shared how it advises NGOs on how to take up loans as well as drawing on real case studies. Financial institutions must also be more inclusive, and one way of achieving is by looking into micro financing.

NGOs also have to realize that their sector will have to operate like a free market to thrive. Competition is imperative.

The valuation of research done by academics has to be reconsidered. Rather than being focused on merely academic papers to validate their research, think tanks have to also create inventions that can have larger impacts.

Therefore, paradigm shifts need to happen as well as realignment of purpose. In addition, collaborations must be win-win situations.

The panel concluded by highlighting how young people also play an instrumental role in making fundamental changes. As one panelist pointed out, “the crazier the ideas, the better” .Creativity must act as a bootstrap for the society.

While one panelist pointed out that social entrepreneurship is still at its infancy in Singapore, there are many lessons to be drawn from countries such as Australia and the UK.

In Australia, for example, one organization has focused on building relationships with the indigenous population. This population has no natural economy, and thus social entrepreneurship is the only way for them to empower themselves.

In the UK, social entrepreneurship has taken off for a long time, and this is made possible with the existence of a civic society, supportive government and healthy, vibrant media.

Patience and credibility are needed for survival and success of non-governmental organizations (NGOs). NGOs need to be rigorous in analyzing societal problems and matching employees’ and volunteers’ skills with the needs of the communities.

NGOs must also ensure that the communities do not become too dependent on them and they themselves must not be too reliant on one particular source of funding.

Furthermore, NGOs have to continually build capabilities and capacity, and this can be realized by engaging in tri-sector collaborations. In this instance, the “three-legged stool metaphor” can be applied.

Lastly, market efficiency has to be introduced to NGOs, which need to become semi-incorporated of sorts to ensure their survival and that duplication of efforts will not occur as that means wastage of resources.