Because of COVID-19 and its unprecedented global economic implications, many businesses have been affected in unforeseeable ways. As such, these past few months have presented unique challenges faced by many startups — from being forced to shift to digital work environments, to losing investment opportunities, and even to losing actual business profit.
#MentorForHope, a Singapore-based startup support initiative and charity fundraising, has secured additional support from Temasek Trust which will enable the initiative to provide up to 850 hours of additional complimentary mentoring sessions to startups whose businesses have been affected by COVID-19.
Temasek Trust is an independent steward of philanthropic endowments and gifts. The additional support comes in the form of a successful application to the Oscar@sg fund, wherein, for every dollar donated by the public towards the #MentorForHope programme, the grant will match with another dollar, up to a cumulative target threshold.
This empowers the initiative to significantly extend the programme’s reach and support by helping more startup businesses access expert advice and other crucial information on how to navigate today’s extraordinary challenges.
Furthermore, this emboldens the programme’s outreach by raising more funds for their beneficiary organisations that play vital community support roles for those that are struggling in today’s global health crisis.
Collaborating with volunteers
Being a 100% volunteer-led initiative, #MentorForHope aims to raise the equivalent of 50,000 meals for those in need. More than that, they have also gathered the support of more than 200 Venture firms, accelerators, incubators, and working professionals across Southeast Asia, #who are coming together to pledge time and support and guide founders whose businesses have been affected by the COVID-19 pandemic.
“We were encouraged when #MentorForHope came forward to apply for the oscar@sg grant as this initiative allows this group of young professionals to take speedy action for our startup community who are affected by the current COVID-19 pandemic. The mentoring programme not only benefits startups during this challenging business climate, but also directly assists the beneficiary organisations,” said Cheo Hock Kuan, Chief Executive Officer of Temasek Trust.
Additinally, Cheo Hock Kuan remarked that their matching funding mechanism will be able to help the initiative double the pace of delivering quality mentoring to startups while also helping local communities by donating the mentoring proceeds. Not only is this beneficial to struggling startups, but it will also help feed communities through beneficiary organisations.
Temasek Trust manages the oscar@sg fund and supports ground-up initiatives responding to important community needs in Singapore, particularly ones that are arising from the COVID-19 pandemic.
Beneficiary organisations
“We are rallying support from all Singaporeans who believe in the value of supporting our startup and innovation ecosystem, and wish to do good for the less fortunate at the same time. My team as well as our partners and mentors are working hard to meet our targets,” said Elise Tan Yee Ling, who leads the #MentorForHope programme along with a team of volunteers.
The first beneficiary organisation is Beyond Social Services, an organization that launched its COVID-19 Family Assistance Fund as a way to help affected families during the pandemic, most of which are low-income families from precarious employment backgrounds that lack job security.
Donations funneled by #MentorForHope will help contribute to this fund, in conjunction with Tech SG Covid-19 Outreach efforts led by a group of leading Singapore tech startup founders and investors.
The second beneficiary organization is Willing Hearts Soup Kitchen, a secular, non-affiliated charity that runs a soup kitchen providing around 6,500 meals daily in support of the elderly, the disabled, low-income families, children from single-parent families, or otherwise poverty-stricken families, and migrant workers in Singapore.
Get in touch with #MentorForHope
Startup founders who are interested to learn from volunteer experts on how to better navigate the unique challenges of the COVID-19 pandemic may sign up here. Through the program, aspiring entrepreneurs and founders will receive access to exclusive investors and industry leaders network, one 1-on-1 mentorship session, group mentorship sessions, masterclasses, and two months of VentureCap Insights access. The Mentor for Hope team will work with you to maximise your takeaways from the programme.
Also, founders are encouraged to donate SGD 50 as a way of paying forward. This money will help vulnerable fund low-income families who are in greater need during the crisis.
As for those who wish to make donations in support of the #MentorForHope initiative and its beneficiary organisations, you may do so directly via the Give.Asia fundraising web-page, and nominating their preferred charity option.
The startup community and the public who are interested in helping out are also encouraged to start personal mini-charity fundraisers in support of #MentorForHope in order to help achieve the programme’s fundraising target.
Given today’s unique challenges, the Southeast Asian startup ecosystem continues to persevere not just in our efforts to lift the community up, but also in helping lift other communities who have greater needs.
The post Navigate the challenges of COVID-19 while feeding a low-income family in need through #MentorForHope appeared first on e27.