TIME100 Impact Awards in Singapore: Four ways businesses can make a positive impact on society

Can businesses balance their pursuit of growth alongside efforts to drive change and benefit communities? Architect Prasoon Kumar founded his startup in Singapore to achieve both objectives. The CEO of BillionBricks, which started out as a non-profit and is now a for-profit social enterprise, is on a mission to tackle the “wicked problem” of the global housing crisis while simultaneously protecting the environment. With their partner Engie, a global energy company, BillionBricks designs and builds net-zero, affordable solar homes using the newest energy technologies.

Kumar is among the growing number of entrepreneurs and corporates in Singapore that are seeking to use technology and innovation to address the challenges of our time. Their activities span digital inclusion, better patient care, creating a sustainable circular economy and ensuring greater food security, among others.

At the recent TIME100 Leadership Forum and Impact Awards in Singapore, corporate leaders and advocates for change spoke about how business can be a force for good. Here are four takeaways:
 

1.  Through new technologies and innovation

In his opening remarks, McKinsey & Company Asia Chairman Gautam Kumra highlighted two of the biggest challenges of this decade – the inclusion challenge, and the net-zero challenge. The inclusion challenge is the amount of money required to uplift 60% of the world population to the “empowerment line” – about USD$30 per capita per day – where each person has access to basic health care, education, infrastructure and is socially mobile. The net-zero challenge is the amount of money required for countries to meet the net-zero gap.

Businesses, said Kumra, have the potential to resolve half of the GDP gap needed to meet these challenges. Through growth and innovation, businesses drive productivity, which then drives incomes. Businesses build products and services in new geographies, which can also drive upskilling in a world where the half-life of technical skills is becoming shorter, which means employees need to regularly learn new systems and processes to stay relevant.

As for the other half of the GDP gap, Kumra identified the adoption of new technologies such as generative AI as one potential solution, although there are still major upscaling challenges.

Besides Kumar’s BillionBricks, BotMD, a mobile app startup that builds AI tools for doctors and nurses, is another example of a Singapore-based business using technology to ultimately improve outcomes for communities.
 

Dorothea Koh, a former doctor, founded Bot MD in Singapore to allow medical staff to search hospital information with an AI-powered chat assistant and automate patient monitoring and engagement through chat apps. At the Leadership Forum, Koh spoke about building tech that “delights” and going beyond offering just a repository of information. Her chatbots not only augment what doctors do, but also have a lively interface and the ability to tell jokes. Bot MD has been implemented in various countries including Singapore, Indonesia, and Philippines, empowering more than 20,000 doctors around the world. They are backed by several investors including Monk’s Hill Ventures, SG Innovate and Y Combinator. 

2.  Through investing in changemakers – especially women

Many businesses already dedicate significant resources to environmental, social and governance (ESG) issues. However, one large and overlooked demographic of recipients is women who are fronting ESG initiatives.

Zainab Salbi, co-founder of Daughters for Earth and TIME100 honouree, stressed that women face several constraints in fronting ESG initiatives – they are often not given a seat at the decision-making table, and are severely under-financed.  She said: “Women are extremely marginalised in terms of financial resources… Women get two cents out of every dollar that is going to environmental issues, and women in the humanitarian world are getting 10 cents out of every dollar. If companies want to really help and be part of the solution, I invite them to finance women’s efforts rather than just celebrating women’s efforts.” 
 

Business should also look to financing Small and Medium Enterprises (SMEs). Kumra identified SMEs as another potential solution to resolving the other half of the GDP challenge, as they currently drive almost 60% to 90% of employment in many countries. However, many of them struggle with access to finance and credit.

3.  Through showcasing the stories of underserved communities

Businesses have a role to play in showcasing the stories of less-understood communities, allowing others to access and understand their challenges and perspectives. This helps with the creation of a more inclusive culture both in workplaces and in society at large.

Popular Korean singer-songwriter Eric Nam, who faced mental health challenges in the music industry, broke conventions and started a platform to encourage open sharing on mental health struggles. He believes that businesses can start by having empathy and allowing conversations to begin. He said: “There is no one-size-fits-all approach to mental health, but having that conversation internally and culturally as a company is a good first thing to do.” 

Ke Huy Quan, a 2023 Oscar winner and only the second actor of Asian descent to win the award, believes that society as a whole, including businesses, have a role to play in diversity initiatives, and they can do this by supporting new voices. He said: “Money is a powerful resource. … There’s a lot of opportunities for new voices to tell new stories – we just need to give them a platform. … I hope that we as the audience, as the government, any organisations with resources, can help support them.” 

For Ayushmann Khurrana, Bollywood actor and TIME100 honouree, helping vulnerable communities is a cause that warrants strong support. Khurrana is highly passionate about the rights and inclusion of children in India and has worked with UNICEF to educate youth against cyberbullying. 

4.  By being part of a supportive ecosystem

For entrepreneurs and start-up founders, having a support system from different industries and parts of the value chain is crucial.

Koh, who has based her startup out of Singapore, said she appreciated the connections and networks in the local startup scene. She said: “Singapore is such a great place to be in – you get to connect with so many people around the region. I cannot think of another city in the region where you have big companies, small companies, funds, forming an ecosystem.”

Jenson Button, environmental advocate, former F1 champion and founder of two small businesses, alluded to the challenges that any start-up founder would face. He emphasised the importance of “employing the right people” and forming a “close knit team, like a family” to weather the highs and lows of doing business.
 

Elizabeth Wathuti, founder of Green Generation Initiative in Kenya, encourages young climate activists to “build coalitions” with other organisations, especially “those that come from countries that are most impacted by climate change”. These organisations have firsthand experience of climate change and stories to share, but often lack access to the resources, skills and partnerships needed to effect change in their societies.  

Kumar, who has lived in Singapore for 17 years, was candid about the inherent challenge of trying to solve one of the world’s biggest problems. While there were more conversations taking place about affordable housing, there was still a lag between these discussions and actual affordable homes being built. This had led to a sense that the opportunity cost of what he was doing was “way too high” or even “foolish”. But in persevering, he has also found some inspiration from Singapore’s history.  

He said: “Singapore is the only city and country in the world that has solved the affordable housing crisis. [This is of] huge relevance to the work that we do, and [has] learnings that we can apply to other parts of the world too.”