What solution(s) does your initiative address to help emerging entrepreneurs and small businesses grow and thrive in underserved communities? (select all applicable)
Access to talent, Access to technology, Access to economic opportunity.
What has been the impact of your solution to date?
-Lives impacted: Just over 2000 students have now gone through our program since we first opened our doors. Each student represents an average of 4 to 8 additional family members benefiting directly from the savings built, the financial education received and the entrepreneurial skills acquired. This means that our program also directly impacts an additional 8,000 – 16,000 people in their own towns and villages.
-Financial Impact: Students at aidha adopt savings habits. Students have little or no savings when they embark on our program, but manage to save on average SING$2,024 during the 9-month course. 9 in 10 aidha graduates continue to maintain a savings habit; most are regular savers who average SING$216 per month.
-Productive investments and entrepreneurship: 66% of aidha graduates have invested in two or more assets with their savings. Land is the most popular investment choice, followed by small animals and building for business purposes - all are financed by savings.
What is your projected impact over the next 1-3 years?
Currently, only 50% of all migrant domestic workers in Singapore have one day off a month, meaning that many workers do not have the opportunity to attend aidha’s classes, which are held on Sunday. However, from January 2013, labor laws mandate that all domestic workers get one day off per week, which will result in a sharp increase in the number of potential students for aidha.
-Lives impacted: We project to enrol 2,600 students. Counting the family members of each student, this will bring a total of 13,000 - 23,400 lives positively impacted.
-Financial Impact: Students will have built up SING$5,262,400 in savings in the first 9-month module.
-Productive investments and entrepreneurship: 1,716 new students will have invested in two or more income-generating assets.
What barriers might hinder the success of your project? How do you plan to overcome them?
-Volunteers: there is a constant need to attract and retain volunteers with relevant expertise to teach our students, which we have managed to achieve by the innovating structure of our workshops, where our teachers are also mentors and take pride and responsibility for their batch.
-IT platform: to operate more efficiently, we will need to develop a robust IT platform to manage all our students, volunteers, staff and donors.
-Funding: As a social enterprise, aidha funds 70% of its operating costs through course fees, whilst the remainder is met through fundraising. Maintaining this ratio is important, but can be challenging. However, as the number of students enrolled increases, economies of scale bring a more sustainable model that will bring aidha closer to self sustainability.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Enrol, train and mentor 200 migrant foreign domestic workers employed in Singapore in aidha’s programme.
Now think bigger! Identify your 12-month impact milestone
Enrol, train and mentor 500 migrant foreign domestic workers employed in Singapore in aidha’s programme.