SINGAPORE- The first President's Challenge networking event that brought together companies and social enterprises to see how they can work together for the social good went underway on Friday.

The event, held at Grand Corpthorne Waterfront hotel, was organised to help corporations find out how they can support and nurture social enterprises here or create social impact through their businesses.

"The social enterprise sector in Singapore is in its nascent stage. Beyond giving recognition to good social enterprises, it is important that we develop a support system to help more of our social enterprises, especially newly established ones, grow as businesses, and create greater social impact on a wider scale," said President Tony Tan Keng Yam in his speech at the event.

He gave a few examples of the roles corporations can play in lending a hand to social enterprises. Some are competent in areas such as finance, marketing and branding and can offer management advice to budding social entrepreneurs.

Beyond offering advisory services, corporates can also share their networks with social enterprises by linking them to potential clients, investors or suppliers.

"I believe that corporations have important roles to play in an ecosystem to help nurture more impactful social enterprises," said Dr Tan.

During the event, corporates which have partnered social enterprises successfully shared tips with their peers on how to do so.