Xero, the global small business platform, has announced the return of the Xero Beautiful Business Fund for 2024 — an initiative offering more than S$630,000 in funding to support small businesses and non-profits with their growth plans and help drive future success.
Entries for the Xero Beautiful Business Fund are officially open to Xero small business customers in Australia, Canada (excluding Quebec), New Zealand, Singapore, South Africa, the United Kingdom, and the United States. The entry period will close on 27 August 2024.
Xero small business customers will need to complete an online form and record and submit a 90-second pitch video to the competition website for as many categories as they would like to enter:
- Innovating for environmental sustainability — For a small business or non profit who wants to take the next step in their environmental sustainability journey by: minimising their own environmental impact; enhancing the sustainability of current products or services; or developing new environmentally friendly products or services.
- Trailblazing with technology — For a small business or non profit that has a ‘future focus’ mindset and is seeking to innovate. These organisations want to set the pace and lead the charge using new and emerging technologies.
- Strengthening community connection — For a small business or non profit that has a mission or purpose rooted in serving their communities and making a positive impact. It could be to make a difference in the community they serve, support underserved or marginalised groups or contribute to social good through innovative ideas or solutions.
- Upskilling for the future — For a small business or non profit that wants to overcome a skills gap, either through upskilling themselves or their employees. These organisations see a path forward with greater access to training and professional development
Sukhinder Singh Cassidy, Xero CEO, said: “We’re thrilled to offer the Xero Beautiful Business Fund again in 2024. As a global judge last year, getting to hear first hand from our small business customers about their ideas and aspirations was a rewarding experience that reminded me of the resilience, drive and determination it takes to be a business owner.
“The fund is a chance to reflect on our purpose to make life better for small businesses, their advisors and communities around the world and provide meaningful support so our customers can fulfill their dreams or take that next big step with confidence.”
The inaugural Xero Beautiful Business Fund was first launched on 6 July 2023 to coincide with Xero Day, the company’s anniversary. As Xero celebrates its 18th anniversary this year, the Xero Beautiful Business Fund serves as a way to celebrate small businesses and help them achieve their dreams.
The 2023 winners from Singapore represent a group of small businesses and non profits dedicated to solving problems and making a positive impact in their local communities.
They cover a diverse range of businesses such as a clothing rental service that reduces the environmental impact of fast fashion, a social video agency that helps businesses to accelerate growth in the digital economy, a Traditional Chinese Medicine (TCM) clinic that leverages modern technologies to drive better healthcare outcomes, and an organisation that advocates art appreciation and is working to strengthen networks in the local art ecosystem.
Raena Lim is Co-Founder and COO at Style Theory, Southeast Asia’s largest circular fashion platform, and the 2023 Singapore winner for Innovating for Sustainability. Style Theory works with brands to list their products for rental on its platform, but many processes still need to be done manually, making it difficult to scale up such partnerships.
Lim said: “With the funding from Xero Beautiful Business Fund, we could automate and streamline the onboarding, monitoring and data reporting processes enabling us to scale our fashion sustainability program.
“This will help more brands embrace sustainability as a core part of their business model, not just a marketing strategy. To date, we have facilitated over 2.3 million rentals, saving over 600,000 items from landfills.”
Regional and global prize winners
The total prize pool of more than S$630,000 will be shared among 28 winners. There will be four winners from each country, one in each category, determined by local judging panels, and each winner will receive S$15,000. Of those winners, four will become global winners, determined by a global judging panel, and each global winner will receive an additional S$40,000.
For full criteria, details on how to enter and 2023 winner profiles, please visit here. Winners will be announced at the end of October 2024.
