ISV Lab

Bonnie also highlighted the important role of intermediaries as “connective tissues”. The study clearly articulated that “closing the missing middle is a coordination and orchestration effort”, and that intermediaries are the important “translators” to align funder expectations with enterprise realities.

Bonnie’s insightful sharing was followed by an “all-star” panel discussion. ​Mr Martin Tan, Chief Executive Officer of The Majurity Trust, painted vivid portraits of funders and founders in Singapore, which share many similarities with their Hong Kong counterparts. Mr. Justin Chang, Director for Philanthropy and Catalytic Capital of RS Group, shared his frontline experience in deploying capital across the spectrum including traditional and recyclable grants, convertible loans, all the way to public equity and debt.

Ms. Lillian Li, Executive Director of Social Impact Partners Hong Kong, shared her “from founder to funder” transformation, and her first-person understanding of the huge gap between the two mentalities. Lillian’s unique profile shaped her as an “amazing bridge”, and SIP HK as the market-leader in Hong Kong that speaks both “impact and investment languages”. The panel discussion closed with a heartfelt remark by Justin that it’s time for an “honest discussion” about how to serve and support founders and changemakers.

Bonnie 亦特別點出中介機構作為「連結組織」的重要角色。研究明確指出，填補 “the Missing Middle” 是一項協調與統籌的工作，而中介機構正是當中的「翻譯者」，具有調和資金方的期望與企業的實際狀況的關鍵作用。

Bonnie 極具洞見的分享過後，緊接著是一場「全明星」小組討論。The Majurity Trust的行政總裁Mr. Martin Tan 生動地描繪了新加坡資金提供者與創業者的群像，與香港的情況頗有相似之處。RS Group 慈善及催化資本總監 Mr. Justin Chang 則分享他運用橫跨資本光譜不同位置的資金種類方面的前線經驗，涵蓋傳統捐款與可回收捐款、可轉換貸款，乃至上市股票及債務工具。

Social Impact Partners 香港的執行董事 Ms. Lillian Li，分享了她從「創辦人」蛻變為「資金提供者」的心路歷程，以及她對兩種思維之間巨大鴻溝的親身體會。 Lillian獨特的經歷造就了她成為「非凡橋樑」的條件，亦使 SIP 成為香港市場上同時通曉「影響力語言」與「投資語言」的市場領導者。小組討論最終以 Justin 一句發自內心的說話作結—是時候就如何服務和支持創辦人與變革者，展開一場坦誠的對話了。

We attended “From Giving to Catalysing: Hong Kong’s Next Chapter in Impact Capital” organised by The Social Investment Consultancy last Thursday (4 June 2026). Ms. Bonnie Chiu, Managing Director of TSIC, shared selected insights from TSIC’s recent work with The Majurity Trust on Singapore’s impact-first capital landscape.

The research focused on one key question - How can Singapore’s impact investment ecosystem be strengthened that enables impact enterprises to scale sustainably? The TSIC team then breaks down this most important question into precise sub-questions, including: What does it take for impact enterprises to be considered investment-ready? Where are the specific funding gaps? How can intermediaries best support the closing of market gaps?

Singapore and Hong Kong share the same “small market trap”, where there is simply too small a population size for ventures with a purely local customer base to be sustainable. When it comes to expansion, the TSIC study points out that Singapore faces very different social challenges from nearby countries such as Malaysia and Indonesia. On the funder side, there are often mindset and process constraints.

Bonnie also offered a snapshot of the social investment market of the UK, which in 2023 was worth a total of GBP12bn, representing a 12-fold increase in the last 12 years. Two key lessons for Singapore (and very much also for Hong Kong) were that philanthropic capital could fund technical assistance and intermediary infrastructure to bridge the gaps; and the important realisation that “one product doesn’t fit all”. A balanced mix of debt, equity and blended products is required to suit the needs of enterprises in different stages.

上週四（2026年6月4日），我們出席了由 The Social Investment Consultancy 主辦的「From Giving to Catalysing: Hong Kong’s Next Chapter in Impact Capital」活動。TSIC 最近與 The Majurity Trust 合作進行有關新加坡影響力優先資本生態系統的研究，TSIC Managing Director Ms. Bonnie Chiu 分享了當中的精選洞見。

研究聚焦於一個核心問題——如何強化新加坡的影響力投資生態系統，以支持影響力企業實現可持續的規模化發展？TSIC 團隊隨後將這一關鍵問題拆解為精準的子問題，包括：影響力企業需具備哪些條件才能被視為「準備好」接受投資？具體的資金缺口在哪裡？中介機構如何能最有效地協助彌合市場缺口？

新加坡與香港同樣面臨「小市場困境」——對於客群僅限於本地的企業而言，人口規模實在太小，難以維持可持續的營運。在拓展市場方面，TSIC的研究指出，新加坡所面對的社會挑戰，與馬來西亞、印尼等鄰近國家存在很大差異。在資金提供者一方，則往往受制於思維定式與流程上的局限。

在 Bonnie 簡潔而精闢的分享中，她亦概述了英國社會投資市場的近況—2023年，該市場總值達120億英鎊，在過去十二年間增長了十二倍。這對新加坡（以及同樣適用於香港）帶來兩個重要啟示：其一，慈善資本可用於資助技術援助及中介機構基礎建設，以彌合項目方與資金方之間的落差；其二，必須深刻認識到「單一投資產品並不適用於所有企業」，應妥善配搭債務、股權及混合型產品，以支援處於不同發展階段、具有不同需求的企業。

當我們談及「為身心障礙人士創造就業機會」時，腦海中往往會立即浮現幾類工作，例如按摩、洗車、餐廳清潔、烘焙，或電話客戶服務中心。無論是台灣還是香港，社會上的刻板印象仍然根深蒂固，大多數僱主並不相信身障者的工作表現能媲美一般員工。

在創立勝利基金會之前，Roy 也曾嘗試為身障者開創就業機會，但那些嘗試（例如打字與排版服務）均以失敗告終，原因在於其服務與市場上競爭對手所提供的並無明顯差異。正如所有傑出的創業家一樣，Roy 從失敗中汲取教訓，更堅定地尋找可行的市場機遇，同時確保員工的工作達到專業水準。

時至今日，勝利基金會旗下設有14個業務範疇，提供多元化的工作崗位與職能，既照顧到不同類型及不同程度的身心障礙需求，亦著力培養員工的團隊協作能力。勝利基金會為所有員工提供細緻入微的培訓，並設有多項措施以維持專業的服務水準。勝利基金會最廣為人知的業務，是經營加油站及全家便利店 Family Mart，此外亦提供咖啡烘焙、玻璃藝術創作、平面設計、公用事業抄錶等多元職位。

秉持著每個人皆擁有無限潛能的堅定信念，並以追求營運效率與盈利能力的商業思維為依歸，勝利基金會展現了一種「市場導向模式」與「信念驅動模式」相融合的創新路徑。截至2024年12月31日止年度，勝利基金會錄得收入新台幣4億9千萬元（其中90%來自業務收入，5%為政府補貼，捐款僅佔1%），並實現盈利新台幣3千6百萬元。

When we talk about “creating work opportunities for the disabled”, a few types of jobs immediately come to mind, e.g. body massage, carwashing, cleaning at restaurants, bakeries, or call centres. For both Taiwan and Hong Kong, stereotyping is still serious and most employers are not convinced that disabled employees could perform equally well.

Before founding Victory, Roy made a few attempts in creating work opportunities for the disabled. Those attempts (e.g. typing and typesetting) failed because their service was not differentiable from the services offered by competitors. Just like all other great entrepreneurs, Roy learnt from failures and became more determined than ever to find viable market opportunities and also ensure professionalism in the work of his employees.

By now, Victory has 14 business units and offers a variety of tasks and positions that cater for different types and different levels of disability. Victory provides meticulous training to all staff and has various measures in place to maintain a professional standard of service. Victory is most well-known for operating gas stations and Family Mart convenience stores. It also offers positions in coffee roasting, glass art creation, graphic design, utility meter taking and more.

Driven by a strong belief that every human being has infinite potential and a commercial mindset of operational efficiency and profitability, Victory has demonstrated an innovative approach that is a combination of “market-driven model” and “faith-driven model”. By the year ended 31 Dec 2024, Victory had recorded NTD 494million revenue (of which 90% was business revenue, 5% government subsidies and only 1% donations) and a NTD36million profit.

As the final stop of our Taipei study trip, we visited Victory Social Welfare Foundation (勝利社會福利事業基金會) and met the founder Roy Zhang at Pure Coffee (樸樹咖啡), located next to Victory Gas Station. Before this meeting, Ray Chen of B Current Impact Investment introduced Victory Foundation as “a social purpose organisation that makes profits right from the start”.

Since its establishment in 2000, Victory has focused on creating work opportunities for the disabled through self-sustainable business models. It was evident that paid work empowers them and helps them gain dignity and self-recognition, and even changes their family dynamics. Most organisations would offer jobs to the disabled in one work setting e.g. a cafe or a call centre.

However, Roy feels that the “right to work” is a fundamental human right, and the disabled should have “equal access to work”, including the freedom to choose their preferred jobs and develop their careers. In Roy’s words, Victory was about “justice” (公義) and not “charity” (公益). Victory was not satisfied with operating just a gas station business or a call centre, it has grown into a conglomerate of 14 business units over 25 years.

作為我們台北考察之旅的最後一站，我們參觀了勝利社會福利事業基金會，並在毗鄰勝利加油站的樸樹咖啡與創辦人兼執行長張英樹先生 (Roy) 會面。在這次會面之前，活水影響力投資總裁及共同創辦人陳一強先生曾向我們介紹勝利基金會，稱其為「一個從創立之初便能自負盈虧的社會目的機構」。

自2000年成立以來，勝利基金會始終致力於透過可持續的商業模式，為身心障礙人士創造就業機會。事實証明，有薪工作能夠賦予他們力量，幫助他們建立尊嚴與自我認同，甚至改變其家庭中的互動。大多數機構會為身障者提供單一工作環境中的職位，例如咖啡館或電話客戶服務中心。

然而，Roy 深信工作權是一項基本人權，身心障礙人士應享有平等的就業機會，包括自由選擇心儀工作及發展個人事業的權利。Roy 表示，勝利基金會所追求的是「公義」，而非「公益」。勝利基金會不甘於只經營一間加油站或一個客服中心，歷經二十五年的發展，已壯大成為一個橫跨十四個業務範疇的企業集團。

甘樂團隊並未就此止步。他們深知，若青少年學成畢業後仍無法自力更生，兒童、青少年、家庭與社區的轉化便無從實現。為此，甘樂更進一步，積極與各方夥伴及持份者攜手合作，活化三峽老街，並開設店舖，銷售傳統手工產品、提供文化工作坊及體驗，從而為在地社區創造就業機會。

時至2026年，甘樂現已擁有80名員工，業務橫跨五大範疇，涵蓋旅遊、餐飲、本地生產非基因改造豆品、設計顧問，以及青少年教育與轉化。前四個範疇現已全面實現自負盈虧，而青少年培育計劃則由業務盈利與捐款共同資助。甘樂亦正於2026年積極籌備新一輪融資，以期進一步擴展業務規模。

漫步在三峽的街道上，聆聽著偉峰的介紹，我們對甘樂團隊的熱誠與才華深感折服，亦對他們在重大轉型時所展現的勇氣與決心肅然起敬。在出版了三十期之後，團隊於2016年毅然決定停止印刷版《甘樂誌》的發行。此後，甘樂積極拓展多元業務，始終不忘初心，全力投身於支援和轉化三峽兒童與青少年的生命。

We are recruiting summer interns 🏖️ ! If you are interested in social innovation and impact investing, or simply want to make the world a better place, let's talk!

We are looking for someone who is …

☀️ Strong in communication and interpersonal skills
🎯 Strong in event planning and organisation skills
🎞️ Strong in social media content creation skills
🎒 Knowledge or experience in social innovation/ social work/ data science/ software product development/ impact finance a strong plus
🗣️ Proficient in English and Chinese (French/Japanese/Korean or other languages a plus)

We offer …

🕰️ Flexible working hours (3 working days per week)
🛵 Travel and meal allowance
🧞‍♂️ Hybrid work mode (office at Taikoo Place + field work at project sites + work from home)

As our intern, you will …

🚀 Meet social innovation project founders, impact investors, NGO executives and business leaders
🥽 Deep dive into social innovation project implementation and work with professional teams and partners
🥑 Support sector alliance and ecosystem building initiatives

This summer, our interns will be supporting projects related to:
🧠 Neurodivergence
🗺️ Ethnic and cultural diversity
📈 Financial literacy

Internship period: 15 June 2026 - 14 August 2026

About us

Fullness Social Venture is a HK-based non-profit-making social innovation and impact investing agency. We aim to build a sustainable and equitable future where capital flows towards impact creation. We facilitate cross-sector collaborations in tackling social issues. FSV established the Integral Social Venture Development Lab (ISV Lab) in 2024 as a social innovation incubation lab. We partner with universities in nurturing social innovation projects and raise public awareness for social innovation and impact investing.

If you’re interested, please send your CV and cover letter to [email protected] by 23:59 on Monday, 8 June 2026. Zoom interview will be arranged for shortlisted candidates on 9, 10 or 11 June 2026.