ACE Partners with Safe Space™ to Launch First of its Kind Whitepaper Report on Mental Health of Startup Founders in Singapore

Media Release

EMBARGOED UNTIL 9 July, 12pm

ACE Partners with Safe Space™ to Launch First of its Kind Whitepaper Report on Mental Health of Startup Founders in Singapore

• 78% of startup founders highly rated the importance of mental health in their teams – but only 12% have a mental health advocate in their startups.
• The event will focus on ‘Rethinking Mental Wellness in Workplaces’ and seeks to raise awareness of the research conducted and to encourage commitment from the startup community to place greater importance on mental wellbeing.

Singapore, 9 July 2021 — Action Community for Entrepreneurship (ACE), the national advocate for Singapore’s startup ecosystem, is partnering with digital mental healthcare provider Safe Space™ to virtually launch their whitepaper report on the Mental Health of Startup Founders in Singapore.

Analyzing findings from over 70 pieces of expert insights and answers from clinical therapists, and over 150 founders from entrepreneur networks – The whitepaper report focuses on the perception of mental health among startup founders and improvements that can be made in the industry going forward.

As part of the virtual launch, ACE and Safe Space™ will be hosting a panel discussion focusing on ‘Rethinking Mental Wellness in Workplaces’.  

Distinguished panelists include Mr Edward Chia, Member of Parliament for Holland–Bukit Timah GRC, Ms Antoinette Patterson, Co-Founder & CEO of Safe Space™, Ms Ngo Lee Yian, Executive Director of Singapore Association for Mental Health, and Mr Jeff Yeo, Co-Founder of Big Tiny.

Mental Health in Startups: The Challenges and Coping Mechanisms

ACE and Safe Space™ launched this project to deepen understanding of the difficulties Singapore-based startup founders are facing, and what can be done to alleviate this often unspoken strain. The report found a number of interesting research findings and trends – some of which are alarming.

Whilst 78% of startup founders agree that mental health is important in a high-functioning team, only 12% admitted to having a mental health advocate in their startups. Another disconcerting finding was that although male founders were twice as likely to agree that running a startup had taken a toll on their mental health, they were twice as likely to confide in no one.

“Mental wellness is essential to leading a healthy, balanced, and happy life. It enables us to be in greater control of our thoughts and emotions, while equipping us to better handle challenges and nurture stronger relationships. In the high pressure world of startups, mental wellness becomes even more critical for founders and their teams to stay on top of the game. It is for this reason that ACE has commissioned this study.” Says Mr Dominic Ang, CEO, ACE

“Our Safe Space™ mission is to ensure everyone has fast, affordable and discreet mental healthcare. As a startup ourselves, we understand the challenges faced by our fellow startup founders to upkeep their mental health whilst building a business. With the insights from the whitepaper, we have structured a startup package to ensure companies of all sizes have access to affordable mental healthcare” Says Ms Antoinette Patterson, Founder/ CEO of Safe Space™

The report found that the four common themes of difficulty faced by startup founders are Uncertainty, Managing Relationships, Working Alone, and Slow Progress, with top stressors being Challenging Business Environment (62%), Company Cash Flow Issues (35%), and Long Working Hours (34%).

To address these stressors, the top coping strategies employed by startup founders are Exercise (54%), Mindfulness (40%), Peer Support (36%), and Family Support (32%). In spite of these strategies, the report found that many founders lack practical strategies for managing stress, and are perhaps unaware that therapy is accessible online, where therapists are increasingly offering more flexible hours for sessions.

ACE and Safe Space™ are calling on all members within the startup ecosystem and their investors to show commitment and place greater importance on mental health. Members can take the first step forward by signing up for the Startup Mental Wellness Pledge – a statement that affirms that your startup is committed to implementing a practical and effective mental wellness policy. Take your pledge for change here. 

For startups that may require immediate help, please reach out to Safe Space™ at https://safespace.sg/corporate/

To access the full whitepaper report, please click here.

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For media enquiries, please email media@ace.org.sg

About ACE

ACE is the National Voice for Singapore Startup Ecosystem. ACE focuses on five pillars that are crucial for any ecosystem: Startups, Corporations, Institutes of Higher Learning, Risk Capital, and Public Sector. As the driving force behind Singapore as an Innovation Island, ACE is creating a virtual and physical space where ideas, knowledge, and capability are transformed into value efficiently. Established in 2003 by the Ministry of Trade & Industry, ACE is supported by the Singapore government under the patronage of Dr. Tan See Leng, Minister in the Prime Minister’s Office, Second Minister for Manpower, and Second Minister for Trade and Industry. For more information, please visit https://www.ace.org.sg

About Safe Space™

Safe Space™ is a Singapore-based B2B2C digital mental healthcare provider and ecosystem used regionally. Our vision is to be the default digital mental healthcare provider trusted regionally by clinical therapists, corporates, and consumers. We are committed to delivering a suite of mental wellness solutions to support employees in their efforts to overcome their emotional obstacles; proven by our high 10% EAP usage. As a corporate partner, we help business owners adopt a proactive approach to mental wellness. For more information, please visit https://safespace.sg/