"7.Like many countries, Singapore recognises the importance of entrepreneurship and has identified entrepreneurship and innovation as key drivers of future growth. We formed the Action Community for Entrepreneurship, or ACE, in 2003 as a private-public movement to foster entrepreneurship in Singapore.
8. For the last 10 years, ACE has worked closely with government and partners to create a more entrepreneurial Singapore by facilitating networking and learning, building a pro-enterprise environment, and building an entrepreneurial culture.
9. ACE has always been a voice for simplicity and simplification for the government. ACE has been an advocate of mechanisms for ongoing review and streamlining of business regulations to reduce regulatory burden and compliance costs for small businesses and start-ups. The World Bank has just re-affirmed Singapore, for the 8th year running, as the World’s easiest place to do business. In 2009, when Dmitry Medvedev, the President of Russia at that time, visited Singapore, he wanted to try our e-government services to register a new company. He ended up with a new company under his name in two minutes, and was so impressed that he asked his officials to study our online registration systems.
10. ACE also looks at nurturing the next generation of entrepreneurs. This year, ACE piloted a programme for nine secondary and tertiary schools, which were “adopted” by dynamic business starters. This programme, called ACE Schools, is a novel approach where learning takes place through direct interaction between the students and entrepreneurs. There are also numerous opportunities for these students to showcase their winning ideas and products each year.
11. At the university level, all our three universities run their versions of incubators in addition to academic programmes on entrepreneurship. Nanyang Technological University conducts a full-time Masters programme in Entrepreneurship Studies. The Singapore Management University combines entrepreneurship studies with Information Systems at the undergraduate level. The National University of Singapore has been running an Overseas College programme to immerse their students in leading entrepreneurial hubs such as Silicon Valley and Tel Aviv.
12. After 10 years of seeding and concerted efforts, we have a much stronger entrepreneurship ecosystem today. There are some 30 incubators here which nurture promising start-ups. There is more private capital available from angel investors and venture capital firms. In addition, the government has put in place several programs to help start-ups, including funding for first-time entrepreneurs, and mentorship networks.
13. The number of start-ups has also grown. In 2005, we had 24,000 active start-ups employing 167,000 people. At the end of 2012, this had grown to 39,000 active start-ups employing about 300,000 people. More people are becoming entrepreneurs as well – Singapore’s total early-stage entrepreneurship rate in 2012 was 11.6%, an increase from 6.6% in 2011 and 4.9% in 20061.
14. One example of a successful Singapore startup is Biomax Technologies, which is one of 700 technology intensive start-ups formed each year in Singapore. Biomax has a biotechnology solution that can convert any organic waste into organic, odourless and pathogen-free fertiliser within 24 hours. Therefore, drastically reducing the time and space required for waste processing, and turning waste into a valuable product. This innovation coming has helped to address the global problem of waste disposal and its associated impact on the environment such as land pollution and health and safety risks. It has also led to commercial success. With support from SPRING, our enterprise development agency2, the company has grown over a short period of time to achieve multimillion dollar revenues, with customers in 10 countries spanning 5 continents. It also went on to clinch the coveted Frost & Sullivan Asia Pacific Technology Innovation Award, and the OCBC Emerging Enterprise Award earlier this year".
Conclusions 15. To many individuals, entrepreneurship means empowerment, and realising their dreams. To Singapore, entrepreneurship means creativity and innovation in the society. It means adding an edge to a competitive economy. Yet, the theory and practices of entrepreneurship are always evolving in accordance with advances in technology and new inventions. By gathering top entrepreneurial minds at this Forum, we have a better chance to figure out the best ways to harness the power of entrepreneurship for a better and fairer society.
Thank you for being here. Thank you for being in Singapore.
by Mr Lee Yi Shyan, Senior Minister of State for Trade and Industry at the Opening Ceremony of the World Entrepreneurship Forum 2013
8. For the last 10 years, ACE has worked closely with government and partners to create a more entrepreneurial Singapore by facilitating networking and learning, building a pro-enterprise environment, and building an entrepreneurial culture.
9. ACE has always been a voice for simplicity and simplification for the government. ACE has been an advocate of mechanisms for ongoing review and streamlining of business regulations to reduce regulatory burden and compliance costs for small businesses and start-ups. The World Bank has just re-affirmed Singapore, for the 8th year running, as the World’s easiest place to do business. In 2009, when Dmitry Medvedev, the President of Russia at that time, visited Singapore, he wanted to try our e-government services to register a new company. He ended up with a new company under his name in two minutes, and was so impressed that he asked his officials to study our online registration systems.
10. ACE also looks at nurturing the next generation of entrepreneurs. This year, ACE piloted a programme for nine secondary and tertiary schools, which were “adopted” by dynamic business starters. This programme, called ACE Schools, is a novel approach where learning takes place through direct interaction between the students and entrepreneurs. There are also numerous opportunities for these students to showcase their winning ideas and products each year.
11. At the university level, all our three universities run their versions of incubators in addition to academic programmes on entrepreneurship. Nanyang Technological University conducts a full-time Masters programme in Entrepreneurship Studies. The Singapore Management University combines entrepreneurship studies with Information Systems at the undergraduate level. The National University of Singapore has been running an Overseas College programme to immerse their students in leading entrepreneurial hubs such as Silicon Valley and Tel Aviv.
12. After 10 years of seeding and concerted efforts, we have a much stronger entrepreneurship ecosystem today. There are some 30 incubators here which nurture promising start-ups. There is more private capital available from angel investors and venture capital firms. In addition, the government has put in place several programs to help start-ups, including funding for first-time entrepreneurs, and mentorship networks.
13. The number of start-ups has also grown. In 2005, we had 24,000 active start-ups employing 167,000 people. At the end of 2012, this had grown to 39,000 active start-ups employing about 300,000 people. More people are becoming entrepreneurs as well – Singapore’s total early-stage entrepreneurship rate in 2012 was 11.6%, an increase from 6.6% in 2011 and 4.9% in 20061.
14. One example of a successful Singapore startup is Biomax Technologies, which is one of 700 technology intensive start-ups formed each year in Singapore. Biomax has a biotechnology solution that can convert any organic waste into organic, odourless and pathogen-free fertiliser within 24 hours. Therefore, drastically reducing the time and space required for waste processing, and turning waste into a valuable product. This innovation coming has helped to address the global problem of waste disposal and its associated impact on the environment such as land pollution and health and safety risks. It has also led to commercial success. With support from SPRING, our enterprise development agency2, the company has grown over a short period of time to achieve multimillion dollar revenues, with customers in 10 countries spanning 5 continents. It also went on to clinch the coveted Frost & Sullivan Asia Pacific Technology Innovation Award, and the OCBC Emerging Enterprise Award earlier this year".
Conclusions 15. To many individuals, entrepreneurship means empowerment, and realising their dreams. To Singapore, entrepreneurship means creativity and innovation in the society. It means adding an edge to a competitive economy. Yet, the theory and practices of entrepreneurship are always evolving in accordance with advances in technology and new inventions. By gathering top entrepreneurial minds at this Forum, we have a better chance to figure out the best ways to harness the power of entrepreneurship for a better and fairer society.
Thank you for being here. Thank you for being in Singapore.
by Mr Lee Yi Shyan, Senior Minister of State for Trade and Industry at the Opening Ceremony of the World Entrepreneurship Forum 2013
