SINGAPORE: Singapore is looking to spark the startup instinct earlier, with plans to give secondary school and junior college students more chances to explore entrepreneurship.
This comes as the environment for young founders changes, with lower entry barriers, stronger support structures and artificial intelligence making it easier to begin, says Minister of State for Manpower Dinesh Vasu Dash.
Speaking to CNA in a wide-ranging interview, Mr Dinesh said Singapore should also build a culture where people are willing to take risks, learn from failure and think beyond the local market.
He added that the government’s approach is to support promising ideas across different industries, not just the hottest sectors like AI and biotech, while giving startups more pathways to scale locally and overseas.
Mr Dinesh co-chairs the Entrepreneurship committee, one of five looking at Singapore’s long-term competitiveness under the country’s Economic Strategy Review. Its mandate includes nurturing entrepreneurship and enhancing the competitiveness of Singapore’s startup ecosystem.
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Singapore has a vibrant startup network. Enterprise Singapore (EnterpriseSG) – the lead government agency championing enterprise development – said its ecosystem includes more than 4,500 tech startups, 400 venture capital firms and 220 incubators and accelerators.
Many startups operate from spaces such as LaunchPad @ one-north, run by JTC Corporation. The development offers 56,000 sq m of modular space for startups in sectors including biomedical sciences, infocomm, media and engineering.
JTC is also expanding LaunchPad into the Punggol Digital District, which focuses on digital industries and innovation.
Punggol Digital District, one of Singapore’s newest innovation hubs. (Photo: Facebook/JTC)
Such spaces offer startups an ecosystem built for collaboration, said Mr Dinesh, who added that the path into business is easier today than before.
“What it means for a young person … is that the barriers to entry (are) much lower. So today, with the ability to start a company, it's actually very, very easy, with many of the grants that are available with EnterpriseSG and so forth,” he said.
EnterpriseSG currently offers schemes such as the Startup SG Founder programme, which provides mentorship and startup capital for first-time entrepreneurs, along with programmes that support overseas expansion, innovation and capability-building.
Mr Dinesh also pointed to recent cooperation between the Singapore Exchange and Nasdaq – a tech-heavy stock exchange in the United States – aimed at creating more pathways for companies to access investors across both markets as they grow.
He said the government’s aim is not to back only a few fashionable sectors.
“We are not here to take bets to say that this industry is better than the other industry, but to keep all options open and the first to get there will get the support, and we will then find a way to power them forward,” he added.
Mr Dinesh said Singapore already has an entrepreneurial streak, and it should be nurtured from a young age.
He recalled how his second son, at around age four or five, decided to trade his paper clip for items of increasing value, and kept swapping items until he earned enough to buy a pen – which he later sold for S$20 (US$15).
“What I see in my son is not unique to (him),” Mr Dinesh noted. “I think many of us in Singapore, we do have that entrepreneurial spirit within us, and it's important for us to nurture that.”
He said schools, polytechnics and universities already play a role, but more can be done.
He highlighted efforts to bring entrepreneurship opportunities upstream, including venture capital firm East Ventures’ “My First $1000” programme – an eight-week initiative that gives youths aged 14 to 18 seed capital to run business ideas in real market conditions.
Mr Dinesh said such programmes can help young people learn to take calculated risks and become more comfortable with failure early on.
He added there were also discussions on how to extend entrepreneurship exposure to secondary school and junior college students. This could be done through existing entrepreneurship clubs and programmes aimed at nurturing interest from a younger age.
AI is also changing what a new business can look like. Instead of needing full teams from day one, founders can now use digital tools to manage basic operations and reduce early costs.
“A lot of the additional help that you need in the initial phases can be done through AI, you could have an assistant that helps you with your HR (human resources), with your finances, and so on, and you don't need to spend your money on that yet,” Mr Dinesh said.
He said AI could serve as a good starting point for startups, allowing them to experiment and fine-tune ideas before scaling further.
But he stressed that startups would still eventually need to expand beyond the initial phase, including building larger teams and structures as the business grows.
Not every startup will make it, and Mr Dinesh said some founders struggle when growth is too slow or when competitors move in faster.
“The whole idea of a startup is you grow, you go very quickly, you find an area, and then you start expanding quickly as well,” he noted.
“If the speed of expansion is not fast enough, and when other competitors start coming in, that's when you have some degree of risk, and your margins will get thinned out, and if you're unable to adapt fast enough, then you have the unenviable task of having to close down your company.”
But he said failure should not be treated as the end of the road.
“We should be celebrating failures … because every failure will then result in a better success because of the lessons that are learnt,” he said.
Entrepreneurship is still often seen as risky in Singapore, and Mr Dinesh said parents play an important role in shaping attitudes towards it.
He added: “Most parents will not stop their children from doing what their heart desires, and (if) the kids really believe that this is what they need to do, I’m sure most parents … would support them.”
For Singapore, the goal is not only to produce more startups, but to grow companies that can go regional and global.
Mr Dinesh stressed that Singapore’s domestic market is small and encouraged startups to think beyond local shores if they want to scale.
He said government agencies can help startups expand overseas by connecting them with overseas networks, market insights and support schemes.
EnterpriseSG also operates overseas centres that help Singapore companies navigate foreign markets, regulations and business environments as they expand abroad.
Mr Dinesh said people should not see entrepreneurship as something meant for someone else, adding that the entrepreneurial spirit can exist at any age.
Even now, he said, he still has ideas of his own.
“I’ve always wanted to set up a nice … bar or restaurant at some point.”
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This comes as the environment for young founders changes, with lower entry barriers, stronger support structures and artificial intelligence making it easier to begin, says Minister of State for Manpower Dinesh Vasu Dash.
Speaking to CNA in a wide-ranging interview, Mr Dinesh said Singapore should also build a culture where people are willing to take risks, learn from failure and think beyond the local market.
He added that the government’s approach is to support promising ideas across different industries, not just the hottest sectors like AI and biotech, while giving startups more pathways to scale locally and overseas.
Mr Dinesh co-chairs the Entrepreneurship committee, one of five looking at Singapore’s long-term competitiveness under the country’s Economic Strategy Review. Its mandate includes nurturing entrepreneurship and enhancing the competitiveness of Singapore’s startup ecosystem.
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Show More Show Less
Related:
BARRIERS TO ENTREPRENEURSHIP ARE “MUCH LOWER”
Singapore has a vibrant startup network. Enterprise Singapore (EnterpriseSG) – the lead government agency championing enterprise development – said its ecosystem includes more than 4,500 tech startups, 400 venture capital firms and 220 incubators and accelerators.
Many startups operate from spaces such as LaunchPad @ one-north, run by JTC Corporation. The development offers 56,000 sq m of modular space for startups in sectors including biomedical sciences, infocomm, media and engineering.
JTC is also expanding LaunchPad into the Punggol Digital District, which focuses on digital industries and innovation.
Punggol Digital District, one of Singapore’s newest innovation hubs. (Photo: Facebook/JTC)
Such spaces offer startups an ecosystem built for collaboration, said Mr Dinesh, who added that the path into business is easier today than before.
“What it means for a young person … is that the barriers to entry (are) much lower. So today, with the ability to start a company, it's actually very, very easy, with many of the grants that are available with EnterpriseSG and so forth,” he said.
EnterpriseSG currently offers schemes such as the Startup SG Founder programme, which provides mentorship and startup capital for first-time entrepreneurs, along with programmes that support overseas expansion, innovation and capability-building.
Related:
Mr Dinesh also pointed to recent cooperation between the Singapore Exchange and Nasdaq – a tech-heavy stock exchange in the United States – aimed at creating more pathways for companies to access investors across both markets as they grow.
He said the government’s aim is not to back only a few fashionable sectors.
“We are not here to take bets to say that this industry is better than the other industry, but to keep all options open and the first to get there will get the support, and we will then find a way to power them forward,” he added.
WHY ENTREPRENEURSHIP SHOULD START EARLIER
Mr Dinesh said Singapore already has an entrepreneurial streak, and it should be nurtured from a young age.
He recalled how his second son, at around age four or five, decided to trade his paper clip for items of increasing value, and kept swapping items until he earned enough to buy a pen – which he later sold for S$20 (US$15).
“What I see in my son is not unique to (him),” Mr Dinesh noted. “I think many of us in Singapore, we do have that entrepreneurial spirit within us, and it's important for us to nurture that.”
He said schools, polytechnics and universities already play a role, but more can be done.
Related:
He highlighted efforts to bring entrepreneurship opportunities upstream, including venture capital firm East Ventures’ “My First $1000” programme – an eight-week initiative that gives youths aged 14 to 18 seed capital to run business ideas in real market conditions.
Mr Dinesh said such programmes can help young people learn to take calculated risks and become more comfortable with failure early on.
He added there were also discussions on how to extend entrepreneurship exposure to secondary school and junior college students. This could be done through existing entrepreneurship clubs and programmes aimed at nurturing interest from a younger age.
Related:
AI CAN HELP FOUNDERS START LEANER
AI is also changing what a new business can look like. Instead of needing full teams from day one, founders can now use digital tools to manage basic operations and reduce early costs.
“A lot of the additional help that you need in the initial phases can be done through AI, you could have an assistant that helps you with your HR (human resources), with your finances, and so on, and you don't need to spend your money on that yet,” Mr Dinesh said.
He said AI could serve as a good starting point for startups, allowing them to experiment and fine-tune ideas before scaling further.
But he stressed that startups would still eventually need to expand beyond the initial phase, including building larger teams and structures as the business grows.
Related:
FAILURE IS PART OF THE JOURNEY
Not every startup will make it, and Mr Dinesh said some founders struggle when growth is too slow or when competitors move in faster.
“The whole idea of a startup is you grow, you go very quickly, you find an area, and then you start expanding quickly as well,” he noted.
“If the speed of expansion is not fast enough, and when other competitors start coming in, that's when you have some degree of risk, and your margins will get thinned out, and if you're unable to adapt fast enough, then you have the unenviable task of having to close down your company.”
But he said failure should not be treated as the end of the road.
“We should be celebrating failures … because every failure will then result in a better success because of the lessons that are learnt,” he said.
Entrepreneurship is still often seen as risky in Singapore, and Mr Dinesh said parents play an important role in shaping attitudes towards it.
He added: “Most parents will not stop their children from doing what their heart desires, and (if) the kids really believe that this is what they need to do, I’m sure most parents … would support them.”
Related:
THE NEXT STEP IS TO THINK BIGGER
For Singapore, the goal is not only to produce more startups, but to grow companies that can go regional and global.
Mr Dinesh stressed that Singapore’s domestic market is small and encouraged startups to think beyond local shores if they want to scale.
He said government agencies can help startups expand overseas by connecting them with overseas networks, market insights and support schemes.
EnterpriseSG also operates overseas centres that help Singapore companies navigate foreign markets, regulations and business environments as they expand abroad.
Mr Dinesh said people should not see entrepreneurship as something meant for someone else, adding that the entrepreneurial spirit can exist at any age.
Even now, he said, he still has ideas of his own.
“I’ve always wanted to set up a nice … bar or restaurant at some point.”
Related:
Continue reading...