Promoting Entrepreneurship: the Singapore Experiencemddb.apec.org/Documents/2014/SMEWG/SMEWG38/14... · Promoting Entrepreneurship: the Singapore Experience Purpose: Information

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2014/SMEWG38/021 Agenda Item: 11.1

Promoting Entrepreneurship: the Singapore Experience

Purpose: Information

Submitted by: Singapore

38th Small and Medium Enterprises Working Group Meeting

Taichung, Chinese Taipei26-27 March 2014

Promoting Entrepreneurship: The Singapore Experience

38th APEC SME Working Group Plenary Meeting 26 March 2014

Presentation by: Ted Tan

Deputy Chief Executive SPRING Singapore

Information on this slide is confidential and strictly for use by SPRING Singapore officers only. It should not be used or referred to by third parties without prior written consent from SPRING Singapore. 2

Singapore’s Entrepreneurship Landscape

Facilitate Networking and Learning

Build Pro-enterprise environment

Nurture Entrepreneurial Culture

Action Community for Entrepreneurship (ACE) is a public-private sector movement started in 2003

to champion entrepreneurship in Singapore

Key Roles

Information on this slide is confidential and strictly for use by SPRING Singapore officers only. It should not be used or referred to by third parties without prior written consent from SPRING Singapore.

Reached out to more than

120,000 aspiring entrepreneurs

3

Key Achievements

Pioneered various

entrepreneurship-related platforms

Invited 150 volunteer entrepreneurs to

inspire more than 60,000 youths

60 networking sessions, benefitting more than 27,000 entrepreneurs and

stakeholders

Supported Global Entrepreneurship Week 5 times, impacting more than 15,000

individuals

Outreach Events

Youth Entrepreneurship & Education

Overseas Assistance

Introduced youth entrepreneurship schemes

such as Youth Entrepreneurs (YES!) Start-ups and YES!

Schools Funded more than 250 youths in first

business ventures

Funded more than 140 schools to develop entrepreneurship programmes

Introduced Entrepreneurship

Programme in 9 Secondary Schools

Helped entrepreneurs expand overseas

Established ACE Chapter in Beijing to mentor and connect local start-ups to partners and potential customers in

China


2005 2012

43,000

24,000

167,000

57,000

39,000

293,000

Total Formation of Firms

No. of Employing Start-ups

4

Increased Vibrancy in Entrepreneurship Landscape

Increase in active start-ups and jobs created

Source: ACRA and Department of Statistics, Singapore

Employment by Employing Start-ups


Case Study - Razer • Razer was founded in 2005 by a

Singaporean in San Diego and is now a world leading cult brand in gaming

• Employs more than 400 people worldwide, with annual turnover in the hundreds of millions

More entrepreneurs finding success,

domestically and overseas

5

Greater Success Enjoyed by Entrepreneurs

More start-ups are making successful

exits

1 Recorded Deal

2006

12 Recorded Deals

2013

• S$6mil for HardwareZone

• S$60 mil for sgCar Mart

• S$250mil for Viki; largest known exit for a Singapore tech start-up


Entrepreneurship Review Committee (EnRC)

Objective

Review current entrepreneurship

landscape

May 2013 Dec 2013

Approach

Obtained inputs from more than

100 stakeholders

Outcome

Recommendation on ways to

enhance support for start-ups and

entrepreneurs

ACE embarked on a review of the entrepreneurship landscape 10 years after its formation


Drive more private sector involvement in

supporting entrepreneurs

Provide greater market access opportunities to

start-ups

Improve the overall quality of start-ups

Key EnRC Recommendations

1. Enhance ground-up entrepreneurial communities marked

by collaboration

2. Increase sources of private sector capital

3. Facilitate collaboration between large corporations and start-ups

5. Expose youths through overseas immersion programmes

4. Leverage on networks and in-market experts to help start-ups

venture abroad

6. Increase youths’ interest in emerging technologies through

tinkering

7. Facilitate start-ups’ access to a ready pool of talent

8. Achieve quality growth by focusing on key sectors and providing start-ups with better infrastructure and

greater access to funding

http://www.google.com.sg/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=Y-_7i1nPFIPUKM&tbnid=1eN9r_9ok6XFgM:&ved=0CAUQjRw&url=http://www.flaticon.com/free-icon/growth-graph-with-arrow-to-the-right_16365&ei=tA3VUpXpF8qNrgen54DICw&bvm=bv.59378465,d.bmk&psig=AFQjCNFlTCxARWJCIsm9IWWRSghCZYnWUQ&ust=1389780715496572


Key EnRC Recommendations – Launchpad@one-north

Block 71

Block 73

Block 79

To create a community of start-ups and incubators by providing

common spaces for interactions, sharing ideas and making deals

“It is (one of) the world’s most tightly packed entrepreneurial ecosystem” - Economist, Jan 2014

Establishment of Innovation cluster

Launchpad@one-north


Conclusion

1 Over the past 10 years, ACE has done much to • Build a pro-enterprise environment • Nurture an entrepreneurial culture • Facilitate networking and learning

2

Through the Entrepreneurship Review Committee, we hope to • Drive more private sector involvement in supporting entrepreneurs • Provide greater market access opportunities to start-ups • Improve the overall quality of start-ups.

4

We have reached out to more than 120,000 aspiring entrepreneurs and increased active start-ups and jobs created by start-ups

3 In May 2013, an Entrepreneurship Review Committee was set-up to review the current entrepreneurship landscape

9

Information on this slide is confidential and strictly for use by SPRING Singapore officers only. It should not be used or referred to by third parties without prior written consent from SPRING Singapore. Information on this slide is confidential and strictly for use by SPRING Singapore officers only. It should not be used or referred to by third parties without prior written consent from SPRING Singapore.

Thank You