- POSTED: 17 Jan 2014 23:27
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Singapore's entrepreneurship scene is set to get a boost, with the completion of a review by the Entrepreneurship Review Committee (EnRC). The committee is pushing for more private sector funding and support for start-ups.
SINGAPORE: Singapore's entrepreneurship scene is set to get a boost, with the completion of a review by the Entrepreneurship Review Committee (EnRC).
The committee is pushing for more private sector funding and support for start-ups and calling on government agencies to provide the infrastructure to facilitate networking for the industry.
In recent years, only 4 per cent of local venture capital deals came from corporates.
To address this gap, the Entrepreneurship Review Committee is proposing tax incentives to encourage large firms to invest in start-ups.
Sim Giok Lak, member of EnRC, said: "There are about more than 2,000 companies in Singapore that have actually more than S$100 million turnover. To set aside S$1-2 million investment in a technology venture is not very much, and it won't impose a lot on their resources. Our target would be anything between S$50-100 million that includes their follow-up investments in the start-ups."
The committee also aims to foster collaboration between start-ups and large companies.
Start-ups can then potentially scale their businesses and tap their experience.
Teo Ser Luck, minister of state for trade and industry, said: "I'm actually paying quite a lot of attention making sure the infrastructure is there, as well as creating a model that is more sustainable. Private sector will play a larger role, in fact play such a large role that we can take a back seat and help the private sector as they drive the movement. Continue to support them, but let them drive it and let them lead it."
Government agencies, like IE Singapore, will also be roped in to help start-ups venture abroad.
Dr Steven Fang, partner at Clearbridge Accelerator, said: "Current programmes are well designed for SMEs, but start-ups seem to be unable to meet the requirements of some of these programmes. So we have to take a deeper look at what some of the things that some of our agencies can do, not just IE Singapore, but government agencies have offices throughout the world, so how can we tap these resources, expand or extend these resources to help our start-up companies.”
The committee has also recommended exposing youths to the global entrepreneurship scene through overseas immersion programmes, thereby potentially raising their chances of starting globally competitive companies.