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SINGAPORE: Nearly one in five tertiary students want to become entrepreneurs after they finish school.
This is according to a recent survey of 2,300 students conducted by the NUS Entrepreneurship Centre.
Minister of Community Development, Youth and Sports Dr Vivian Balakrishnan said entrepreneurship is vital for Singapore's growth. But the country is not moving fast enough to create more entrepreneurs.
He was speaking at Singapore's launch of the Global Entrepreneurship Week, which showcased innovations from young and aspiring entrepreneurs.
One invention caught the attention of businessmen. It was a bottle that has a new solution to a perpetual problem in the kitchen that prevents sauces from leaking.
It was showcased along with other innovative products by students and start-ups (eight schools and 10 start-ups) at Singapore's launch of the Global Entrepreneurship Week 2009 which is themed "Unleashing Ideas".
16-year-old Nur Syahirah is amongst over 6,000 students supported under the SPRING Singapore's Young Entrepreneur Scheme - also known as YES! For Schools.
She took some six months to develop her bottle invention as part of her design and technology course. Her school, Zhonghua Secondary, received S$10,000 for the scheme.
31 schools are currently under the YES! For Schools scheme.
SPRING Singapore also has a scheme for youths. 59 youths have started 38 companies under YES! Startups.
Also on display was a home appliance created by a start-up company that makes the Indian staple – "chappati".
Pranoti Nagarkar, founder, Zimplistic Pte Ltd, said: "In start-ups, cash flow is the biggest problem. Every time you hit a hurdle it's because of cash flow. But luckily we got the YES! grant, and we won at Start-up Singapore."
It is estimated that 800 million Indians consume 2.4 billion "chappatis" everyday. And the company is aiming for a S$25 million profit in the first three years of its launch in 2011. - CNA/vm
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