Progress of EntrePass Scheme
Ministry of Trade and IndustrySpeakers
Summary
This question concerns the progress of the EntrePass scheme raised by Mr Saktiandi Supaat, specifically regarding application outcomes and strategies to attract global entrepreneurial talent. Minister for Trade and Industry (Industry) S Iswaran reported that over 7,000 unique applications have been approved since 2003, with these startups employing approximately 15,000 workers as of August 2017. He detailed scheme enhancements including broadened evaluation criteria for founders’ track records and the extension of pass validity periods to two years to provide more business certainty. Minister for Trade and Industry (Industry) S Iswaran also highlighted the Startup SG framework, which provides mentorship, grants, and co-investment to assist startups in scaling regionally and globally. Furthermore, the government established the Action Community for Entrepreneurship International Centre to provide foreign startups with resources and networks to base their operations in Singapore.
Transcript
54 Mr Saktiandi Supaat asked the Minister for Trade and Industry (Industry) (a) since the implementation of the EntrePass scheme in 2003, how many applications have been approved; (b) what types of startups are they; (c) what are the outcomes of their startups so far; and (d) what is being done to attract more suitable startups.
Mr S Iswaran: The EntrePass was introduced in 2003 as a work pass for foreign entrepreneurs to start and operate a new business in Singapore and enhance the vibrancy of Singapore's overall entrepreneurial landscape. To date, more than 7,000 unique EntrePass applications have been approved for founders of startups in diverse sectors ranging from manufacturing, information and communications, financial services, wholesale trade, retail and food services.
Foreign startups add to the vibrancy of the local startup ecosystem as they complement local skillsets through the cross-fertilisation of ideas and networks and catalyse new partnerships to bolster Singapore's position as a leading startup hub. They also create good jobs for our people. As of August 2017, there are approximately 15,000 workers employed by startups founded by EntrePass holders.
As announced at the Ministry of Trade and Industry's Committee of Supply debate earlier this year, the scheme has been enhanced to strengthen Singapore's ability to attract a larger pool of global entrepreneurial talent at different stages of starting up. Under the enhanced scheme, the evaluation criteria for global startup founders have been broadened to give due consideration to their entrepreneurial and investment track records, business networks and achievements in their areas of expertise. The founders will also have up to a year to explore opportunities here before setting up their companies. In addition, with the extension of the validity period of each EntrePass from one to two years, after the first renewal, EntrePass holders will have more certainty in their efforts to scale up their businesses.
In addition to the EntrePass scheme, the Standards, Productivity and Innovation Board (SPRING) Singapore has undertaken other initiatives to attract and anchor promising global startups. Earlier this year, SPRING Singapore launched Startup SG as a brand identity to position Singapore as a leading hub and launchpad for startups to scale and grow in the region and globally. Startup SG serves as an overall framework for easy access by entrepreneurs to the Government's assistance schemes for startups, spanning mentorship for first-time entrepreneurs, grant support to fast-track the commercialisation of technology solutions, Government co-investment to catalyse private equity, and resources for incubators and accelerators.
The Government will continue to work closely with the private sector in this effort. An example is the recently established Action Community for Entrepreneurship International Centre (ACEIC; pronounced "ay-sic"), which serves as a landing pad and resource centre for local startups expanding abroad, as well as foreign startups to base in Singapore with access to the appropriate networks to connect to the region.