Schemes to Encourage Entrepreneurship and Innovation amongst Young Working Adults
Ministry of Trade and IndustrySpeakers
Summary
This question concerns Mr Darryl David’s inquiry regarding schemes to promote entrepreneurship and innovation among young working adults, with Minister S Iswaran highlighting the Startup SG framework. This framework offers the Startup SG Founder scheme for matching funds and mentorship, alongside the Startup SG Tech and Startup SG Equity schemes for commercialisation and co-investment. Minister S Iswaran also noted that the Action Community for Entrepreneurship provides networking and clinics, while SkillsFuture Credit supports entrepreneurship-related training for individuals aged 25 and above. These initiatives bolster an ecosystem that saw startups double to 43,000 by 2016, addressing the 74% of young respondents who intend to start businesses. Detailed resources are provided through the Startup SG website and the Action Community for Entrepreneurship’s various peer mentoring and professional services programs.
Transcript
45 Mr Darryl David asked the Minister for Trade and Industry (Industry) what schemes are in place to encourage more entrepreneurship and innovation, specifically among young working adults.
Mr S Iswaran: Singapore’s startup ecosystem has seen significant progress over the past decade. The total number of startups doubled from 22,000 in 2003 to 43,000 in 2016. In particular, the number of technology startups has increased from 2,800 to 4,300 over the same period. Entrepreneurship is also increasingly recognised as a viable pathway alongside many other career options. A global entrepreneur survey conducted in 2016 found that 74% of the Singapore-based respondents aged 18 to 30 intended to either start their own business or become self-employed in the next 10 years.
Young working adults and other budding entrepreneurs keen to start their own businesses can tap on a wide range of available support schemes under the Standards, Productivity and Innovation Board (SPRING) Singapore's Startup SG framework. The framework consolidates the Government’s startup programmes for budding entrepreneurs to easily identify the schemes most relevant to their needs to help them develop and scale their ideas.
Under the Startup SG framework, first-time entrepreneurs can tap on the Startup SG Founder scheme which provides funding support by matching $3 for every $1 raised by the entrepreneur, up to $30,000. The scheme matches successful applicants with mentors who provide guidance and connections to business networks, in order to help the startups accelerate their growth.
Entrepreneurs embarking on technology startups can tap on the Startup SG Tech grant, which supports the commercialisation of proprietary technology solutions. Startup SG Equity catalyses additional funding from the private sector by co-investing in startups with third-party investors. More information on the schemes and their areas of support can be found on the Startup SG website.
In addition to the Startup SG schemes, the private sector has stepped up to play a role. For example, the Action Community for Entrepreneurship (ACE) organises networking sessions, workshops and professional services clinics to help budding entrepreneurs and startups. ACE further facilitates peer mentoring and support by bringing together entrepreneurs of similar profiles to share their experiences and learn from one another through its Peer Group programme.
Singaporeans aged 25 and above who are keen on becoming entrepreneurs can also tap on their SkillsFuture Credit to undertake eligible courses on entrepreneurship and innovation. These courses can be found on the SkillsFuture course directory.