Selection Criteria Applied to SMEs for Scale-up SG Initiative
Ministry of Trade and IndustrySpeakers
Summary
This question concerns Mr Kwek Hian Chuan Henry’s inquiry regarding the selection criteria for the Scale-up SG initiative and the projected number of beneficiaries over the next 24 months. Minister Chan Chun Sing explained that selection is based on leadership commitment, track records, and a firm's dedication to maintaining headquarters and management functions in Singapore. The programme supports high-growth companies in management development, innovation, and market penetration to help them achieve global or regional leadership. Minister Chan Chun Sing also highlighted the importance of a company's potential to create economic spin-offs and high-quality jobs for Singaporeans. Enterprise Singapore intends to launch four to six more cohorts over the next two years, with each cohort consisting of 10 to 15 companies.
Transcript
26 Mr Kwek Hian Chuan Henry asked the Minister for Trade and Industry (a) what are the key criteria for SMEs to be selected for the Scale-up SG initiative; and (b) what is the likely number of companies that will benefit from this programme over the next 24 months.
Mr Chan Chun Sing: Scale-up SG supports local companies with high growth potential to develop into global or regional leaders in their respective sectors. Participating companies go through a 2.5-year programme together with Enterprise Singapore and other programme partners. We support the companies in management development, business innovation, market penetration and other areas that will help to accelerate their growth.
As the process is resource-intensive, we choose the participating companies carefully. Besides a high level of commitment from the founders and CEOs to embark on an ambitious growth plan, ESG also looks at the company's track record; the commitment to grow its presence in Singapore, especially headquarters and management control functions; and the potential to create economic spin-offs for Singapore and create good jobs for Singaporeans.
Scale-up SG was launched in July 2019 with 25 companies from various industries in the first two cohorts. Examples of companies include JUMBO Group from the food and beverage sector, AEM Holdings from the advanced manufacturing sector, Chye Thiam Maintenance from the cleaning and waste management sector, and Health Management International from the healthcare sector. Enterprise Singapore plans for another four to six cohorts to embark on the Scale-up SG programme over the next two years, with each cohort comprising 10 to 15 companies.