SME community ‘needs a shot in the arm’
Although Singapore already has a good foundation of schemes and funds to support small and medium-sized enterprises (SMEs), Action Community for Entrepreneurship (Ace) chairman Teo Ser Luck believes the SME community needs an injection of new life as Singapore’s economy shifts towards higher value-add activities.
Mr Teo, who is also Minister of State for Trade and Industry, is looking at various ways to do this, such as taking lessons on entrepreneurship to schools and simplifying the application processes of existing support schemes for SMEs.
Encouraging young people to start their own businesses is one direct way to lead a revival of the SME community, said Mr Teo in an exclusive interview with The Straits Times last Thursday.
Mr Teo, who assumed chairmanship of Ace mid-last year, said he has a plan to create greater awareness of entrepreneurship among students.
Details will be available soon but one aspect of his plan will be to let students hear the stories of entrepreneurs.
“They hear about Google and Facebook and other start-ups, how their founders became multimillionaires,” he said.
“But 99 per cent of start-ups also fail. So I also want them to hear these stories, how they picked themselves up and started again.”
These students will likely be an enthusiastic audience, as studies show a growing interest in entrepreneurship among
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