Entrepreneurship in Singapore
Total Singaporean Entrepreneurial Activity Average = 5.7%
Almost a decade ago, the government of Singapore began
to promote entrepreneurship. However, the unsupportive
culture and a traditional education system discouraged
the development of entrepreneurship in Singapore. According
to the Global Entrepreneurship Monitor, Singapore is one
of the least entrepreneurial societies in the developed
world.
In Singapore, people seem to recognize the need for entrepreneurship.
They see opportunities in the world economy for new ventures,
and much discussion going on to encourage Singaporean
entrepreneurs to jump into the growing world market. There
is no shortage of effort to foster entrepreneurship there.
There are many resources available to aspiring entrepreneurs:
many Universities and Government bodies have set up institutes
to nurture entrepreneurship. The National University of
Singapore has established an Entrepreneurship Centre,
and the Ministry of Trade and Industry has the Economic
Development Board.
There have been many events such as workshops and networking
cocktails to foster the movement. Also, many awards programs,
from government-sponsored to private, encourage aspiring
entrepreneurs to compete and succeed.
One of the predominant thrusts is one which looks to import
the knowledge that contributed to the US entrepreneurial
strength, and emulate that success. Many people are looking
to apply some key US entrepreneurial formulas to Singapore
ventures.
It appears that the environment is Singapore is ripe for
entrepreneurship. One would think that more ventures would
be coming out of Singapore, given such a positive climate.
However, there seems to be frustration among many entrepreneurs
and would-be entrepreneurs, expressed in blogs and some
online communities. They seem to be frustrated by roadblocks
resulting from some confusing government regulations.
- Entrepreneurial activity and innovation have become increasingly
pervasive in Singapore in the past five years. - Quoting the “2005 Global Entrepreneurship Monitor” report, the entrepreneurial activity has risen from 2.1 percent in 2000 to 7.2 percent in 2005 (Economic Development Board (EDB)).
- The total entrepreneurial activity, which refers to the proportion of adults aged 18 to 64 in a country that have engaged in starting up or running their own new businesses in the last three and a half years in Singapore.
- The number of patent applications filed by Singapore residents increased from 523 in 2001 to 641 in 2004.
- The number of new high-tech companies formed every year grew from 3,502 in 2001 to 3,908 in 2005.
- The nationalities of enterprises set up in Singapore have also been diversifying in the past years and the city state is negotiating more free trade agreements with its trading partners to expand its business connectivity.
- In 2005, the World Bank Report ("Doing Business in 2005") ranked Singapore 3rd in the ease of doing business in Asia.
- The Institute for Management Development (IMD) yearbook 2005 ranked Singapore the 3rd most competitive country in the world.
Singapore Entrepreneurship Articles
GEM
2004 Singapore Report
National
University of Singapore Entrepreneurship Centre
Information and Analysis about Singapore
Singapore Economic Development Board (EDB)
Spring Singapore (Standards, Productivity and Innovation Board)
An official website of business regulations, financing, networking
Entrepreneurship in Asia and Foreign Direct Investment
Thrust of the ERC’s Ultimate Conclusions
Singapore’s Innovation Journey
ENTREPRENEURSHIP CHALLENGES AHEAD FOR SINGAPORE
International Enterprise Singapore
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Quick Facts:
Population: 4,657,542
GDP: $240 Billion ('08)
GDP Growth Rate: 1.2% ('08)
GDP per Capita: $52,000
Government: Parliamentary Republic
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