Entrepreneurship Review Committee
Mr R Dhinakaran: To ask the Minister for Trade and Industry (a) what is the progress of work by the Entrepreneurship Review Committee and what are its findings; and (b) whether there are recurring themes in the feedback collected by the Entrepreneurship Review Committee.
Oral Answer by Mr Teo Ser Luck, Minister of State for Trade and Industry
1. The Entrepreneurship Review Committee (EnRC) has concluded its review of the entrepreneurial landscape, and the Committee’s recommendations were announced in January this year.
2. The EnRC found that the entrepreneurship scene had matured over the past 10 years, with more start-ups formed. The number of active start-ups increased by 58 per cent from 24,000 in 2005, to 39,000 in 2012. There are also more youths thinking of becoming entrepreneurs, as well as successful exits by start-ups.
3. Given the maturity of the startup scene, the EnRC recommended that the private sector should play a larger role in shaping the entrepreneurship landscape. The Committee recommended that focus be given to helping start-ups grow, through facilitating collaboration with larger companies and expanding overseas. Finally, the Committee recommended continued focus on infrastructure to support start-ups, and training and education to equip youths with entrepreneurial skills.
4. In announcing the EnRC recommendations at the Action Community for Entrepreneurship (ACE) Gala Dinner in January, I announced that we will be transitioning ACE into a private sector-led entity. The relevant government agencies are studying the other recommendations and details will be released in due course.