Mr Leon Perera: To ask the Minister for Trade and Industry (Industry) whether the Ministry will consider compiling anonymised case studies of entrepreneurial successes and failures in Singapore, with an analysis drawing out the concrete success factors and mistakes respectively, to be published as an educational tool for entrepreneurs, would-be entrepreneurs and organizations that fund start-ups.
Written reply:
MTI and its agencies regularly profile successful entrepreneurs and companies through various platforms. This enables entrepreneurs to learn from the experiences of these examples in pursuing their business endeavours. The platforms include speeches given by political office holders, outreach events, advertorials and online channels such as the SME Portal managed by SPRING1. IE Singapore also profiles Singapore companies and their internationalisation experiences through its #SgGoesGlobal series on its website.
As success factors and business challenges may differ across industries, the Government also works closely with the trade associations and chambers (TACs) to provide sector-specific information to help budding entrepreneurs distil learning points from the failures or mistakes of companies in the same sector. Such information is typically shared with the entrepreneurs and existing businesses through channels such as the TACs’ respective outreach events or publications. For example, in June 2016, the Restaurant Association of Singapore (RAS) published a guidebook, entitled “Turning Passion Into Profits”, in collaboration with SPRING. The guidebook offers entrepreneurs tips and guidelines on how to set up and run food and beverage (F&B) businesses in Singapore. In addition to case studies, industry data is also available in the guidebook to help entrepreneurs in the F&B industry assess the viability of their own businesses and gain a realistic understanding of operating challenges such as financial and manpower resources.
Targeted assistance and support is also readily available through Government-facilitated seminars, workshops, dialogue sessions and mentoring services. These include IE Singapore’s iAdvisory series of seminars and workshops that provide companies with insights into market opportunities or business capabilities, and in-market workshops held in foreign markets to help local entrepreneurs connect with like-minded partners and gain in-market overseas experience. SPRING also works closely with the Action Community for Entrepreneurship (ACE) to support the start-up community. Through dialogue sessions and one-on-one mentoring, would-be entrepreneurs can tap the expertise of more experienced entrepreneurs to accelerate their learning and acquire a deeper appreciation of the challenges and potential pitfalls of setting up their businesses.
1The SME Portal is an online business portal managed by SPRING that contains relevant Government and commercial information and services for SMEs at various business stages. The portal also features stories of local companies from various industries that have overcome their business challenges.