The Singapore government has been developing a business ecosystem aimed at attracting high-tech start-ups. These include good infrastructure, a low-tax system, reduced bureaucratic impact, good legal environment and a skilled labour force. As is the norm, high-tech start-ups require funding, experienced mentorship and strong networks to build companies that can compete in worldwide markets. The ability to access the market is especially crucial for the development of these companies, given the small domestic market of Singapore and high capital needs. The government also has several funding mechanisms in place to assist high-tech start-ups with their financing needs such as cash grants, business incubator schemes, debt financing schemes and tax inventive schemes.
In order to accelerate the development of the high-tech sector, the government — through agencies such as the National Research Foundation — is leveraging the venture fund community such as Jungle Ventures, Golden Gate Ventures, Walden International and New Asia Investments. A thriving venture capital (VC) community completes the capital market by plugging the financing gap for SMEs and entrepreneurs with promising ideas. In addition, through their global networks and experienced fund managers with specialised knowledge, VCs add value to the recipient start-ups, enabling them to accelerate their development and break into new markets.
The overall national blueprint to nurture a vibrant and productive high-tech sector in Singapore seems to check all the boxes, but in practice how effective are the policies and programmes in stimulating growth of the sector?
This closed-door discussion brings together high-tech start-ups, policymakers, investors, and other relevant parties with an interest to examine programmes, policies and the overall business environment in relation to nurturing a highly competitive and dynamic high-tech sector in Singapore. It will attempt to identify areas where refinements are needed to help start-ups compete in the region and beyond.
The discussion will be chaired by Mr Manu Bhaskaran, Adjunct Senior Research Fellow at IPS and Partner and Member of the Board of Centennial Group Inc, a policy advisory group based in Washington, DC.
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The series of CDDs focusing on issues confronting the SME sector in Singapore includes: