Young people are beginning to develop their own businesses in Singapore, thanks to increasingly accessible support.
Contributed By Jeremy Chua
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| PHOTO COURTESY OF CANON SINGAPORE |
For the most part of Singapore’s developing years, starting from the 1970s, success has been widely thought of by many as working for a large multi-national corporation and the word “entrepreneur” 30 years ago was not even in the lexicon of most Singaporeans. “Businessman” was a more popular term, and the likes of women entrepreneurs such as Elim Chew and Olivia Lum were an anomaly. Little wonder, given that the focus of the Singapore government was to attract large MNCs to this little island and turn it into a financial powerhouse and regional hub. The result was a culture of meritocracy—a workforce that was ultra-efficient and virtually free from corruption.
REALIZING THE IMPORTANCE OF ENTREPRENEURISM
This created a culture of “following the beaten path” and many Singaporeans shied away from taking risks. Success and efficiency became so important that few could endure the failure that business often presented. But at the turn of the millennium, Singapore started to recognize that entrepreneurship was clearly the shot to the arm Singapore needed to prevent stagnation. With a concerted push by the government, “entrepreneurship” became the new buzzword.
Fast forward a decade. While there are still more people who dream of becoming a doctor, lawyer or banker than an entrepreneur, the tide is slowly turning, and it is a heartening sight. Among the more encouraging signs are young people who desire to make their mark in the business arena, even while they are still in school. Jackson Yap, now 26, is the owner of a web hosting company, APC Hosting. Yap started his business seven years ago, when he was still in junior college. “The advantage of starting early is that you have the time to try as many things as you want. You have the time to make mistakes, as well as adjustments to your business,” says Yap, adding that “I strongly advise young entrepreneurs to consider doing something that interests them, rather than what will earn the most money. I believe that interest is the thing that will keep them going. Without interest, people tend to give up easily.”
WORDS OF WISDOM FROM ELIM CHEW
Elim Chew, founder and president of streetwear chain 77th Street (also a Youth Entrepreneur Awards judge) was a young entrepreneur more than 20 years ago when she ran her own hair salon. “You have to start early or else you may not get started. I saw an opportunity then and took it by the horns,” she says. Chew never got to go to university as the business bug bit early and became her life. Being an entrepreneur, she says, is far from easy. “Having gone through the years, the roller coaster ride is more level now with the experience and knowledge accumulated. Back in those days, the rides were more terrifying with very long dips. But it was thrilling too!”
Chew maintains that the current environment in Singapore is ripe for many young entrepreneurs to start. “Today’s youths do not have to go through what I had experienced because there is an environment for entrepreneurship and many resources in place.”
With the advent of the Internet and social media, youths today have a plethora of resources available, and a multitude of networks at their fingertips. Increased exposure to risk-taking and entrepreneurship in school and through the media, coupled with the vigor of youth, creativity, a certain fearlessness and lower start-up costs has led to a new breed of Singaporeans. The new heroes are youth-entrepreneurs like Mark Zuckerberg of Facebook.
What’s interesting is the people under 30 who are very much engaged in social enterprise—business ventures that aim for both financial and social gain. One such idea was the winning proposal at the Young Entrepreneur Awards 2010, conceived by Ivy Low. The winners presented their awards at Raffles Town Club on Jan. 17.
YOUNG ENTREPRENEUR AWARDS
Low, 27, a former nurse, won the top prize out of over 100 entries at the awards with her proposal for White Angel Caregiver’s Consultancy which offers comprehensive help for caregivers to aid them in looking after their charges. Emotional and social support are provided in addition to practical training. For her winning idea, Low won close to S$20,000 worth of cash and prizes, as well as a mentorship and training sessions with Patrick Liew, CEO of HSR Property Group, to learn how to develop her fledgling business.
The YEA 2010 also showcased the burgeoning entrepreneurial spirit in Singapore, with Nick Thng, 20, clinching the runner-up position with his proposal for Dooxle, an e-shopping service that aims to tap into the lucrative e-commerce market through an easy-to-navigate portal that provides convenience and value for customers with round-the-clock service and free worldwide shipping. The second runner-up position went to Ajay Gopalakrishnan, 21, for his eco-friendly Singapore bike tour proposal, Urban Detour. Targeted at “a niche market of adventurous yet environmentally friendly sustainable tourism,” Urban Detour aims to provide entertaining guide-led bike tours of the sights of Singapore as a eco-friendlier and healthier alternative to conventional city tours.
Sponsored by Canon Singapore, the YEA 2010 is part of the “Think Big, Think Canon” campaign, which aims “to inspire and empower small businesses in Singapore and provide the right knowledge, technology solutions and platforms for their success.” Together with organizers MediaCorp Radio 938LIVE and Capital 958, Canon gathered a who’s-who panel of judges for the YEA 2010 which included local luminaries such as Chew; Gary Khoo, managing director of Spectacle Hut; Lyn Lee, co-founder of Awfully Chocolate and Violet Lim, co-founder of LUNCH Actually, all of whom brought much-valued advice and experience to the table.
Andrew Koh, senior director and general manager, consumer imaging and information group for Canon in Singapore, also a judge at YEA 2010, said, “We were looking around, and there were plenty of awards for adult business people, so we wanted to do something for young entrepreneurs. This is an opportunity for them to get their creative juices flowing, and to present their ideas to a panel of judges who are extremely qualified, as well as for people to associate our business solutions to the success of their businesses.”
Chew says that awards help to kickstart businesses for young entrepreneurs by appealing to Singaporeans’ competitive nature. “I don’t think the entrepreneurial spirit can come from any external means, but from a burning internal yearning to be successful.”
GET HELP GETTING STARTED
These local websites are excellent places to visit no matter what stage your start-up is in, be it the planning stage, or taking it to the next level.
• SPRING Singapore (www.spring.gov.sg) This website by the Singapore government is chockfull of resources, from guides to success stories and even financing help for start-ups.
• EnterpriseOne (www.business.gov.sg) Under the purview of SPRING Singapore, this invaluable resource for entrepreneurs offers answers and resources to your business-related issues.
• Action Community for Entrepreneurship (www.ace.sg) The “Business Resources” section contains everything you need, from a self-assessment checklist, to how to grow your business, and even free business search engines.
Also check out:
• SGEntrepreneurs (sgentrepreneurs.com), a site that contains interviews with local entrepreneurs on local innovations. They welcome guest contributions so you can be assured of a lively discussion
• Young Upstarts (www.youngupstarts.com), a website on young social entrepreneurs; and
• Singapore Entrepreneurs Network (www.meetup.com/singapore-entrepreneurs-network), an organization that provides networking sessions for entrepreneurs. They organize free meet-ups regularly.
GET SEED MONEY FOR YOUR BIZ
Have a winning idea, but lack the money to make your dream into reality? Here’s where you can get funding.
• Young Entrepreneur Scheme for Start-ups: SPRING Singapore offers a start-up fund for young entrepreneurs that matches S$4 for every S$1 raised outside of the fund, up to S$50,000.
• SPRING Start-up Enterprise Development Scheme: SPRING SEEDS is a funding option co-financed by SPRING and private investors which is equity-based for Singapore start-ups. It matches third-party investments dollar-for-dollar, with a S$1 million cap.
• Business Angel Fund: Another equity-based funding option, SPRING would potentially match dollar-for-dollar investments from one of the three pre-approved business angel funds, up to a cap of S$1.5 million.
Visit www.spring.gov.sg and business.gov.sg for more details.
