Speech by Mr S Iswaran, Minister, Prime Minister’s Office & Second Minister for Home Affairs and Trade & Industry at the Opening of *SCAPE Underground on 20 October 2012, 3pm
Mr Lee Hong Chuang, Chairman, Board of Directors, *SCAPE,
Ms Lynette Lee, Managing Director, *SCAPE,
Youth Entrepreneurs,
Ladies and gentlemen,
Good afternoon.
Introduction
1 I am happy to join you this afternoon to celebrate the opening of *SCAPE Underground. This is a novel and exciting shopping experience on Orchard Road that will showcase the designs and brands of Singapore’s young entrepreneurial talent.
Supporting Government’s Efforts in Building Our Youth for the Future
2 Former President of the United States Franklin D. Roosevelt said, “We cannot always build the future for our youth, but we can build our youth for the future.” In Singapore, we firmly believe in empowering our youth. We strive to do this by creating an environment with different pathways that is conducive for our youth to realise their aspirations and dreams, and to make positive contributions to our society.
3 Our youth development programmes are supported and driven by a vibrant ecosystem of youth organisations, of which *SCAPE is a good example. The various initiatives at *SCAPE complement and support our wider objectives to nurture inspired and committed young people, who will take the lead in driving change and making a positive difference in our community. I am glad that *SCAPE is working with the National Youth Council to develop *SCAPE Underground as a vibrant venue where outstanding youth can be groomed to be active change agents, role models and leaders in society. I would also like to take this opportunity to thank *SCAPE and its partners – including DBS Remix, Nanyang Polytechnic, La Salle School of Design, and ITE College East – for sharing our vision and helping to make dreams come true for our youth.
*SCAPE’s Support in Developing Youth
4 In line with its mission and vision to support youth, talent and leadership development, *SCAPE facilitates youth-oriented programmes to cultivate the interest and potential of our young people. Since its inception in 2007, *SCAPE has developed into a hub for youth activities and one of Singapore’s most iconic youth spaces. Today, the place is bustling with vitality and activity.
5 One of *SCAPE’s key programmes is the Youth Entrepreneurship Hub, which provides aspiring young entrepreneurs with opportunities to fulfil their entrepreneurial dreams. In a bold step to take this effort to the next level, *SCAPE has designed *SCAPE Underground as not just a retail facility, but also a platform for holistic training and development for young entrepreneurs.
6 This new facility builds on the success of *SCAPE Bazaar, where budding entrepreneurs ballot for booths to sell their merchandise. I am very pleased to learn that some of our young business owners have taken the leap by moving on from *SCAPE Bazaar to their own full-time retail concept at *SCAPE Underground. These young entrepreneurs can now grow their businesses right in the heart of Orchard Road.
Working Together to Grow Entrepreneurship
7 Starting and growing a business are not easy. Recognising this, the Government supports our aspiring entrepreneurs in many ways, ranging from funding through programmes such as the SPRING Start-Up Enterprise Development Scheme (SEEDS)[1] and Technology Enterprise Commercialisation Scheme (TECS)[2], to incubation under SPRING’s Incubator Development Programme (IDP)[3].
8 The Action Community for Entrepreneurship, or ACE, is a public-private partnership led by the Ministry of Trade and Industry to tap on private sector expertise, particularly successful entrepreneurs and businessmen, to help promote entrepreneurship in Singapore. ACE’s focus is on creating a conducive environment and culture for new businesses to grow. First-time entrepreneurs seeking to take the initial step in developing their business ideas may apply for a grant of up to $50,000 under the ACE Start-up Scheme[4]. As funding is not the only critical element for start-ups to be successful, ACE also works with private sector and non-government partners to provide more holistic support to aspiring entrepreneurs. These include helping entrepreneurs to gain access to mentorship and networking opportunities.
9 I am pleased to note that *SCAPE is one of the twelve new partners that have been selected to co-manage applications for the ACE Start-up Scheme. As a partner for ACE, *SCAPE will also dedicate resources to help start-ups. Beyond physical space, mentoring and networking, start-ups at *SCAPE can also benefit from the skills training programmes offered by *SCAPE and its partners.
Conclusion
10 To our young entrepreneurs, who will be embarking on a very challenging and exciting journey in *SCAPE Underground, I wish you every success. I hope that you will put to good use the support that you receive from *SCAPE and its partners, as you strive to make your mark in the local or even global retail market.
11 I congratulate *SCAPE on this excellent initiative, and wish you all an enjoyable afternoon shopping at *SCAPE Underground and supporting our young entrepreneurs.
[1] SPRING SEEDS is an equity-based co-financing option for Singapore-based start-ups creating innovative products and/or processes, possessing intellectual content and strong growth potential across international markets.
[2] The TECS is a competitive grant scheme that provides early stage funding to SMEs to fund R&D efforts towards the commercialisation of proprietary technology ideas.
[3] The IDP is a grant for incubators and venture accelerators to enhance their capability development programmes for innovative startups.
[4] Under the ACE Start-up Scheme, ACE will match $7 to every $3 raised by the entrepreneur, up to $50,000.