Mr Lee Yi Shyan at the Start-Up@Singapore National Business Plan Competition

KEYNOTE ADDRESS BY MR LEE YI SHYAN MINISTER OF STATE, MINISTRY OF TRADE & INDUSTRY AT THE START-UP@SINGAPORE NATIONAL BUSINESS PLAN COMPETITION ON 26th OCTOBER 2006, 11.00AM @ NUS BUSINESS SCHOOL, HON SUI SEN AUDITORIUM

Provost. Tan Chorh Chuan, Deputy President and Provost, NUS

A/Prof Wong Poh Kam, Co-Chairman, Start-Up@Singapore Steering Comm

Dr Lily Chan, CEO, NUS Enterprise

Entrepreneurs

Ladies and Gentlemen,

Opening Remarks

Good Afternoon. I am very pleased to be here today with you at the Grand Launch of the Start-Up@Singapore National Business Plan Competition 2006/2007.

Value Of Entrepreneurship

As budding Entrepreneurs, I am sure most of you would have heard of the recent purchase of YouTube by Google for US$1.65 billion.

No small sum as I am sure you would agree.

I believe this is a very good example on how Entrepreneurship, how an innovative products or service, a new way of serving customers or how by changing the rules of competition, real wealth and value can be created.

Even by starting small, starting in a garage, but with that one good idea and having the conviction to see your idea through, there are great rewards to be reaped.

Well, we may not have garages in Singapore unfortunately, but I believe today’s Start-Up@Singapore Business Plan Competition may be even better avenue for your business start-up!

START-UP@SINGAPORE

Since it was first launched in 1999, the Start-Up@Singapore National Business Plan Competition has attracted more than 845 teams, some 2800 participants and spawned more than 40 start-up companies since.

It has also earned an enviable reputation with Venture Capitalists, Chief Executives and Leading Entrepreneurs by having help start-up such award-winning businesses as Friartuck[1], Perceptive I[2], Purple ACE[3] and QuantaGen[4].

But more than simply a business plan competition, Start-Up@Singapore is about creating an entrepreneurship ecosystem. Through workshops, forums and networking sessions, Start-Up@Singapore also provides Entrepreneurs with the skills, resources and networks necessary to launch and succeed in their business.

With a wide international background of participants, from countries such as the US, UK, Australia, China, France, India and Russia Start-Up@Singapore has also helped showcase Singapore as a good place to start a business. It has also helped find and build international partnerships between Singapore and the rest of the world for today’s Global Economy.

Conclusion

Start-Up@Singapore has proven itself to be one of the premier catalysts of Entrepreneurship in Singapore.

I am therefore very pleased to launch the 8th Start-Up@Singapore National Business Plan Competition 2006/2007 and I hope very soon to hear of many of each of your multi-billion dollar deals.

Thank you.

[1] Friartuck - a leading provider of optimized workforce management solution

[2] Perceptive I – a global CRM strategy consulting and software product company

[3] Purple ACE – a mobile phone software technology company

[4] QuantaGen – A leading biotech firm specialising in DNA testing.