Speech by Minister S Iswaran at the Entrepreneur of the Year Award 2016 Presentation Ceremony at the Ritz-Carlton, Millenia Singapore

SPEECH BY MR S ISWARAN, MINISTER FOR TRADE AND INDUSTRY (INDUSTRY), AT THE ENTREPRENEUR OF THE YEAR AWARD 2016 PRESENTATION CEREMONY ON WEDNESDAY, 23 NOVEMBER 2016, 8.00 PM, AT THE RITZ-CARLTON, MILLENIA SINGAPORE

Mr Kurt Wee, President of the Association of Small & Medium Enterprises (ASME)

Mr Garry Taylor, President of the Rotary Club

Mr Thomas Fernandez and Mr Alan Tan,

Co-Chairmen of the Entrepreneur of the Year Award 2016 Organising Committee

Distinguished Guests

Ladies and Gentlemen

Introduction

1.         I am happy to join you this evening as we celebrate the achievements of our home-grown entrepreneurs.

Importance of Entrepreneurship to the Singapore Economy

​2.         The Singapore of today is a leading global city with a strong, dynamic economy.  Many entrepreneurs have played an important role in our economic transformation by choosing to set up their business here, and contributing to the growth and development of our country.  In the early days as a colonial trading post, Singapore created a marketplace for merchants to gather and trade.  With independence and industrialisation, multi-national companies (MNCs) entered our economy, with our small and medium enterprises (SMEs) playing an important complementary role.  Over the years, our SMEs have fostered close business partnerships amongst themselves, and with regional and multi-national partners, while establishing strong brand names for themselves.  This spirit of enterprise should be celebrated, and must continue to thrive in Singapore.

3.         Local enterprises are integral to the Singapore economy.  Being small and nimble, SMEs are able to discern and carve out niche opportunities for themselves.  They have developed deep capabilities in order to serve the growing needs in their chosen markets and of their multi-national partners.  These capabilities also make our SMEs an important driver of innovation, to introduce new products, services or business models and catalyse industry transformation.  As our SMEs grow in scale and internationalise, some will become the next generation of regional and global champions from Singapore.  And, as Singapore faces growing competition for ideas, capital and talent, the role of SMEs in our economy will assume even greater importance. 

Government Remains Committed to Support Local Enterprises

4.         Singapore’s economy is now poised at an important juncture.  No matter which sector or industry, our future competitiveness and growth rests critically on innovation and productivity.  Our entrepreneurs and SMEs are at the frontline of this effort. 

5.         Over the years, the Government, together with key partners, has made a concerted effort to create a conducive environment for entrepreneurs and enterprises to thrive and grow.  These include measures to help companies build their capabilities, develop new technology, internationalise and upskill their workers.  The Government also supported business infrastructure by creating dedicated industrial spaces such as JTC’s Launchpad @ one-north for entrepreneurs to launch their operations.  In addition, the Government regularly reviews regulations to maintain a business-friendly regulatory environment.

6.         Entrepreneurs can also tap on a wealth of existing self-help tools and platforms to enhance their business capabilities, or seek assistance to meet their technology or market access needs.  Our network of SME Centres, trade associations and chambers (TACs), productivity centres and Centres of Innovation (COIs) all share the common objective of helping our local businesses transform and grow.

7.         In addition, the Government has been working actively, through the work of the Committee on the Future Economy (CFE) and in collaboration with the local business community, to bolster our economy and transform our industries to be future-ready.  We are developing Industry Transformation Maps (ITMs) for 23 sectors.  Each ITM comprises a growth and competitiveness plan, supported by strategies to raise productivity, invest in jobs and skills, leverage on R&D to develop new products and services, and support companies’ efforts in trade and internationalisation.

8.         Collectively, these initiatives will create opportunities for entrepreneurs who adopt a forward-looking mind-set and are willing to seek new opportunities for continued growth.

Honouring the Success of Local Entrepreneurs

9.         Tonight, the Entrepreneur of the Year Award (EYA) celebrates and honours local entrepreneurs who have done well in their respective fields.  Co-organised by the Association of Small & Medium Enterprises (ASME) and the Rotary Club of Singapore, the EYA aims to inspire local business owners and budding entrepreneurs to embark on a fulfilling journey and aspire towards greater victories in the business arena.  The EYA has been a key pillar of ASME’s efforts to champion entrepreneurship in Singapore since its establishment.  The EYA has also been the springboard for many local entrepreneurs to achieve greater successes in their businesses.  Past EYA winners such as Mr George Quek of BreadTalk Group Ltd, Top Entrepreneur at EYA 2002, and Mr Neo Kah Kiat of Neo Group Pte Ltd, Top Entrepreneur at EYA 2012, are some notable examples.  These EYA alumni continue to make valuable contributions to ASME by imparting knowledge from their own experiences to newer members and encouraging them in their entrepreneurial journeys.

Winners of EYA 2016 Embody Valuable Character Traits

10.      The 16 Winners of EYA 2016 have demonstrated that they have what it takes to be outstanding entrepreneurs.  They have shown great passion to pursue their dreams, courage to challenge the status quo, flexibility and innovativeness to adapt to different situations, and resilience in the face of challenges. 

11.      Among them, we have Ms Lisa Zou, CEO of food catering business Tong Chiang Group (TC Group) and winner in the Established Entrepreneur category.  Ms Zou’s entrepreneurship journey began when she started her first business in the souvenir and corporate gifts industry.  As competition grew and it became clear that her business was becoming less profitable, she moved into the food industry in 2007.  She first bought over a “bak kut teh” (or pork bone soup) restaurant that was performing poorly.  She also bought over Tong Chiang Kitchen, then a small family-owned business, and expanded its “tingkat” (or metal container) meal delivery service.  Within six months, her customer base increased almost threefold.  To support further expansion of her business, Ms Zou bought over a few other food catering businesses.  She subsequently branched out to provide packed meals to foreign workers at construction sites and factories, and produce her own “mantou” (or Chinese steamed buns) in a factory.

12.      Ms Zou’s ability to identify and seize new business opportunities has enabled TC Group to multiply its revenue, from $1-2 million in the early years to more than $23 million in 2016.  Manpower in the company also grew from five employees to over 160 employees today.  Ms Zou was quick to innovate and source for ways to enhance her value proposition, for example by broadening the customer base for her meal delivery service to include foreign workers at construction sites and factories.  She also made use of SPRING’s Capability Development Grant in 2014 to acquire additional automation equipment to improve productivity in her kitchens.

13.      Another inspiring story comes from Mr Lawrence Koh, Founder & CEO of iFly Singapore and winner of the New Entrepreneur category.  At five metres wide and five storeys in height, iFly Singapore is the world’s largest indoor skydiving wind tunnel.  A seasoned skydiver himself who holds many professional freefall qualifications, Mr Koh did his first jump while undergoing parachuting training as a commando after signing on with the Singapore Armed Forces (SAF) in 1997.  His parachuting training in the SAF sparked what would become a lifelong interest in skydiving, and in 2008, Mr Koh took the plunge to start iFly Singapore after visiting a wind tunnel in the US.

14.      As the first person to bring freefall simulation as a recreational activity to Singapore, Mr Koh demonstrated courage to venture into a unique and untested business area.  As part of the process of developing his business idea, Mr Koh visited many wind tunnels around the world and successfully applied for STB’s grant schemes for developing innovative tourism products and talent development.  Despite facing initial scepticism, Mr Koh worked hard to draw up a detailed business proposal and was able to secure S$25 million in funding from two investors to start his business.  Mr Koh also secured steady revenue streams by actively seeking out sponsors and renting out part of his property to other tenants.  Mr Koh has done well to carve out a niche for himself in the leisure industry and today, iFly Singapore is one of the most popular offerings on Sentosa, attracting both locals and tourists alike.

Conclusion

15.      Ms Zou and Mr Koh, and many others like them, give us the confidence that Singapore will continue to thrive as a home for bold entrepreneurs and innovative enterprises.  Once again, I would like to convey my deepest congratulations to all the 16 Winners of EYA 2016 for your excellent achievements.  I am very glad to see many examples of successful entrepreneurs who are determined to excel and who have had the courage to venture into new markets to enhance their businesses.  I encourage all our entrepreneurs and enterprises to take the steps necessary to build the capabilities and transform to be ready for new opportunities.  I look forward to seeing tonight’s award winners use the Award as a springboard to reach their fullest potential and achieve even greater heights.

16.      I wish everyone a pleasant evening.  Thank you.

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