Speech by Minister S Iswaran at the Singapore Indian Business Leaders (SIBL) Awards and Book Ceremony at Ritz Carlton Singapore

Chairman & Directors,

Of the Singapore Indian Chamber of Commerce and Industry (SICCI),

SICCI Board of Advisors

Distinguished Guests

Ladies and Gentlemen

Good Evening

Introduction

1.          I am delighted to join you this evening for the Singapore Indian Business Leaders (SIBL) Awards and Book Ceremony.

2.          Let me first congratulate all the winners of the SIBL Awards.  Your stories are an inspiration to aspiring entrepreneurs and established business leaders alike. In an open and globalised economy like ours, businesses need to be ever more nimble and adaptable. Entrepreneurs like today’s Award recipients are key to this effort, because you create new opportunities by exploring new ideas and establishing new business models.

Importance of Entrepreneurship in the Future Economy

3.          Entrepreneurship is a key focus of the Committee on the Future Economy - a national effort to scope out new possibilities and strategies that will sustain Singapore’s economic competitiveness. In particular, the committee is looking into four aspects - first, how to encourage pervasive innovation as the basis for a value-creating economy; second, how to integrate our different strengths to create new solutions for the world; third, how to internationalise Singaporean products and services; and finally, how to invest in our people and skills so that we have the knowledge and capabilities to seize new opportunities that arise.

4.          Entrepreneurs are important catalysts for our future economic growth. They bring about change by creating new products and services, often building on innovative ideas and business models. Successful businessmen may not necessarily have succeeded at the first try, but they have had the strength of character to learn valuable lessons from early failures. We must nurture that entrepreneurial spirit from a young age, encouraging young Singaporeans to try new ideas, to not be deterred by setbacks, and to persevere in the pursuit of their passion. 

5.          In Singapore, the Indian business community has been an important part of Singapore’s economic growth. We have a strong group of well-regarded Indian business leaders who have not only been successful in their business ventures, but have also been active in giving back to the business community and society.  

6.          One good example is Mr Kesavan Sathyamoorthy[1], founder of Diamond Glass Group, who has successfully grown his company into a leading player in the architectural glass industry. He also chairs SICCI’s Young Entrepreneurs Network (YEN@SICCI), which provides a platform for budding entrepreneurs to connect and form partnerships. 

7.          The SICCI and Indian business leaders have an influential role to play in nurturing the next generation of entrepreneurs in Singapore. One aspect is in our internationalisation efforts. You are well placed to tap on opportunities in regional markets, especially India.  Singapore and India have strong trade, investment and cultural links, underpinned by high-level and regular engagements between the two governments. The Government of India is undertaking critical reforms, and has been opening its doors to FDI. In 2015, India was Singapore’s 10th largest trading partner, with total trade between our countries amounting to more than $22 billion.  India’s prospects are promising with its GDP projected to grow by more than 7% in 2016.

8.          We are also seeing increased interest from the Singapore business community in India. At the government level, we have sought to increase awareness among Singapore companies of business opportunities in India by supporting a number of state investment seminars in 2015, including Vibrant Gujarat, Global Investors Meet in Tamil Nadu and Resurgent Rajasthan.  Singapore is also collaborating with the Andhra Pradesh Government to develop its new capital city, Amaravati. These collaborations open up new business possibilities for Singapore companies in India, and the Singapore Indian business leaders can help pave the way for more to participate in these opportunities.   

Building the Next Generation of Indian Entrepreneurs

9.          Even as we celebrate the achievements of established businesses tonight, it is important that we continue to support and encourage new entrepreneurs and ideas.

10.      One example is Mr Veerasekaran[2], the founder of Greenology Pte Ltd, a company that offers sustainable vertical greening solutions to turn urban spaces into green spaces.  Mr Veerasekaran started Greenology in 2008 with three employees, when the idea of sustainable vertical greening systems was nascent in Singapore. Today, Greenology has grown to become an award-winning global company[3] with a presence in six countries. The innovative spark is also evident in the products that Greenology has developed through its own R&D, which include LED grow lights and software to monitor the plants’ growth on iPhones and iPads. Greenology’s success illustrates the potential of new entrepreneurs and new ideas, and the importance of cultivating this enterprising spirit in Singapore for continued growth.

11.      To do so, the Young Entrepreneurs Network at SICCI launched a flagship programme in late 2014 – the Red Pill Program, which matches aspiring entrepreneurs with mentors from established businesses to provide guidance on their entrepreneurship journey. Since the programme’s launch, there have been 500 registrants, of whom 50 have been selected for the programme.  I am encouraged by this private sector-led effort to supporting entrepreneurship.  Such initiatives help to foster a vibrant environment for our start-ups and SMEs, and go a long way in inspiring young entrepreneurs. I am also happy to note that the pioneer batch of budding entrepreneurs are graduating from the programme tonight.

Government’s Support for Entrepreneurship

12.      The Government, on its part, seeks to encourage entrepreneurship and growth by providing strong support for businesses throughout their lifecycle. In terms of funding, the Government provides a range of grants, tax incentives, and co-investment programmes in collaboration with the private sector to ensure that companies have the necessary financial support to take off. For example, through the Business Angels Scheme (BAS) and Start-up Enterprise Development Scheme (SEEDS), SPRING co-invests with business angels and venture capital firms in promising start-ups. Since 2001, more than $80 million in funding support has been committed to more than 220 companies in their early stages.

13.      The Government has also implemented schemes to help companies scale up and grow their top-line through innovation and internationalisation. Through SPRING’s Capability Development Grant (CDG), companies are supported to undertake upgrading projects in areas such as productivity improvement, product development and technology innovation. In 2015, SPRING supported 1,300 enterprises through CDG for upgrading projects – a 30% increase from 2014.

14.      There are also multiple programmes to help our companies capture new growth opportunities in overseas markets.  Companies which are in the early stages of internationalisation efforts can tap on IE Singapore’s Market Readiness Assistance (MRA) scheme, which provides assistance through workshops, consultations and financial assistance for overseas ventures.  For companies in more advanced stages of their internationalisation efforts, IE’s Global Company Partnership (GCP) programme provides more tailored assistance by identifying business leads and fostering synergistic partnerships for the companies.  In 2014, IE assisted more than 28,000 companies through MRA and GCP.

Working with Trade Associations and Chambers

15.      Trade associations and chambers such as SICCI are important partners to the Government in supporting our companies for growth.  And, I am pleased to note that SICCI has worked closely with the Government to support our businesses. 

16.      One example is the running of SME Centre@SICCI under SPRING’s SME Centres Programme, to provide SMEs with one-stop business solutions to grow their business locally and expand overseas. The SME Centre@SICCI has provided business advisory services to close to 4,000 SMEs and aspiring entrepreneurs as of 2015.

17.      SICCI is also playing an important part in contributing ideas and suggestions for the Committee on the Future Economy[4]. Such contributions will be critical in providing ground-up feedback, and ensuring that our future economic strategies stay relevant to businesses.

18.      Moving forward, we will continue to work closely with trade associations and chambers, and seek new ways to broaden the partnership and strengthen their capabilities.

Conclusion

19.      In closing, let me congratulate SICCI on the launch of the SIBL Awards and book, the award winners, and the graduating students of the Red Pill Program.  I would like to commend SICCI for undertaking these important initiatives, which accord due recognition to our business leaders, and play a significant role in nurturing a strong culture of entrepreneurship in Singapore. I wish you continued success in your business endeavours.  Thank you.

[1] Mr Kesavan Sathyamoorthy is one of the award winners of the SIBL Awards and is featured in the SIBL book.

[2] Mr Veerasekaran is one of the award winners of the SIBL Awards and is featured in the SIBL book.

[3] Some awards include BEX Asia Award in 2011, 2012 and 2014, the Gold Award in the Singapore Garden Festival in 2012 and 2013, and both the Gold and Silver at the LIAS Awards of Excellence in 2012 and 2013.

[4] Dr R Theyvendran is SICCI’s representative in the CFE Subcommittee on Future Corporate Capabilities and Innovation (SMEs).