Speech by MOS Dinesh Vasu Dash at Budget 2026

Mr Speaker, Sir, I stand in support of Budget 2026. 

1.      This Budget strikes a balanced approach to meet the pressing needs of today, while preparing us for the challenges of tomorrow. 

2.      This is also timely as we enter a new phase of Singapore’s economic journey, where the global economy is increasingly fractured and uncertain, where technology is becoming a new challenge. 

3.      Technologies are advancing at unprecedented speeds, reshaping how companies operate, and how we live and work, and where we will have to do more with a slower growth in our workforce, given our ageing population and falling TFR. 

Entrepreneurship and the Economy

4.      This is why the Government launched the Economic Strategy Review in August 2025, and I have had the privilege to lead the Committee on Entrepreneurship together with my co-chair, Minister of State Alvin Tan. 

5.      Sir, entrepreneurship is in our DNA. 

a.      Many of our forefathers built successful businesses and contributed to nation building, including pioneers such as Lim Nee Soon, Seah Eu Chin, P. Govindasamy Pillai, Syed Omar Aljunied and Edwin Tessasohn. 

b.      Perhaps one of the most iconic pioneer entrepreneurs was Tan Tock Seng. His story started when he arrived in Singapore in 1819 as a vegetable seller, to a successful shop owner in Boat Quay in 1827, and to a thriving businessman through his many businesses that span real estate, agriculture, and of course healthcare. 

c.       He provided thousands of jobs to Singaporeans then, and even now, like our pioneers, our generation has also our avant-garde entrepreneurs who have succeeded and have been able to entrench themselves here and beyond Singapore’s shores. 

                                                       i.      Take Carousell for example. This company was founded by three NUS graduates, who were inspired by their exposure to Silicon Valley through the NUS Overseas Colleges programme. Carousell began with a simple idea - to make selling pre-owned items as easy as taking a photograph. What started as a mobile-first classifieds app has since grown into a leading online marketplace and omnichannel recommerce business operating across Southeast Asia, Taiwan and Hong Kong, serving tens of millions of users across the region. 

                                                     ii.      I am very glad that Mr Marcus Tan, one of the founders of Carousell, and others like him, are part of the Entrepreneurship Committee. They, together with venture capitalists and business leaders, have added tremendous value to the Committee. 

6.      Mr Speaker, Sir, Singapore’s entrepreneurship ecosystem is in a good place, just like our early days. 

a.      Today’s entrepreneurs have spurred innovation, created jobs, and established themselves internationally. 

b.      In fact, The Global Startup Ecosystem Index 2025 by StartupBlink ranks Singapore’s ecosystem as number 4 in the world. 

c.       Our startup ecosystem benefits from a pro-business environment, which includes our established companies, our talent pool, dedicated startup spaces such as the LaunchPad at one-north, and supportive government policies. These make Singapore a unique, competitive and a trusted hub for innovation. 

d.      We are also a key hub in Asia for innovative companies and investors, with over 4,500 tech startups, 220 incubators and accelerators, and over 500 Venture Capital firms that have anchored themselves in Singapore. 

Consultations and Co-Creation

7.      Many founders and startups have proudly shard with me on how the Singapore brand, had helped them forge new partnerships and break into new markets. 

8.      However, we cannot stand still and rest on our laurels. We need to continue to strengthen our startup ecosystem to maintain our attractiveness to startups, talent, and capital. 

9.      This is because of intensifying competition from startup hubs in Asia, the Middle East, and even further afield. Venture capital remains tight, particularly outside the US. 

10.  Over the last few months, MOS Alvin and I have spoken to more than 300 stakeholders including startup founders, business leaders, venture capitalists, and our youths. 

a.      This was to understand their concerns and to propose strategies to help them and future generations of entrepreneurs. 

b.      We would like to thank each and everyone of you for your feedback and for your support. 

c.       This was possible with the strong support of our Committee members, and ecosystem partners such as the Action Community for Entrepreneurship (ACE.SG), Singapore Business Federation, Singapore Fintech Association, and the National Youth Council. 

11.  To support our startups, we will adopt a three-pronged strategy to strengthen our entrepreneurial ecosystem. 

a.      First, we will strengthen our entrepreneurial culture. 

b.      Second, we will help promising growth stage startups scale and expand beyond Singapore’s shores. 

c.       Third, we will facilitate investors to exit and recycle their capital and expertise into new ventures. 

Strengthening our entrepreneurship culture

12.  Let me start with our entrepreneurial culture. 

13.  Several years back when my son was then five years old, he told me of a paper clip challenge, which he chanced upon on YouTube. 

a.      Starting from a paper clip, he was required to barter trade upwards until he reached a valuable item. After a couple of weeks, he presented a beautiful pen to me and tried to sell it to me for $20. What started off as a humble paper clip, after multiple trades, had been traded upwards towards a pen. 

14.  I am sure my story is not unique, and there are many budding young entrepreneurs with very interesting ideas. 

a.      However, when I ask successful founders if they would support their children in pursuing entrepreneurship– some of them were reluctant. They know well the risks of failure, and how difficult the journey was.   

b.      It is therefore important to double our efforts to sustain and grow our entrepreneurship spirit in Singapore, and we should start from a younger age. 

c.       Initiatives such as the Applied Learning Programmes in schools and the Direct School Admission for Entrepreneurship are a good start. These programmes allow students to gain practical skills, such as critical thinking, and the resilience needed to succeed in today’s fast-paced world. 

d.      On that note, I fully agree with Mr Azhar Othman, who had indicated earlier the need to start entrepreneurship in schools at an earlier age. 

e.      We should also encourage industry-led programmes, like My First $1000, spearheaded by our committee member Willson Cuaca from East Ventures. 

                                                       i.      In this programme, students who are between the ages of 14 to 18 will be given $250 for their business idea. After eight weeks, they will have to return the initial capital with costs, and they will receive a dollar-for-dollar matching for their profits, capped at $1000. 

                                                     ii.      This will allow our youth to road test their ideas and experience the ups and downs of entrepreneurship. Some may fail, but the lessons learnt will surely stay with them for life. 

                                                    iii.      I am happy to report that those who are still keen can continue to sign up. Registrations are still open, but they will be closing quite soon. 

15.  Ultimately, we must view setbacks as stepping stones towards eventual success. 

a.      Every successful entrepreneur will tell you that their paths were filled with obstacles. They also say they would not have succeeded, if it not for the lessons they learnt from overcoming these challenges. 

b.      The key is to learn quickly from setbacks and bounce back stronger. 

16.  We can also support our entrepreneurs in more tangible ways and encourage entrepreneurship across all ages. 

a.      Entrepreneurship communities and startup spaces, like LaunchPad, allow people to collaborate, learn from each other, and develop their ideas in a supportive environment. This can be opened to interested groups of all ages, including our mid-careers and our seniors. 

b.      These communities, alongside mentorship from experienced entrepreneurs, create a strong ecosystem of support that gives budding entrepreneurs the confidence to take the first step. 

17.  While new technology, products and services are disrupting traditional industries, it is also not uncommon to see startups with the right product or idea achieve phenomenal success. It is therefore exciting to work in a startup, and perhaps even more exciting to start one. 

18.  And so, I encourage our aspiring entrepreneurs to believe in themselves and to boldly take that first step. 

Scaling up promising and innovative growth-stage startups

19.  Second, let me touch on those who have taken the step, taken the leap of faith, achieved some success, and are ready to scale globally. 

20.  To do so, they may need specialised talent, a range of financing options, and access to new markets. They may need to raise funds for R&D, infrastructure, hiring, and sales. But many start-ups speak of difficulties to access fundraising options at the growth and pre-IPO stages. 

a.      Particularly for deep tech startups, they need experienced and credible financing partners with the right expertise and capital structures that are suitable for long-cycle, capital-intensive innovation. 

b.      Hence, the S$1 billion top-up to the Startup SG Equity scheme, announced by our Prime Minister, is a welcome reprieve. 

c.       Further, the expansion in scope to cover early growth-stage companies will help our startups raise the funding that they would need to scale. 

d.      In addition, the new Growth Capital Workgroup, led by Minister Chee Hong Tat, will look into measures to support the financing needs of companies across the various growth stages. We will share the feedback obtained through our committee’s engagements with the Workgroup to support in their efforts as well..      The increase in the maximum loan quantum under the Enterprise Financing Scheme (EFS) will also be useful. This is because the overall loan quantum had been increased from $30 to $50 million, and would be beneficial for our SMEs who may be considering scaling up their businesses. 

21.  As Singapore is a small market, our startups must think global from day one in order to succeed. 

a.      But we know this could be challenging for some, especially if they don’t have a strong track record or are unfamiliar with the new markets. 

b.      The Budget measures to support Singapore companies as they venture abroad, such as the enhanced Global Innovation Alliance and the Market Readiness Assistance grants, will therefore be very useful. 

22.  By strengthening the ecosystem’s access to financing options, and support for entering new markets, we hope to create an environment where good ideas can flourish and companies, including our SMEs, can grow and compete. 

Facilitating good exits to support capital recycling

23.  Thirdly, let me speak about facilitating exits to support capital recycling. 

a.      Many successful founders want the opportunity to exit and to reinvest their time, talent, and capital into new ventures. 

b.      Thus, if we want a sustainable and dynamic ecosystem, we must ensure that capital is available for promising companies to exit at fair valuations, and for early investors to recycle their capital. 

24.  A well-functioning and vibrant capital market in Singapore is crucial for this. 

a.      I am therefore heartened that our Committee’s recommendation for a second $1.5 billion tranche of the Anchor Fund, which will help ensure continued support for high-quality listings in Singapore, was supported. This will be especially important as more startups mature and want to seek capital for their growth plans through public markets. 

b.      The Committee also welcomes the $1.5 billion top-up to the Financial Sector Development Fund, to expand MAS’s Equity Market Development Programme, which aims to develop our fund management industry and increase investor participation in Singapore equities. I look forward to seeing the positive impact of these efforts in boosting listing activity on the SGX. 

Conclusion

25.  Let me conclude by going back to my son. 

a.      Unsurprisingly, he was able to convince me to buy the $20 pen, and he cashed out the venture. Therefore, with tremendous bragging rights, he then recycled this princely sum to his next venture while buying several other knickknacks and started the process all over again. If I recall correctly, most of it went to chocolates, which was quite quickly gobbled up by him. 

26.  Sir, Singapore’s next phase of entrepreneurs will face far more complexities than the paper clip challenge. 

a.      There will be setbacks, and they would have to navigate along uncharted waters. 

b.      Those who are able to adapt early, move decisively, and invest ahead of the curve, will succeed. 

27.  The work of the Economic Strategy Review Committee on Entrepreneurship will continue, and we will support our startups in this venture. 

a.      We will strengthen our entrepreneurial culture, help promising growth stage startups scale, and we will facilitate investors to exit and recycle their capital to new ventures. 

b.      We hope that these efforts will allow Singapore to nurture the next generation of budding entrepreneurs, such as Mr Marcus Tan and Tan Tock Seng. 

28.  I am confident that Budget 2026 will provide a shot in the arm for our current and future employers, as well as entrepreneurs.  

29.  Thank you and I support the budget.