Speech by SMS Low Yen Ling at Spirit of Enterprise Awards 2024

Mr. Ismail Gafoor, President of Spirit of Enterprise

Distinguished Guests

Ladies and Gentlemen

Introduction

1. Good evening. It is a pleasure to join you again at the Spirit of Enterprise (SOE) Awards Ceremony. Tonight, we not only celebrate the outstanding achievements of our local entrepreneurs but also mark the significant milestone of SOE’s 21st anniversary.

2. I want to express my heartfelt thanks to SOE for its unwavering commitment over the years. By honouring more than 700 entrepreneurs and nurturing the next generation of business leaders, SOE has played a pivotal role in shaping Singapore’s vibrant and resilient enterprise ecosystem.

3. Special thanks to Mr. Ismail Gafoor for his dedication and passion as SOE’s President. Under his leadership, SOE has nurtured a vibrant entrepreneurial spirit in our business community and young aspiring entrepreneurs. As we welcome Ms. Novie Djayayanti to the helm, we look forward to continued growth and fresh perspectives as she guides SOE into its next chapter.

Driving Growth in a Competitive Landscape

4. Entrepreneurship is not for the faint-hearted. There’s no guaranteed path to success; the journey is often filled with twists and turns. I’ve seen firsthand how relentless the challenges can be.

a. In Singapore, entrepreneurs must overcome the challenges of small market size and barriers to scalability and cost efficiencies compared to larger markets. From seeking new avenues for growth to navigating increasingly complex markets, they must balance expansion with sustainability and attract and retain the next generation of talent.

5. The honourees we celebrate tonight have faced these challenges head-on. Their tenacity to achieve growth, forward-thinking mindset, and ability to seize new opportunities are critical to their success.  By embracing innovation and digitalisation, rethinking business models, and expanding their market reach, they've demonstrated that resilience and ingenuity can overcome even the most formidable obstacles.

The Ripple Effect of Innovation

6. When entrepreneurs push boundaries, they don’t just advance their businesses; they catalyse innovations and improvements.

a. A shining example is Ms Anna Lim, SouperChef and Founder of The Soup Spoon. She is the recipient of tonight’s SOE-CLA Global TS Entrepreneurship Award. The Soup Spoon has led the charge to transform the fast-casual dining space with its brand of nutritious and healthy comfort food. It was an early innovator in expanding beyond conventional dining to the retail scene with ready-to-eat soups.

b. It also diversified its business model by integrating digital ordering systems with loyalty apps. Their focus on technology prompted other industry players to adopt similar solutions that streamline operations and enhance the customer experience. The Soup Spoon’s journey shows how innovation and adaptability can set new industry standards. I hope future generations of entrepreneurs will be inspired to push boundaries and drive change, no matter the scale of their ideas.

Future-Readiness and Innovation: The Key to Sustaining Growth

7. Another trait of successful entrepreneurs is their ability to spot industry trends and seize new opportunities. For instance, they have the gumption to embrace emerging technologies, upskill employees, and invest in sustainable solutions.

8. SOE has implemented various initiatives to support these goals, which have strengthened the local business landscape, prepared our entrepreneurs for the future and equipped young entrepreneurs with invaluable insights into the business world.

a. One is the “Built To Grow” Training Series, a curated programme designed to empower SME business owners and C-suite executives with the skills to elevate their companies and redefine leadership. It is encouraging to see this initiative resonate with past honourees and a broader network of entrepreneurs eager to learn and grow.

b. SOE’s Student Interviewer Programme (SIP) also deserves special recognition for its role in inspiring the next generation of entrepreneurs. By connecting our students with successful business leaders, the programme allows young talents to gain valuable firsthand insights into the entrepreneurial journey, moving beyond observation to active participation. It equips them with the perspectives and knowledge needed to navigate future challenges and confidently pursue their careers. I am delighted that seven outstanding students will be recognised tonight with the SOE Best Student Interviewer and SOE Student Achievement Awards. To these young achievers: You represent the future of Singapore’s entrepreneurship. May the experiences and stories of our entrepreneurs inspire you to forge your path ahead.

c. The introduction of the “SOE Top Start-up Honouree of the Year Award” further highlights SOE’s ongoing commitment to nurturing startups, which are vital in shaping the future of our business landscape. Startups embody the spirit of experimentation and ambition – qualities essential for our economy's continued growth and dynamism.

Supporting Entrepreneurs into the Future

9. On behalf of the Singapore Government, I reaffirm our strong commitment to supporting entrepreneurs as they grow and prepare for the future. Initiatives like Enterprise Singapore’s Startup SG programmes, which provide financing and mentorship, are designed to assist startups at various stages of growth. Similarly, the Infocomm Media Development Authority (IMDA) has partnered with Salesforce to launch the Data + AI Boost SME Programme, offering 5,000 SMEs access to AI tools, workshops, and consultations. I encourage you to take advantage of these resources to propel your businesses forward, sharpen your competitive edge, and strengthen Singapore’s position as a global hub of innovation and enterprise.

Conclusion

10. In conclusion, I extend my heartfelt congratulations to all our honourees. Your vision, determination, and perseverance inspire us all. You are not just building businesses; you are shaping Singapore’s future, one innovation at a time.

a. To the next generation of entrepreneurs, I urge you to be bold, future-ready, and unafraid to push the boundaries of what is possible. This entrepreneurial spirit will drive Singapore forward, and each of you has a vital role in this journey.

11. Thank you, and I wish everyone a wonderful evening ahead.