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Entrepreneurship source of renewal for SMEs

Nurturing young businesses and leaders is among top priorities, says Teo Ser Luck
Tuesday, October 29, 2013 - 06:00

[SINGAPORE] Even as the government focuses on creating solutions to the issues and challenges facing Singapore small and medium-sized enterprises (SMEs), it remains committed to encouraging entrepreneurship.

Speaking at the SME Convention organised by the Singapore Business Federation (SBF), Teo Ser Luck, Minister of State for Trade and Industry, said: "Entrepreneurship is important as it serves as a renewal for the SME sector, therefore new businesses have to be created. Start-up and young companies are nimble and can adapt quickly to changes in the business environment.

"As such, the government places emphasis on nurturing young businesses and young business leaders. These are the people who contribute to the vibrancy and dynamism of our local business sector, and will spearhead the development and growth of our companies on the global stage."

This is the reason behind the launch of the Young Business Leaders Alliance (YBLA) yesterday, which aims to organise networking events, mentorship programmes, capability development programmes and internationalisation opportunities for young business leaders.

The YBLA is formed by six strategic partners: the Business Leaders Alumni Club (BLAC), SBF, three Young Entrepreneur Networks (YENs) at the Singapore Chinese Chamber of Commerce and Industry (SCCCI), the Singapore Malay Chamber of Commerce and Industry

(SMCCI) and the Singapore Indian Chamber of Commerce and Industry (SICCI), as well as 22 young business leaders.

"These partners have come together with the common goal of grooming promising young leaders and nurturing an entrepreneurial spirit in Singapore," said Mr Teo.