SMEs could benefit with more support

THIS WEEK'S TOPIC: What other measures, if any, should Singapore's 2016 Budget also have included?

John Bittleston Founder and Chair Terrific Mentors International

THE Budget was excellent, balanced and visionary. The objective to develop Singapore SMEs (small and medium-sized enterprises) into Singapore MNCs will meet with everyone's approval. This transformation will take more than just policy changes or new government schemes. For example, when I took over SME Brands Essence of Chicken and developed it into an MNC, Cerebos Pacific, my biggest asset was visionary shareholders. A British company and the Abu Dhabi Investment Authority held a majority of Cerebos Pacific's equity. They allowed me to take risks and make mistakes building Asia-wide hospitality, grocery, winery, soft drinks and other businesses. The result: a business that was 82 times their valuation. How can we change the culture of SME leaders to be less risk-averse?