How young businesses can build resilience and shine

Panellists:

• Christie Chu, head, emerging business international, OCBC
• Sumit Khurana, senior vice-president, small and medium enterprises, Asia Pacific, Mastercard
• Emily Liew, assistant managing director, innovation, Enterprise Singapore
• Woo E-Sah, partner & head of capital markets, RSM Singapore
• Irene Cheong, assistant chief executive (innovation & enterprise), A*Star

Moderator: Dylan Tan, Editorial Projects Editor, The Business Times

How can emerging enterprises build structural resilience so economic friction strengthens, rather than fractures, their operations?

Christie Chu: Resilience cannot be built when a crisis arrives. It must be engineered into the business from day one. Like a diamond, an enterprise proves its quality under pressure. The strongest companies build financial discipline, operational agility and leadership depth before they need them. They diversify risks, stay close to customers, and make decisions based on data rather than optimism.

What often impresses judges is not a company’s ability to grow during good times, but its ability to emerge stronger from difficult ones. Economic friction should be treated as a stress test, not a set-back. The enterprises that succeed are those that use every challenge to strengthen their foundations, sharpen execution and uncover new opportunities. In today’s environment, resilience is no longer a defensive capability, it is a source of competitive advantage.

Irene Cheong: Economic friction can be a powerful catalyst if companies use it to strengthen, rather than simply defend, their business. The most resilient enterprises invest in capabilities that endure beyond a single business cycle, whether through innovation, talent development, stronger customer relationships or differentiated intellectual property (IP). These investments create the agility to adapt, identify new opportunities and respond to changing market conditions.

Resilience also comes from recognising that companies do not have to build every capability on their own. Strong innovation eco-systems help businesses access the expertise and technologies they need to navigate uncertainty more effectively.

At A*Star, we work with companies to strengthen their innovation capabilities and tap differentiated technologies and IP, enabling them to develop new products, improve competitiveness and support long-term growth.

Sumit Khurana: Economic uncertainty is part of the operating environment we’re in. Building adapt-ability into the operating model from day one strengthens a business’ resilience. This means digitalising core processes, maintaining visibility over cash flow as well as operational data, and investing in technology that enables faster and agile decision-making.

We’re seeing this mindset emerge across the region. Mastercard research found that more than a third of SMEs in Asia-Pacific are already investing in AI, with the vast majority planning to increase investment in AI and other technologies to improve efficiency and competitiveness. The businesses that thrive are often those that continually innovate, adapt through trial and error and use setbacks as stepping stones to improvement.

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Woo E-Sah: Resilience is often misunderstood as the ability to survive a downturn, but it is about building a business that can adapt, grow and withstand change under varying market conditions. For emerging enterprises, that starts with strong fundamentals. This means having a business model that can scale, deploying capital wisely, maintaining financial flexibility, building management strength, and putting in place processes and controls needed to support growth.

Economic friction is often a useful stress test as it reveals weaknesses in strategy, weak economics or operational constraints that may be less visible in favourable conditions. The key is to identify these vulnerabilities early and act before they become structural problems. Businesses that use challenging periods to sharpen priorities and strengthen their foundations can emerge more competitive. In that sense, pressure does more than test resilience. When managed well, it helps build it.

Emily Liew: Economic uncertainty is a test of whether resilience is built into business fundamentals. At the same time, it can also reveal opportunities to build new capabilities and open up sources of growth. For emerging enterprises, resilience starts with optionality – diversifying across markets and customer segments, developing partnerships that provide new capabilities and routes to market, and avoiding over-reliance on any single source of demand. Staying close to customers is equally important. Companies that continually test market needs and adapt their solutions can respond more quickly as conditions change.

We have seen businesses use challenging periods not only to weather disruption, but to sharpen their value propositions, develop new capabilities and pursue new markets. Enterprise Singapore supports these efforts by connecting businesses with partners and helping them develop and commercialise new solutions, so they can emerge from periods of uncertainty stronger and better positioned for long-term growth.

Amid market noise and rapid tech shifts, how can young leaders maintain a clear vision and stick to their core value proposition?

Chu: In a world obsessed with the next big thing, clarity is often underestimated. Many young leaders feel pressure to chase every new technology, platform or trend. But customers rarely reward companies for being the first to adopt something new. They reward companies for solving real problems consistently and the ability to connect with their needs or solve their problems.

Successful enterprises have always balanced innovation with discipline. They stay open to new technologies, including AI, but remain anchored to a clear understanding of who they serve and why they matter. Like a well-cut diamond, a business shines because of its clarity. When customers, employees and investors can immediately understand what you stand for, that clarity becomes a powerful differentiator in a crowded marketplace.

Cheong: Technology trends will continue to evolve, but customer problems tend to be more enduring. Young leaders should anchor themselves in a clear understanding of who they serve, what problems they are solving and why their solution matters. Emerging technologies, including AI, should be viewed as tools that strengthen that value proposition rather than distract from it. Staying close to customers, partners and the markets they hope to serve allows leaders to test assumptions, refine their approach and identify opportunities that matter. Ultimately, a clear vision comes from staying focused on the value you create for customers, even as technologies and market conditions evolve.

Woo: Young leaders cannot control market sentiment, technological disruption or every move their competitors make. What they can control is having a clear strategy and executing it consistently. A clear value proposition starts with knowing why customers choose you, what genuinely differentiates the business and where future value will come from. Those fundamentals should guide every new technology and opportunity.

The question is whether they strengthen the core business, improve scalability or create real value for customers. At the same time, clarity should not be confused with rigidity. Strong businesses stay anchored in what matters while adapting as conditions change. In a crowded and noisy market, a clear sense of purpose builds trust and attracts investors, customers and employees alike.

Liew: Technology, markets and business models will continue to evolve, but customer needs should remain the anchor. Amid these shifts, emerging technologies such as AI can be powerful enablers. The test is clear – does the technology strengthen the business proposition by improving productivity, deepening customer insights or creating better products and experiences? Not every new development warrants a response.

Knowing when to be selective can be as important as moving quickly. But staying focused should not mean being rigid or inflexible. Founders need to be clear about the problem they want to solve and what sets their business apart, while adapting to business conditions in how they reach customers and deliver value. The destination must be clear, even if the route needs to evolve.

Khurana: Customers’ needs remain the best compass for business leaders. The most effective founders I meet are those who evaluate every new opportunity through a simple lens: does this help us solve a real customer problem better, faster, or more efficiently? For instance, with the current AI revolution, successful businesses are the ones that deploy this innovation with purpose, ensuring it strengthens their value proposition rather than distract from it.

For example, a logistics SME may use AI to optimise delivery routes and reduce fuel costs, while a retailer may deploy AI to better forecast inventory and avoid overstocking. In both cases, technology supports a clearly defined business objective, and this is often what separates enduring businesses from short-lived ones.

Beyond financial metrics, what specific qualities allow a young enterprise to truly shine in a crowded field?

Cheong: The enterprises that stand out are those with a strong sense of purpose, a deep understanding of customer needs, and the discipline to execute well. They are able to attract strong talent, make good decisions quickly and continually adapt their products, services and business models as markets evolve. Just as importantly, they translate ideas into outcomes and opportunities into sustainable growth.

In a crowded field, the enterprises that shine brightest are often those that create value not only for themselves, but also for customers, partners and the broader ecosystem. Over time, this helps to create a virtuous cycle of talent, innovation and entrepreneurship, strengthening Singapore’s ability to generate the next generation of enterprises, innovations and economic opportunities.

Woo: What makes an enterprise stand out is not simply strong numbers today, but clear evidence that it can continue creating value in the future. I look for a defensible market position, capable leadership, adaptability, disciplined execution and a culture of accountability. Credibility is particularly important as a business grows. Stakeholders increasingly look for alignment between strategy, what management communicates and what it delivers.

Strong governance, reliable information and meaningful KPIs may not be as visible as a new product or rapid expansion, but they are the foundations of sustainable growth and trust. Ultimately, the strongest enterprises combine ambition with substance. They back their plans with evidence, execute consistently and give stakeholders confidence in their future.

Liew: One quality I have seen distinguish many promising Singapore enterprises is a global mindset from the outset. Given the size of our domestic market, founders who look beyond Singapore early tend to think differently about the size of the opportunity and demonstrate ambition to scale.

Building for international markets pushes businesses to raise their game. Companies encounter different types of customers, competitors, business conditions and regulatory environments. The learning curve is steep but they also discover quickly where they genuinely have an edge. This exposure helps sharpen their business acumen, strengthen their capabilities and bring new perspectives back into the business. Over time, these experiences can become a real competitive edge as the company grows the confidence and capability to compete globally. Healthy financial metrics are often a reflection of these strong foundations.

Khurana: Beyond financial metrics, success is often the outcome of deeper strengths within a business. Enterprises that stand out demonstrate clarity of purpose, strong customer understanding, operational discipline, and the ability to adapt as markets evolve. Apart from this, I also look for evidence of trust.

This includes how customers, partners and employees view the company’s leadership, as well as how responsibly they approach growth and innovation. In today’s environment, where businesses are increasingly leveraging AI, data and other emerging technologies, trust has become a critical differentiator and a long-term competitive advantage.

Chu: The enterprises that stand out usually possess qualities that cannot be easily replicated. They have leaders with conviction, teams with a growth mindset, and a culture that embraces accountability. Just as importantly, they have earned the trust of customers, employees and partners.

When assessing emerging enterprises, the judges look for organisations that combine ambition with substance. They are internationally minded yet deeply customer-focused. They pursue growth but remain grounded in strong values.

What separates a commercially precise innovation from a broad, unfocused business initiative?

Khurana: Commercially precise innovation starts with a clearly defined customer challenge balanced against tangible business outcomes. It is focused, scalable and tied to value creation, whether through improved customer experience, operational efficiency, stronger margins or new growth opportunities.

Tokenisation is a good example. It addressed a specific challenge of making digital payments more secure without adding friction for consumers, delivering measurable value for both businesses and customers. In contrast, broad initiatives often begin with the technology itself rather than the problem being solved. The strongest innovations are those that customers would genuinely miss if they disappeared tomorrow.

Chu: The difference lies in discipline. Commercially precise innovations are tied to metrics such as revenue growth, productivity gains, cost reduction, customer acquisition, or risk mitigation. They have a clear path from idea to impact. Unfocused initiatives may generate activity and excitement, but without a defined business case, they struggle to deliver sustainable value.

Cheong: Commercially precise innovation begins with a clearly defined problem, a clear target customer and a credible path to adoption. Successful innovators think beyond the technology itself and consider early how a solution will be validated, manufactured, regulated, adopted and scaled. Technology creates possibilities, but value is realised only when innovation reaches adoption and delivers meaningful impact. Commercialisation often also requires capabilities that sit beyond a company’s immediate strengths.

This is where partnerships can make a difference. At A*Star, we work with companies across the innovation journey, from technology development and validation to areas such as manufacturability, regulatory readiness and market deployment, helping to shorten the path from promising innovation to commercial impact.

Woo: Commercially precise innovation has a clear line of sight from idea to value creation. It is not measured by how ambitious an idea sounds, but by how clearly it solves a defined problem and creates economic value. It starts with understanding a genuine customer or business need, then asking harder questions including what measurable value it will create, if it can improve scalability, differentiation, margins, earnings or cash flow, as well as what evidence tells us that the opportunity is real.

For emerging enterprises, this discipline matters because capital and management bandwidth is finite. Test the proposition, establish meaningful KPIs and milestones, and commit further resources when the evidence supports it. Broad initiatives often measure activity; precise innovation measures outcomes. The sharpest innovations are those that focus effort where it matters most.

Liew: Commercially precise innovation starts with a clearly defined problem, a compelling solution and a clear path to market. Strong innovators test their commercial assumptions early – from customer demand and routes to market, to the cost and feasibility of delivering at scale. At EnterpriseSG, we help businesses do this by connecting them with corporate partners to test and validate solutions in real-world settings, so they can establish commercial potential before committing significant resources.

Ultimately, the difference between a promising idea and a commercially viable innovation is repeatable customer demand – evidence that the solution solves a real problem, wins and retains customers, and scales sustainably. Keeping these outcomes in mind from the outset ensures that innovation is directed towards delivering tangible business impact.