EnterpriseSG’s Scale-Up participants see total combined revenue up S$2.5 billion within 3 years of joining
Agency also announces two new initiatives to strengthen companies’ capabilities in market intelligence as well as M&A
[SINGAPORE] The first 80 participants in Enterprise Singapore’s (EnterpriseSG) Scale-Up programme – which supports promising local companies – generated a combined S$2.5 billion in additional revenue within three years of joining.
This represented a 37 per cent rise in revenue for these participants in the programme’s first seven cohorts. Overseas markets accounted for 40 per cent of total expansion, contributing a combined S$1 billion in overseas revenue.
The figures were shared at the Scale-Up Ignite event on Wednesday (Sep 17), where EnterpriseSG also announced two new initiatives to help companies build capabilities in market intelligence as well as mergers and acquisitions (M&A).
“When we first launched Scale-Up in 2019 as a pilot, we had a bold vision: to nurture the next generation of global Singapore champions,” said EnterpriseSG’s managing director Cindy Khoo.
Scale-Up supports local companies with high-growth potential and ambitions to scale rapidly and effectively.
Over 12 months, they work with EnterpriseSG and partners such as consultancy Bain & Company and the Stanford Graduate School of Business to develop and execute growth strategies, as well as strengthen leadership capabilities across top management.
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More than 100 companies have participated so far, with the 11th cohort to be launched this November.
Of these, 32 per cent were in the services sector, followed by 21 per cent in manufacturing and 17 per cent in trade and connectivity, said the second edition of the Scale-Up Impact Report released at the event.
Growth and expansion
“The outcomes have been encouraging,” noted Khoo.
The 80 participants in the first seven cohorts generated “about 800 good jobs” for Singaporeans in areas such as digital transformation and regional business development, she said.
Of these participants, 70 per cent entered new markets, with Indonesia, the Philippines and Thailand being the top three choices.
In addition, 80 per cent launched new products and services, from digital advisers with personalised health screening recommendations to platforms for sustainable trading of excess materials.
Close to 50 per cent expanded through M&A or joint ventures.
Speaking at the event, Deputy Prime Minister Gan Kim Yong encouraged Singapore companies with high-growth potential not to “wait and see” but instead “see and act”.
While watching the latest global developments, companies should at the same time invest in preparing staff for “skills of the future” and explore new markets, supply chain and sources of supplies, said DPM Gan, who is also minister for trade and industry.
There is no time for them to “sit back” and “start to think about reorganising”, he noted, “because by that time, many competitors would have moved ahead”.
New support
EnterpriseSG is also introducing more Scale-Up X programmes: thematic initiatives to help companies deepen core capabilities and execute growth strategies effectively. “We will start with an M&A programme in November, which will provide the latest insights into M&A strategy and execution,” said Khoo.
There will also be a market insights initiative early next year, to “help companies better access expert networks and market intelligence resources”. Companies will be able to have one-on-one consultations with industry practitioners and experts, or conduct market research to make informed business decisions.
EnterpriseSG will also form smaller thematic groups within its Leaders’ Circle, a community network that connects leaders from Scale-Up companies and facilitates knowledge sharing through forums and networking events. In these smaller groups, like-minded leaders can gather around specific topics of interest, such as exploring emerging markets or leveraging artificial intelligence.
Depending on the topic, there will be learning opportunities from sharing sessions with “key opinion leaders” or facility visits, added Khoo.
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