Navigating the new age of entrepreneurship

A YEAR ago, we anticipated that the Covid-19 pandemic would subside if everyone was inoculated, and that life would return to normal.

But the Delta variant took hold, sent us back to working from our homes and limited our social gatherings. Globally, the supply chain crunch has started to fuel inflation, giving central banks yet another problem.

Perhaps our fabled "new normal" simply means nothing is constant. When I moved from Hong Kong to Singapore in June this year, part of my "new normal" regime meant no dining outside with my family. Though a minor inconvenience for me, it was devastating for hospitality in food-loving Singapore. But we roll with the punches.

As do many entrepreneurs and business owners across sectors in Singapore, who continue to shoulder on during this trying period. It takes a lot of courage and ambition to start a business, but the sobering truth is 1 in 3 startups fail within 3 years. Being able to stay resilient, to adapt and respond to the challenges of their entrepreneurial journeys, is what is important.

The journey continues

It is therefore highly apt that the EY Entrepreneur Of The Year awards continue to honour the "unstoppables" this year. Different as they are, the entrepreneurs remain agile and unflinching in the face of adversity, delivering innovation, growth and prosperity that transform our economic landscape, one that is still being reshaped by the pandemic.

We are all familiar with the fundamental shifts - rapid digitalisation, adoption of e-commerce, and so on. But the "new economy" is not just about technology companies. The award winners reflect diverse profiles, from so-called traditional sectors to new sectors brought to the fore by the digital economy.

Carro, for one, transformed the experience of taking hours to buy a car to a 10-minute affair - entirely online, while Singlife changed how customers thought about insurers for the better, starting by reshaping how insurance was delivered digitally and efficiently.

MiRXES believed the future of healthcare would shift from treating the sick to preventive healthcare, and successfully brought its technology from laboratory to clinic. They took a leap of faith, trusted their instincts, looked at the big picture and more importantly, pressed on when the going got tough.

In this new age of entrepreneurship, building an "unstoppable" business or product requires ambition that's free of doubt or fear, and the ability to push on. This push also requires access to significant financial resources.

A generational opportunity

Beyond today's challenges, Singapore's stars are well aligned, leaving us without question in the right place at the right time. Because we are looking at a generational opportunity for Asia, and especially South-east Asia.

Being the growth engine of the world, Asia is expected to generate over half of the world's gross domestic product (GDP) by 2040. With this comes unprecedented capital inflows into the region, and we have seen successful companies emerge from every single country in South-east Asia. The number of unicorns in the region continues to increase fast, and these companies will need more and more access to capital.

Singapore is in pole position to capitalise on this, and it is this ambition, this entrepreneurial spirit and drive that led me to the city state. Singapore offers a number of significant advantages to doing business here.

The city is pro-business, and with trade 3 times its GDP, Singapore is truly a unique international hub. It is a centre of innovation, home to a fast-growing fintech system, and it has remained a beacon of stability amid extreme geopolitical shifts globally.

A key differentiating factor for Singapore's capital markets is undoubtedly our unique ability to bring together a deeply supportive and collaborative ecosystem, where there is an unprecedented level of collaboration and shared purpose among public and private sectors.

Fit for purpose capital raising

As companies innovate and evolve, so does the way in which they raise capital.

SGX's new SPAC framework is focused on ensuring that we offer credible listing vehicles that result in a successful, value-creating business combinations. I anticipate that SPACs will continue to rise to prominence as an avenue for raising funds in Asia - alongside traditional initial public offerings (IPOs) - with SGX leading the way.

Similarly, the joint initiatives that Singapore announced in September with the various government and private agencies will provide the financing needed by companies to catapult growth.

It will strengthen SGX's platform which allows these companies, increasingly from newer economy sectors, to meet their capital needs at every stage of their growth - one that bridges private and public markets, and where they can continually tap to raise funds even after going public.

Behind every success story are also occasional stories of entrepreneurial struggles. Jackson Aw of Mighty Jaxx learnt hard and fast in his first few ventures before founding an award-winning tech-enabled company backed by technology giants including Tencent.

As we celebrate the successes of these companies and their founders, we should also reflect on what it took for them to get there: grit and persistence.

For entrepreneurs who are navigating the seemingly insurmountable challenges, we should encourage them to persevere, for the tide will turn.

I believe that fortune belongs to the bold and brave, and those that succeed will be the ones who are unstoppably ambitious and far-sighted.

One thing for sure is that they can count on Singapore's ecosystem to support them at every step of the way.

• The writer is head of global sales and origination, Singapore Exchange (SGX).