Debated in Parliament on 9 Jan 2023.
Mr Liang Eng Hwa asked the Minister for Trade and Industry (a) whether he can provide an update on the Scale-up SG scheme, an Enterprise Singapore programme to accelerate the growth of high-potential local companies and help them expand globally; and (b) whether the scheme has achieved its intended outcomes.
Scale-Up SG is Enterprise Singapore (ESG)'s flagship programme to support local companies with high-growth potential to scale effectively, and become leaders in their fields and future global champions. Participants work closely with ESG and programme partners on management development, business innovation, market penetration and other areas that will help accelerate their growth. As these companies grow, they will contribute to Singapore's economy, create good jobs for Singaporeans and strengthen the Singapore brand.
We have taken in seven cohorts – a total of 80 enterprises – into the programme since 2019. It will take time – perhaps years, for these companies to reach their fullest potential.
Nevertheless, we are seeing some promising signs. For example, among the first three cohorts of the programme, 85% have created new businesses or products, and more than half have expanded into new overseas markets. The companies have also collectively created some 500 professional, managerial, executive and technician (PMET) jobs. ESG is gathering feedback from participating companies to refine the programme and develop new tools to support their growth.
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