Debated in Parliament on 4 Aug 2014.
Assoc Prof Fatimah Lateef asked the Minister for Trade and Industry if he will give an update on the progress in implementing recommendations of the Entrepreneurship Review Committee since February this year.
The Entrepreneurship Review Committee (EnRC) was formed in July 2013 to identify key directions for entrepreneurship over the next 10 years. The Committee released its recommendations earlier this year. The key recommendations of the Committee are three-fold. First, the private sector should play a stronger leadership role in the entrepreneurship space. Second, focus should be placed on increasing market access opportunities for startups and, third, measures to improve the infrastructure support for and quality of startups should be implemented.
The Government has started to implement the EnRC recommendations. The Action Community for Entrepreneurship (ACE) will be restructured, to enable the private sector to lead in shaping the entrepreneurship landscape.
To help startups with market access, IE Singapore launched the Market Access Incubation Programme (MAIP) in March 2014. The MAIP works through incubators to help startups build networks in overseas markets through participation in business missions, trade fairs and other events. In parallel, SPRING Singapore has organised sessions for startups to pitch their ideas to large enterprises, to help startups gain access to business customers.
We are also enhancing infrastructural support for startups and creating the conditions for a vibrant startup community. In March 2014, the Government announced the launch of JTC LaunchPad@one-north, building on the success of Block 71 in Ayer Rajah Crescent to create a cluster for startups. This development is on track to be completed by end 2014. LaunchPad will provide startups with opportunities to establish partnerships and gain access to networks and markets within and beyond Singapore. Interest in LaunchPad has been strong. We have received many applications which we are jointly evaluating with the various agencies.
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