The 14th Start-Up@Singapore kickstarts the dreams of young entrepreneurs

Dr Lily Chan, CEO NUS Enterprise, 
Distinguished Guests,
Ladies and Gentlemen,

1. I am happy to be here at the 14th Start-Up@Singapore Awards Ceremony, organised by students of the NUS Entrepreneurship Society. To our overseas friends who are here, a very warm welcome to Singapore. Start-Up@Singapore began 14 years ago as a competition to enthuse and nurture an entrepreneurial mindset among young people. It has since grown into an exciting flagship business challenge, as well as a resource hub for young entrepreneur both locally and internationally. So let me start by congratulating the student team as well as the steering committee for putting together such a successful event.
   

Entrepreneurs Can Change The World

2. Entrepreneurs are the power that fuels our nation. Today, more and more young people are venturing into new businesses. The number of start-ups in Singapore has doubled over the past four years, to nearly 60,000 annually [1]. These start-ups are generating billions in business turnover and promoting a good social cause at the same time.

3. One example is Dr Neo Shi Yong who has a doctorate in computer science from NUS. With his qualification, Shi Yong could have walked into any IT firm and gotten a good salaried job. However when researching on video analytics as a doctorate student, he saw the market potential for the concept of an open-interface intelligent monitoring platform for transportation. So Shi Yong went on to establish Kai Square in 2006. Over the past years, Kai Square has won several awards for its innovations, and expanded its operations overseas. Today, Kai Square is a multiple-million dollar company managing over 10,000 security cameras in Singapore alone.

4. Many enterprising youth are also leveraging on online platforms to develop apps and e-portals to entertain and connect us with one another. For example, three NUS students – Vincent Tan, Tan Jinglun and Seah Hon Hui – set up the car portal sgCarMart in 2004. The website became so popular that it attracted about 30 million page views every month. Recently, they sold the website to SPH for $60 million. So the three NUS alumni are now millionaires at the age of 32. But they are still continuing their duties at sgCarMart after the acquisition.

5. Not all new ventures achieve success. Indeed, many face steep challenges and some even fail. But that's OK. Don't be afraid to try things that are challenging or risky. If you're afraid of failing, you will clip your own wings. Instead you should recognise failure for what it is – a chance to learn what went wrong, so you can make sure you set it right later. As Thomas Edison once said, “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” And there are many who have persisted with their ideas and found success. I would like to mention entrepreneur Danny Tan. Back in 2010, Danny set up “Foound” a social networking app. Things didn't work out and he had to shut it down. After a brief stint building up his experiences further in other companies, Danny is now back with a new e-commerce website, Hipvan.com, selling design products for home and office.

6. We salute entrepreneurs like Dr Neo, Vincent, Jinglin, Hon Hui and Danny, all of whom embody the can-do, never-say-die spirit. Entrepreneurship does not promise a smooth journey. But neither is it a lonely journey. In the universities, there are programmes and platforms which provide mentorship and incubation support to aspiring entrepreneurs. These are valuable resources for students who may not have had experience in running a venture. At the national level, Action Community for Entrepreneurship or ACE is a platform where entrepreneurs give back by providing peer support. So I encourage all of you to seek out these support platforms in your own entrepreneurship journeys.
   

Social Entrepreneurship in Singapore

7. The other development I've observed is the increasing interest to not just do business, but to do good at the same time. Many young people today are bold in their entrepreneurial ventures, and also big on giving back to the community. They desire to make something of their pursuits, not just for personal satisfaction, but also for social good.

8. Take the example of Lee Zhihan and Ellwyn Tan (both 28). They co-founded Bagosphere, currently the only call centre training company in the Philippines that provides training for youths to get better jobs. Bagosphere has successfully completed their pilot call-centre training programme, with a 100 per cent employment rate for their participants. This is a good example of how youths can empower other youths and grow the next generation of change-makers.

9. Another social enterprise is Start Now, Singapore's first non-government voluntary advocacy social enterprise. It was co-founded by Ivan Chang, an information systems student at SMU, and Keith Tan, an architecture student at NUS. They may have different majors and different universities, but both are passionate about information technology and about growing volunteerism in Singapore and Asia. Start Now connects volunteers and drives interest in this sector through their media outlets. One of their projects is a new mobile app which will allow volunteers to check-in and check-out of volunteer activities to enable a seamless volunteering experience and make volunteer management much more efficient. The app will be launched during the President's Challenge Volunteer Drive later this year.

10. These are just some recent examples of how individuals and teams continue to chart their own pathway to success by having the vision and determination to give back to the community. These young people hold the firm conviction that their ideas and actions can impact society in meaningful ways. Likewise, I hope that everyone here today will also go on to create value for Singapore and beyond.
    

Our Support for Youth Social Entrepreneurship

11. So far, I've given examples of entrepreneurs starting a company from scratch and growing it into a successful enterprise. But entrepreneurship is more than just starting a company. Entrepreneurship is really a mindset, a way of life. It's a powerful force deep down inside, driving you to achieve your dreams, despite dubious odds and the doubts of others. In fact, the word itself in French means to take action. And that's what entrepreneurship is about. It's easy to complain about how things can be better, but not many people actually do something to effect positive change. Entrepreneurs are the ones who do – they show initiative and resourcefulness, and they finally make things happen.
    

12. This is the attitude and spirit we want to nurture in all our young people. We want you to think out of the box, embrace risk-taking and innovation, and act on your convictions. Most importantly, we want you not just to pursue your individual dreams, but also to do something for your fellow citizens and give back to society.

13. My Ministry, MCCY, and the National Youth Council will be happy to support you in any ideas and initiatives that you have that can help build a stronger community and country. So if you have an interest and passion in social entrepreneurship, do not just let it fade away once you complete your studies. Consider how you can continue to develop your interests and potential, and make use of the many opportunities you will have to make a difference in the lives of others. On this note, let me congratulate all of the finalists and winners of this Start-up@Singapore challenge, and wish all of you every success in your future endeavours.

^[1]Source: Singapore Business Formation Statistics Report (For Year 2012)