Singapore’s Entrepreneurial Spirit Grows: A Call for Bolder Policies
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[SINGAPORE] The landscape of entrepreneurship in Singapore is undergoing a transformative shift, as academics and market analysts urge policymakers to design bolder strategies that nurture an entrepreneurial spirit from an early age. The recent mid-term update by the Economic Strategy Review (ESR) emphasized the importance of fostering risk-taking and innovation as essential qualities for Singapore to thrive in an evolving global economy.
Over the past two years, particularly following the disruptions of the Covid-19 pandemic, interest in startups and innovation among young professionals has surged. Dr. Tan Sian Wee from the National University of Singapore noted a notable uptick in young talent exploring roles in technology and entrepreneurship. Likewise, Professor Louis Phee of Nanyang Technological University (NTU) highlighted that students are increasingly participating and excelling in entrepreneurship competitions, further showcasing their growing ambition.
For instance, a team from NTU clinched victory in the prestigious ESSEC x Decathlon Business Case Competition in June 2025, a testament to the rising caliber of young entrepreneurs in the region.
The ESR’s recommendations urge Singapore to embark on a bold new path that goes beyond merely attracting multinational corporations. There is an increasing consensus that nurturing local startups can invigorate the economy. In alignment with this, data from the Accounting and Corporate Regulatory Authority (Acra) revealed that 78,146 new companies were founded in 2025 alone, marking a significant increase in entrepreneurial activity.
Dr. Tan expressed concern, however, over the potential downside of Singapore’s efficiency-driven economy, suggesting it may stifle experimentation. He emphasized the need for a cultural shift—“We need to cultivate a stronger entrepreneurial mindset across the ecosystem, one that values risk and real-world experimentation.”
The challenge extends to small and medium enterprises (SMEs) as well. Ang Yuit, president of the Association of Small and Medium Enterprises (ASME), acknowledged that while there is a push for bold transformations, practical constraints like rising costs often hold back eager founders. Kok Ping Soon, CEO of the Singapore Business Federation, echoed this sentiment, urging for enhanced measures to improve operating conditions and foster innovation within businesses.
A significant barrier to the entrepreneurial spirit lies within the prevailing societal notions of success and stability. As Prof. Phee noted, parents and educators must adapt their expectations in light of rapid advancements, particularly in fields influenced by artificial intelligence. He stressed the demand for innovators willing to challenge existing norms and offer novel solutions.
As the ESR’s findings indicate, it’s imperative to promote a culture where taking calculated risks is celebrated rather than feared. A notable biblical principle underlines this idea: “For I know the plans I have for you, declares the Lord, plans to prosper you and not to harm you, plans to give you hope and a future” (Jeremiah 29:11, NIV). This encourages a mindset that values ambition and risk in pursuit of a greater purpose.
To truly cultivate an environment ripe for innovation, initiatives like hackathons, competitions, and internship programs in global startups must be encouraged at an early age. These experiences can instill resilience and critical thinking, equipping future entrepreneurs to navigate uncertainty.
As we reflect on these developments, it’s crucial to consider how fostering an entrepreneurial mindset aligns with the broader goal of creating a society that values innovation. The call to action is clear: we must cultivate a culture that embraces risk-taking as an avenue for growth and transformation.
In conclusion, as we navigate this evolving landscape, let us be encouraged to reflect on how our actions can contribute to a future filled with hope and promise. Embracing the risks associated with entrepreneurship can not only lead to personal and professional growth but also enhance the collective well-being of our communities. After all, every bold step forward is an opportunity to explore the abundant possibilities that lie ahead.
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