Entrepreneurship in Singapore: Heavily Reliant on the State?
Entrepreneurship in Singapore is stunted by heavy government intervention, claims the Bloomberg exclusive story, “Singapore Trails Hong Kong in Diversifying Economy”.
The report quoted Anil Thadani, chairman of Singapore-based Symphony Capital Partners (Asia) as saying “Singapore has been unnecessarily restrictive… People who are told from birth what to do and say aren’t likely to be self-starting entrepreneurs. We need a generation to change the mindset.”
Ex-Morgan Stanley‘s chief Asia economist Andy Xie was quoted saying “a strong government and a strong private sector cannot coexist… In Singapore, it’s all about the government taking initiatives.”
“You can’t buy or create entrepreneurialism,” India-born Thadani commented on Singapore’s record of pumping cash from government coffers into startups, which he believes only perpetuates reliance on the state. “You have to create an environment where entrepreneurs can fail and flourish automatically.”
Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.