Image courtesy of www.chezjoel.com
Here’re the rest of my predictions, which revolves around the Singapore entrepreneurial scene, for 2008:
3. Less Full-Time, But More Hobbyist, Entrepreneurs
Blame it on our recent burgeoning local economy – despite a forecastedÂ slowdown in 2008 from 7.5-8.0% in 2007 to 4.5-6.5% in 2008 – and continued tight labour market.Â Not many Singaporeans would choose give up full-time (and full-paying) employment to pursue a high-risk venture now, and even less so in 2008.
On the other hand, more younger Singaporeans will continue to dabble in their hobbies that may one day turn into fully-fledged businesses. Their sideline – since they probably have a full-time job – will not only help provide them with supplementary income but more importantly, valuable entrepreneurial know-how that will come in useful in the future.
Young|Upstarts says: If you’re a hobbyist entrepreneur – keep your chin up and march on in 2008. It’ll pay off sooner or later.
4. More Venture Capital, Nothing Much To Invest In
Singapore is likely to continue to see a dearth of entrepreneurs that will catch the eye of those managing VC funds, soÂ they (even those based here) will continue to look offshore for opportunities.
So if you’re a local entrepreneur, that’s good and bad news. You’re not going to have much competition for VC money from other local entrepreneurs, but you’d be up against those from around the region.
Young|Upstarts says: So what’s new?
5. Emergence of the Few Good Men (and Women)
We’re going to see more young Singaporeans lauded for their entrepreneurship and innovation in 2008 – and we’re not talking about awards that seemed to only recognise our better-known and larger SMEs (hello, Ernst & Young).
For example, we note the acclaim that local designer Donn Koh (donnkoh.com) – who recently graduated from the National University of Singapore with a first-class honours in industrial design – has already garnered with LeapFrog. Koh won the top award in this year’s biennnial BraunPrize competition and even a red dot design award with his walking machine made for children with impaired mobility.
Of course let’s not forget Paddy Tan of Bak2u (which designs anti-theft software for mobile products) and Uzyn of ping.sg (a popular Singaporean metablog) two of six Singaporeans voted as contenders in Asia’s top young entrepreneurs by BusinessWeek. We wait in anticipation to see if they’ll win. Make us proud, people!
Young|Upstarts says: They’re already winners. Despite our small pool of entrepreneurs, we’ll see more young Singaporeans win recognition despite the odds.
Anyway, these are just my thoughts, and feel free to correct me if you feel otherwise. Or suggest some to be added. =)
Here’s Part I.