After digesting (partly) the ICM Masterplan and various ideas suggested for the Startup Ecosystem, these are my thoughts below. I will try to keep this brief. If you have questions about any of it, please email me (it's been a long week). This post will be updated along the way (beta).
As of August 9, 2014, this is my assessment of the Singapore Startup Ecosystem (as per Founder Institute (1 to 5), there is no "3" rating) ;).
Founder Training - 2
Founder Culture - 2
Labour Training - 2Labour Culture - 2
Mentor Quality (SEA) - 4
Mentor Quality (SEA) - 4
Mentor Quality (US) - 2
Infrastructure - 4
Regulation/Policies - 4
Market Size (Platform/Distribution) - 2
Monetization (Payments) - 4
Capital - 2
Exit (IPO) - 1
Infrastructure - 4
Regulation/Policies - 4
Market Size (Platform/Distribution) - 2
Monetization (Payments) - 4
Capital - 2
Exit (IPO) - 1
Exit (M&A) - 2
Media - 2
Media - 2
What are the 3 major issues/discussion points facing startups in the Singapore Startup Ecosystem?
1. Culture
Culture takes time to change. Make tech sexy again for students through education and media outreach. Need a coherent long term effort by all stakeholders in the ecosystem.
2. Market Expansion
Choosing the right markets to expand to with expertise to navigate Southeast Asia and the USA like we do Orchard Road.
3. Government's continuing role
Government efforts need to stay its course (it is a marathon not a sprint) - be humble/flexible and listen, move out of the way if need be.
What do I propose?
The establishment of one unified entity (with full autonomy - private sector led, public sector supported) to direct all innovation driven enterprise (IDE) efforts, funding and activities.
- With the one unified entity (privately led with government support), government resources will be allocated as quickly and efficiently as possible.
- Collapse all IDE grants, initiatives, funding, subsidies under one roof. Rewire all government grants and funding systems.
- A central resource for programs, education, travel subsidies for founders and mentors to and from target markets.
Why?
Great intention and a large budget. Too many cooks (spread too thin).
It is not working as best as we want it too. It can be improved. We can achieve (sorry if it is a bit cheesy).
Happy National Day!
- The End -
p.s. love to hear your thoughts, there are ways to fix the 1 & 2 ratings, if you want to know more or how email me.