Promote entrepreneurship by developing risk—taking culture: Teo Ser Luck

SINGAPORE: To promote entrepreneurship, it is important to develop a culture of taking risks and accepting failure.

Minister of State for Trade and Industry, Teo Ser Luck, said this at the sidelines of the ideas.inc. Starting Up conference on Saturday.

Around 400 students, entrepreneurs, investors and experts were at the event to share insights and to network.

"Just being at the starting line to become entrepreneurs, I think you are already very successful," said Mr Teo.

"Even though your ventures may or may not pick up, (the) culture of accepting failure and looking at failure as a learning lesson and becoming more successful in future; I think (that) will be what we are trying to create as an environment."

To encourage more to become entrepreneurs, Mr Teo also announced that more funding, mentorships and networking opportunities, are available for start—ups.

12 new partners, including schools and industry associations, have joined the Action Community for Entrepreneurs (ACE) scheme. These 12 partners will help 100 aspiring entrepreneurs start their businesses in the next three years.

ACE is a public—private sector collaboration driven by the Ministry of Trade and Industry, to create a more entrepreneurial Singapore.

The six finalists of the ideas.inc. Business Challenge were also announced.

Their projects include an educational doll to explain medical procedures to children and an online application for users to buy services, ranging from photography to accountancy.

Promising start—ups can receive up to S$500,000 of equity funding from investors.

The event is organised by the Nanyang Technopreneurship Centre of Nanyang Technological University.

— CNA/xq