Entrepreneurship Popular Among Youths In Singapore

Statistics from inaugural Global University Entrepreneurial Spirit Students survey revealed.

More youths are taking up the call to be entrepreneurs, going by the figures of the Young Entrepreneurs Scheme (YES!) for Schools and Startups, as well as the inaugural Global University Entrepreneurial Spirit Students survey (GUESS). Just a year after the two YES! schemes were launched, 31 schools with over 6,000 students have been supported under YES! Schools and 59 youths have started 38 companies under YES! Startups.

In addition, the GUESS survey has revealed that 18% of students from the institutes of higher learning are looking to become entrepreneurs upon graduation.

YES! schemes

YES! Schools aims to expose youths to entrepreneurship and instil enterprising traits in them from young while YES! Startups provides seed capital to help youths start their first innovative business.

Eight schools and 10 startups that have been supported under the schemes will showcase their innovative and enterprising products and services at the Global Entrepreneurship Week (GEW) 2009, which opens today. See Annex 1 for the list of schools and startups participating in the YES! Showcase.

Two of the YES! Startups –Socialico Pte Ltd and vlogCRUSH Pte Ltd – also launched new products and services at the opening. Socialico’s FAME League is a free-to-play fantasy sports, entertainment and popularity gaming platform. vlogCRUSH’s interactive Online Variety Programme (OVP) platform is a free-to-use interactive website that allows users to video-blog or ‘vlog’ their talents. More details can be found in Annex 2.

“Yes! Startups provided the essential funding support and opened many windows for vlogCRUSH. The support allowed us to develop our product from a proof-of-concept idea into a full-fledged product,” said Mr Ian Lim, Founder, vlogCRUSH Pte Ltd.

Dr Vivian Balakrishnan, Minister for Community Development, Youth and Sports was the Guest-of-Honour at the opening ceremony of GEW at HDB Hub. Some 400 entrepreneurs, students interested in entrepreneurship, business angels and venture capitalists attended the event.

GUESS survey results

That entrepreneurship is gaining a foothold among the young is confirmed by the inaugural Global University Entrepreneurial Spirit Students (GUESS) survey. Over 2,300 students from the three public universities and five polytechnics took part in the Singapore section of the survey.

The results revealed that 18% of the students in Singapore considered ‘remaining independent’ after graudation. This includes starting a new business, taking on a family business or becoming self-employed. This compares to 69% who considered taking up a salaried job. Another 2% of the students surveyed had already founded a business.

As the international data is not yet ready, it is too early to make any comparisons. The survey is co-ordinated by the Swiss Institute for Small Business and Entrepreneurship at the University of St Gallen in Switzerland. The NUS Entrepreneurship Centre, a division under NUS Enterprise, is co-ordinating the Singapore section of the survey.

The GEW is the world’s largest single event to celebrate and promote innovation, entrepreneurship and creativity among youths globally. NUS Enterprise and the Action Community for Entrepreneurship (ACE) are the co-hosts of the GEW in Singapore for the second year. More than 25 partners are organising a variety of activities from 16 – 22 November to inspire a new generation of young entrepreneurs.

To find out more, visit: www.entrepreneurshipweeksg.org (Singapore website) or www.unleashingideas.org (Global website).

About Global Entrepreneurship Week

Global Entrepreneurship Week will encourage youth to think big, to turn their ideas into reality, and to make their mark. From 16-22 November 2009, millions of young people around the world will join a growing movement to generate new ideas and to seek better ways of doing things. Thousands of activities are being planned in more than 80 countries. Global Entrepreneurship Week is founded by the Ewing Marion Kauffman Foundation and the Make Your Mark campaign; sponsored by NYSE Euronext, IBM and Ernst & Young. To learn more, visit www.unleashingideas.org

About NUS Enterprise

NUS Enterprise was established in 2001 as a University-level cluster to provide an enterprise dimension to NUS teaching and research involving the University’s students, staff and alumni. The functions of the Enterprise Cluster complement the academic cluster of the University to nurture talents with an entrepreneurial and global mindset. NUS Enterprise promotes the spirit of innovation and enterprise through Experiential Education, Industry Engagement & Partnerships and Entrepreneurship Support For more information, visit www.nus.edu.sg/enterprise

About Action Community for Entrepreneurship

The Action Community for Entrepreneurship (ACE) is a movement that involves both the private and public sectors to create a more entrepreneurial environment in Singapore. ACE seeks to be a change agent in building a more pro-enterprise environment through the facilitation of discussion, debate and recommendations on the regulatory framework; changing culture and mindset; improving access to finance and facilitating networking. For more information, visit www.ace.sg

About SPRING Singapore

SPRING Singapore is the enterprise development agency for growing innovative companies and fostering a competitive SME sector. We work with partners to help enterprises in financing, capabilities and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING also develops and promotes internationally-recognised standards and quality assurance to enhance competitiveness and facilitate trade.

Please visit www.spring.gov.sg for more information and news about SPRING Singapore.

Topics: business, economic development, economic recovery, Economy, education, entrepreneurial spirit, GUESS, innovative business, Singapore, Spring, students, YES! Schemes, YES! Startups, youths

 Print This Article in Plain Text

Latest Headlines

• Canada Working For A Democratic Burma
• New Mexico: Drinking Alcohol While Carrying A Concealed Weapon Is Prohibited
• Connecticut To Invest $352 Million For UConn Health Network
• Connecticut To Make Major Improvements At Rocky Hill State Veterans Home
• Michigan To Reform State Employee And Public School Retirement Systems
• Florida Announces Programs For Military Families And Veterans
• New Jersey Privatization Task Force To Streamline State Government
• Massachusetts Seeks Federal Funding For Substance Abuse Programs
• President Obama On America Competing In The Global Marketplace
• White House Highlights Master Recovery Act Transportation Map
• White House Reports WellPoint Trying To Stop Health Reform
• Canadians Check Your Tax Payment Vouchers Photocopies Will Not Register
• Catholic Church Still A Major Player In Health Care Reform Debate
• Canada Coast Guard Announces Spring Icebreaking In Quebec
• Bank Of Canada Announces Retirement And Appointment For Deputy Governor

In The News

Some States Hit Hard By National Unemployment Crisis

California has fewer people in its

Canada Joins Colombia’s Emerging Market With Free Trade Agreement

The Honourable Peter Van Loan, Minister

USDA Announces Apps For Healthy Kids Competition

Contestants To Compete for $40,000 in

Medicare Terminates Contract With Fox Insurance Company Drug Plan

Members will be provided access to

SEA Means More Than The Sea To Wales

Environment Minister Jane Davidson has welcomed