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Young Entrepreneurs See Boost In Business From Singapore’s Economic Growth

A new platform has been initiated in Singapore for young entrepreneurs to develop their eye and drive for business, as Singapore faces a new chapter in its economic growth.

Called SCAPE Underground, the programme focuses on the local retail industry and aims to showcase the newest Singapore labels so that young entrepreneurs will have an avenue to improve their products and services.

Singapore Prime Minister and Second Trade and Industry Minister S Iswaran graced the launching of the event. Iswaran lauds Singapore’s young entrepreneurs whose small and medium enterprises serve as the backbone of Singapore’s economy.

“We emphasise the fact that we want different pathways for people to realise their dreams and aspirations,” Mr. Iswaran told the press. “While some would be happy to pursue a path through some kind of career or technical career, others want to try their hands at business.”

A number of entrepreneurs in Singapore have started their businesses at the SCAPE Bazaar which is open on business during the weekends. With the launch of SCAPE Underground, young entrepreneurs will now have another place to put their ideas into good use as well as receive feedback and training for their outputs.

SCAPE Underground has tapped a number of academic institutions to provide training for the budding entrepreneurs. SCAPE Underground’s concept is to provide entrepreneurs a chance to grow their business at one of the bustling business places in Singapore, Orchard Road, prior to having their own commercial space.

The initiative only goes to show how much the Singapore government, and society in general, value every citizen’s entrepreneurial spirit. This attitude toward business has helped Singapore grow as a global business hub in the region and a premiere destination for Western companies looking into expanding their operations eastward.

Small and medium businesses contribute to about 50% of Singapore’s gross domestic product and employ a huge percentage of its workforce.