The Singapore Business Federation (SBF) along with five partners set up the Young Business Leaders Alliance – a new platform to support up and coming entrepreneurs.
The five partners are the Business Leaders Alumni Club; three Young Entrepreneurs Network from the Singapore Chinese Chamber of Commerce and Industry, Singapore Malay Chamber of Commerce and Industry, and Singapore Indian Chamber of Commerce and Industry; and a group of 22 individual Young Business Leaders.
The alliance was launched by the Minister of State for Trade & Industry Teo Ser Luck at the SME Convention 2013 on Monday.
Mr Teo said: “Entrepreneurship is an important means to which our economy and society is revitalised. Start-ups and young companies are nimble and can adapt quickly to the changes in the business environment and they are usually at the frontiers of innovation, technological development and idea creation. They represent the vibrancy and dynamism of our business sector.”
The new alliance will help to connect young business leaders to harness partnership as well as offer peer-learning and mentorship.
Speaking at the convention, Lawrence Leow, chairman of the SBF-led SME Committee highlighted a concern that many small and medium enterprises (SMEs) are at a loss how to grow their top line, amid tightening labour market and rising business costs.
Citing a survey conducted by SBF last month on Budget 2013, Mr Leow said while SMEs generally appreciated the government’s measures to help them cope with rising cost, some firms found certain measures ineffective and are having difficulty with boosting productivity.
According to the survey, about 75 per cent of firms polled said they benefited from the Productivity and Innovation Credit Bonus.
Meanwhile, more than 60 per cent of respondents were either not sure or did not find the measures effective in helping to reduce costs.
To this end, Mr Leow said the SME Committee (SMEC) has formed a new sub-committee to spearhead discussions on SME Innovation.
The SMEC is a business-led initiative under the auspices of SBF, which will function as a key platform for engagement between the SME community and policymakers to discuss SME business issues to effect business-friendly policies in Singapore.
Source : Channel News Asia | October 28, 2013