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Strengthen SMEs - the backbone of the economy: Teo Ser Luck

Minister of State wants to spread the start-up culture of risk-taking

Published on Sep 25, 2012 6:00 AM
Staff of some of the companies at start-up hub Block 71, which Minister of State Teo Ser Luck visited on Monday. He sees start-ups as crucial as they can help reinvent Singapore to be more creative and innovative. -- ST PHOTO: KUA CHEE SIONG

Smaller firms, including start-ups, are the backbone of the economy but they need strengthening, said the Minister of State for Trade and Industry on Monday.

Mr Teo Ser Luck noted that small and medium-sized enterprises (SMEs) contribute more than 50 per cent of gross domestic product They also hire seven out of 10 workers and comprise 99 per cent of all registered firms here.

Mr Teo made his comments after visiting Block 71, a hub for start-ups at Ayer Rajah Industrial Estate.

He dropped in on four firms - Burpple, Zimplistic, Paywhere and Stream Media - as well as technology incubator Plug & Play, which provides new firms with workspaces, mentorship and funding.

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Background story

We need to go to the schools, as well as the universities and polytechnics, to inculcate the spirit of trying.

- Minister of State for Trade and Industry Teo Ser Luck