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
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.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here
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