More start-ups and high-growth businesses in Malay community: survey

SINGAPORE - There are more start-ups and rapidly growing businesses in the Malay business community compared with the national average, a survey conducted by the Singapore Malay Chamber of Commerce and Industry (SMCCI) and DP Information (DP Info) has showed.

The survey, carried out in the first quarter of the year, found that the percentage of startups among the 500 survey respondents was 14 times higher than the national average.

Among the companies surveyed, the proportion experiencing double-digit revenue growth was also 50 per cent higher than the national average.

A separate SME Development Survey released last year by DP Info showed that 7 per cent of small and medium-sized enterprises (SMEs) expect to achieve double-digit growth.

More than 2,700 SMEs responded to DP Info's survey, which is conducted annually.

The SMCCI survey also found that about a third of respondents derive the bulk of their revenue from overseas.

This is a "much higher" percentage compared with a similar survey the chamber conducted in 2007, it said.

DP Info's 2013 survey showed 46 per cent of SMEs were doing business abroad.

More survey findings will be released during the Malay Muslim Business Conference, to be held on on May 7 at Orchard Hotel.