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

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

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.