Pioneers can teach new generation of entrepreneurs

I strongly agree with Mr Geoffrey Kung Kuo-Woo ("Pioneers can help chart economy's future, too"; Dec 25) because both local and global trends indicate that the pioneer generation will be useful in charting the future of our economy.

Globally, falling birth rates and better healthcare mean the number of elderly people is expected to keep rising.

This has already created new markets, especially for the elderly, as this generation is richer than before.

Granting the pioneer generation a key role on the committee to chart Singapore's economic future is instrumental to understanding the needs and wants of this new and potentially massive market.

This will give Singapore a unique advantage in conquering this growing market, whether in goods or services.

Another key point is that the pioneer generation of business leaders has much needed business experience that is vital to inspire entrepreneurship among our young.

While some may argue that the pioneer generation's early beginnings are highly different from today's digital economy, it would be beneficial for the young to learn from their examples on taking risks to overcome modern-day challenges.

This will inspire much needed entrepreneurship and creativity to ensure Singapore's economic power for the future.

Lastly, appointing the pioneer generation to formal organisations is important, but the pioneers should take the initiative themselves to actively share their wealth of knowledge and experience.

Rather than wait for the Government to create official roles to transfer experience and expertise, these transfers can be just as effective in informal settings.

In my personal experience, no career guidance fair can offer a truthful personal voice like the one we can hear from someone who has just retired.

This, I'm sure, is what young people will be most deeply impacted by.

Lionel Loi Zhi Rui