Mr Ooi Can Seng's argument that if Singapore wants to encourage "greater personal economic adventurism... the state needs to step in to support those who do (take risks), but fail" goes against the grain of entrepreneurship (Failed economic adventures have big impact here; Nov 10).
A real risk-taker is not afraid of failure. The "exit plans" for true entrepreneurs are "success exit plans", not the opposite.
If an entrepreneur has to be incentivised by government grants or capital and wants little economic risk, then he is not a true entrepreneur.
It is our Singapore culture - and our definition of success - that is holding back innovation.
We misunderstand and equate technology with entrepreneurship. Technology follows rules, while innovation requires thinking outside the box, and breaking or changing rules.
Singapore has done well with a rule-based economy. If we truly believe that innovation and entrepreneurship are vital to our future survival, then a major revamp of our current system is required, and many rules will have to be changed.