To tackle the current economic challenges, the Government is looking to create a conducive and attractive environment for new businesses to start up and existing companies to reinvent themselves (S'pore must chart new path as it won't return to pre-Covid world: Chan, Aug 12).
We need to reframe these challenges to unlock new ideas and find ways to achieve breakthroughs for Singapore.
I propose that the Government consolidate its existing efforts through the setting up of a new Ministry of Digital Economy.
Current efforts to nurture start-ups and promote digital transformations are fragmented.
Different government agencies have been tasked to drive various programmes ranging from funding support to training.
But it is not easy for companies and individuals to navigate and make sense of the different support schemes and measures.
To enable tighter coordination, this new ministry can consolidate existing agencies such as the Government Technology Agency, the National Research Foundation and Enterprise Singapore.
This will provide new leadership and impetus in developing our digital economy.
A key concern of many aspiring entrepreneurs is the possible drop in or loss of income in the first few years of starting a business.
Through this new ministry, individuals can be screened based on their business proposals and track records. Successful candidates could be supported with a regular salary for the first two years of their business, subjected to regular performance reviews by the ministry.
In addition, the new ministry can actively source different technologies and innovative concepts, such as those from academia that are yet to be commercialised.
It can help to match these promising ideas to the existing large pool of unemployed professionals, managers, executives and technicians who are highly skilled and keen to start their own business.
These are just some areas where the leadership of the Government is needed in these pressing times.
Nothing should be left to chance. Singapore is a small city and the ability to harness all our available resources to develop new sprouts of growth is critical for our survival.
Loh Kah Lan
