Speeches

Mr Boon Swan Foo, Executive Chairman of Exploit Technologies

Mr Renny Yeo, President of Singapore Manufacturers' Federation

Ladies and gentlemen, good afternoon.

A Bright Spot in the Singapore Economy

I am pleased to join all of you today to witness the signing of the Memorandum of Understanding (MOU) between Exploit Technologies and the Singapore Manufacturers' Federation. I would like to commend both organisations for making this courageous move during these difficult times.

2. Exploit Technologies has made an early move to help Singapore start-ups with the launch of the Angel Investment Management (AIM) programme in July last year. As we are all well aware, Venture Capitalists (VCs) are now adopting a more prudent stance towards investing in early stage start-ups. A coordinated effort to encourage angel investment activities in Singapore will be a much needed boost to start-ups lacking resources. Such activities not only can generate investment leads, but also can act as an excellent platform for start-ups with good technologies to catch the eyes of big corporations, very often helmed by angel investors themselves. More importantly, most angel investors make strong and good mentors.

3. The signing of this MOU today demonstrates a resolute move towards helping start-ups. It also demonstrates how different parts of the Singapore community can come together to help our own businesses tide over the difficult times. This is a bright spot in the downturn.

4. Singapore needs more committed individuals and organisations to come forward to mentor and to invest in our promising start-ups. To encourage individuals and organisations to invest in start-ups, the Government has introduced the Enterprise Investment Incentive (EII) Scheme, which allows investors to deduct up to $3 million of losses against their taxable income. We have also currently, committed to match funding by private investors in start-ups by a 2:1 ratio, capped at $1 million under the Start-up Enterprise Development Scheme (SEEDS) and $1.5 million under the Business Angels Scheme (BAS) respectively.

5. Bad times do not kill good start-ups. In fact, bad times open up the best window of opportunities for the perceptive few to talent-scout and grow the blockbusters of tomorrow.

6. I wish all present success and many good years ahead in nurturing high potential start-ups. Thank you.