Singapore entrepreneurs are thinking big: They want to do well locally and also move into overseas markets quickly. So, having one government agency to help local companies meet both goals makes sense.
This was the sentiment of the local business community on yesterday's announcement that Spring Singapore and International Enterprise Singapore (IE Singapore) will merge to form Enterprise Singapore.
This will help local firms expand and go global quickly.
The merger will take effect in the second quarter of next year.
Announcing the merger yesterday (Sep 5), Minister for Trade and Industry (Industry) S. Iswaran said: "Through Enterprise Singapore, start-ups will not only benefit from the capability development support that Spring has been providing, but they will also be plugged into IE's international networks."
Businesses commented that the merger would make it more convenient for them when dealing with the Government, and that Enterprise Singapore can give them more holistic advice on both local and foreign expansions.
Enterprise Singapore can take the initiative to help companies locally and overseas, said Mr R. Dhinakaran, president of the Singapore Retailers Association.
"The officer in charge can hold the SME's hand. He can say, 'Okay, this is a good product. Why don't you apply for this and that scheme? We will support you in these matters, and why don't you also expand in this market - we have an office there and they can guide you.' It is a one-stop shop," he added.
Sources: “Enterprise Singapore to help firms develop capacity, go global” (The Straits Times, 6 September 2017); “New agency a 'one-stop shop' to help firms grow” (The Straits Times, 6 September 2017)