26 May 2000

SPEECH BY MR PETER CHEN
SENIOR MINISTER OF STATE FOR EDUCATION
AT THE AWARD PRESENTATION AND CLOSING CEREMONY OF THE 6^th
NATIONAL ENTREPRENEURSHIP COMPETITION ON 26 MAY 2000 AT 1430
HRS AT THEATRE FOR THE ARTS, NANYANG POLYTECHNIC

Ladies and Gentlemen, Good afternoon
1.	It is my pleasure to be here to officiate at the Award Presentation and Closing Ceremony of the 6th National Entrepreneurship Competition.
2.	The two universities and four polytechnics joined hands six years ago to launch this annual competition aimed at promoting entrepreneurship among students in our Institutions of Higher Learning (IHLs). For the 6th year running, the Economic Development Board (EDB) has played a pivotal role in the success of this competition by generously sponsoring the top prize of $30,000 each year. Over the years, the competition has seen some very enterprising and innovative ideas, a few of which have ended up as successful products and business ventures.
3.	Entrepreneurship is evolving into an important field of study. The teaching of small business development and entrepreneurship as an integral component of tertiary education at polytechnic and university levels is common place nowadays. While arguments about whether entrepreneurs are born or nurtured will continue, the experience of leading universities in America has been that, given the right teaching and learning environment, an entrepreneurial mindset can indeed be developed. It is therefore important that our IHLs foster an environment that will support the development of an innovative and creative mindset in our students and ignite the spirit of enterprise in them.
4.	Entrepreneurship is about discovering, evaluating and exploiting sources of opportunities. The teaching of entrepreneurship can be implemented through a hands-on and practice-oriented curriculum, case studies, experience-sharing by practising entrepreneurs, and competitions such as this. However, to be a successful entrepreneur, one must be able to create and seize opportunities. Not every entrepreneur succeeds at the first attempt. Most people encounter setbacks at some stage of their endeavours. They eventually prevail and succeed because of their desire, ability and courage to see through the commercialisation of their ideas. For Singapore to succeed in the new economy, we need more entrepreneurs. Our tertiary institutions must continue to play an important role in nurturing students to become more adventurous and creative.
5.	As applications of Internet technology and info-communications technology (ICT) become more pervasive, we are likely to find more opportunities for wealth creation. The rapid growth in the number of Internet start-ups, particularly in the United States, and their spectacular successes are phenomenal. It is not uncommon to read about college students making millions through these start-ups. Recent examples include two American teenagers, Michael Furdyk and Michael Hayman, who co-founded BuyBuddy.com, an online computer and software shopping service, in March 1999. What is also amazing is that BuyBudddy.com was the second company these two kids had founded. They sold their first, mydesktop.com, for a handsome seven-figure sum.
6.	There is also huge potential in the life sciences sector. Many people believe that the 21^st Century will belong to the life sciences industry. From super-bugs that clean up man-made pollutants to wonder drugs for all manner of illnesses, and from genetically modified foods to DNA-mapping of the entire human genome, our world may never be the same again. Breakthroughs and advancement in biotechnology, genetic engineering and related fields will present a series of exciting opportunities for entrepreneurs.
7.	The fact that all the five finalists in this competition are either dot.com or life sciences related is truly a reflection of the trends in the 'new economy'. To all the participants in this competition, I urge you not to stop here at the competition level, but to take your ideas to the marketplace. There are incentives and funds available to help technopreneurs and entrepreneurs in Singapore. There are also other venture-capitalist funds and private angel funds out there to help finance your ventures. What you need are good ideas and sensible business plans.
8.	In closing, let me congratulate the winner, the finalists and participants of the 6th National Entrepreneurship Competition. I would like to commend the tertiary institutions for making efforts to promote entrepreneurship among their students. I hope that this competition will mark the start of your journey to becoming a successful entrepreneur in the global economy. Thank you.