15 November 2001

KEYNOTE ADDRESS BY RADM (NS) TEO CHEE HEAN, MINISTER FOR EDUCATION AND 2ND MINISTER FOR DEFENCE, AT THE LAUNCH OF THE TECHNO ACHIEVERS' CONGRESS-CUM-INAUGURAL SHELL LIVEWIRE YOUNG BUSINESS START-UP AWARD ON THURS 15 NOV 2001 AT 10.19 AM AT SUNTEC CITY CONVENTION CENTRE

Mr Charles Chong
Chairman, NorthEast Community Development Council and MP for Pasir-Ris-Punggol GRC

1 It gives me great pleasure to join you this morning for the launch of the inaugural Techno Achievers' Congress, hosted by four partners: the Institute of Technical Education (ITE), Shell Companies in Singapore, the ITE Alumni Association and the North East Community Development Council.

2 I am pleased to note that the Techno Achievers' Congress, the first of its kind in Singapore, brings together the expertise and resources of the private sector, the community, the education sector and alumni members. This two-day conference-cum-exhibition, covering the essentials of technology entrepreneurship, or technopreneurship, and showcasing the spirit of innovation, will undoubtedly whet the appetite of budding entrepreneurs. Indeed, looking at the turnout today, it is heartening to see such a strong commitment to supporting and promoting creativity, innovation and entrepreneurship in Singapore. This synergy will reap benefits for all the partners, while building up the collective knowledge and expertise on Singapore's technopreneurship scene.

3 Today, we are facing a challenging international and domestic economic environment, brought about by a global climate of economic uncertainty. Economic exuberance has been somewhat dampened. However, the twin forces of globalisation and technological advancements have not stopped, and we must be ready for the economic upswing when it happens. This includes promoting enterprise development, and nurturing and encouraging the technopreneurial spirit.

4 In order for Singapore to remain internationally competitive, we need to improve our capacity for creativity, innovation and entrepreneurship. Singapore recognises the need to go beyond being an "efficiency city" to one that is a centre of innovation, where there is a constant stream of new and innovative products, processes, applications and services catering to the global market. To succeed in the new knowledge economy, we need to build up our intellectual capital by carefully nurturing and nourishing our home-grown creative and entrepreneurial talents.

5 For technopreneurship to evolve and take root, conditions must be suitable. We need people with the imagination and courage to take risks and who are willing to venture into new frontiers of innovation and business. We need an environment that supports budding technopreneurs, tolerates failure, and rewards success handsomely. We also need our educational institutions to foster a culture of creative thinking and lifelong learning amongst our students at all levels so that they are imbued with a technopreneurial spirit when they enter the workforce. As an education institution closely linked with industry, ITE plays an important role in inculcating the spirit of enterprise and innovation among the young. I am pleased to note that ITE has risen to the challenge, putting in place programmes to help foster an innovative and inquisitive mindset among students.

6 For an indigenous culture of innovation and creativity to grow and flourish, educational institutions also need to collaborate with industry by tapping on their support and expertise. Industry partners working through, for example, the Technopreneurship Incubation Centre at ITE, can harness this synergy and provide the appropriate platform for young start-ups to flourish.

7 The Techno Achievers' Congress principally brings together entrepreneurs and organisations that have succeeded with their ideas. Participants can learn from the successful role models and speakers here today, on how playing an entrepreneurship role can help generate not only individual wealth creation but also new wealth for the economy. They can take inspiration from these ideas and consider how they, too, can become their own bosses. Presently, the number of Singapore-based technology start-up companies per capita is small, compared to other countries such as the USA. A big challenge lies in closing the gap, and positioning Singapore as a regional and international hub for technopreneurship.

8 At this juncture, I would like to congratulate the winners of the Shell LiveWIRE Young Business Start-up Award for their entrepreneurial spirit and courage. I understand that this award is being given out for the very first time, by Shell Companies in Singapore, together with the ITE Alumni Association and Singapore Press Holdings Chinese Newspaper Division.

9 It takes grit and drive to succeed. In the current economic climate, the six recipients' achievements are all the more laudable. Both nominees and award winners make good role models for other young people with start-up aspirations, and they prove that there is a niche that can be carved out in the business world for young innovative Singaporeans who take advantage of opportunities when they present themselves.

10 One of these opportunities is the Shell LiveWIRE programme, which aims to provide developmental resources to match the innovation and entrepreneurial spirit of those attempting to start their own business, irrespective of the nature of the business.

11 I am heartened that educational institutions like ITE and its Alumni Association are actively involved in providing mentoring expertise and rendering support to budding entrepreneurs. I encourage those of you who have benefited from this and other support networks to also become mentors to your peers, and in so doing, perpetuate a virtuous cycle of support and learning.

12 On this occasion, I am happy to also announce the launch of the Innovation and Creativity Fund. This is a seed fund set up jointly by ITE East, its Technopreneurship Incubation Centre partners, and the NorthEast CDC. The Innovation and Creativity Fund will have an initial amount of S$30,000, of which $15,000 will come from Shell LiveWIRE, with NorthEast CDC contributing the other half.

13 The objective of this fund is two-fold: Firstly, to fund innovative projects initiated by young aspiring technopreneurs aged 15 and above and residing in the NorthEast District. Possible uses of the fund will include, but would not be limited to, helping interested schools set up entrepreneurship clubs, organising public education activities, as well as providing training seminars and workshops in entrepreneurial skills. Secondly, the fund will act as seed capital to fund start-ups of innovative ideas that have the potential to be commercially viable.

14 All this is especially timely in today's knowledge-driven economy, where innovative mindsets command a premium. I am confident, therefore, that the Techno Achievers' Congress has an important role to play in furthering our capabilities in entrepreneurship, to our competitive advantage.

15 I wish all participants a fruitful and enjoyable time at the Congress. Thank you.