Speeches
Speech by Ms Grace Fu, Senior Minister of State for Education and National Development for 4th Lee Kuan Yew Global Business Plan Competition Awards Presentation Ceremony at Singapore Management University, Level 10, Administration Building on Thursday, 10 July 2008, 7.30 pm
Professor Howard Hunter, President, Singapore Management University
Distinguished judges,
Aspiring young entrepreneurs,
Ladies and gentlemen,
It is my pleasure to be here at the awards presentation ceremony of the Lee Kuan Yew Global Business Plan Competition by the Singapore Management University. To the teams and judges from overseas present with us today, let me also extend a warm welcome to Singapore.
The Competition aims to encourage entrepreneurship among young people from all over the world, and to uncover the potential of their outstanding business ideas. It serves to promote the entrepreneurial mindset and spirit, the instinct and acumen that enables the entrepreneur to identify and capitalize on a winning idea to create new value.
As Singapore transforms itself into a knowledge economy, such skills and mindset will become increasingly critical for our continued progress. Singapore has for some time encouraged our students to compete in the global arena, to pit themselves against the very best, in various disciplines—whether in science and technology, or use of language, or in business ideas. We want to see our young people to be enterprising, to be innovative, exposed to global trends and go beyond books to search for ideas and knowledge. We believe the Competition provides an excellent opportunity to the young budding entrepreneurs present here today.
Indeed, the entrepreneurial spirit is critical not just for economic reasons. Singapore and the world will benefit greatly if the young people of the world today will apply their minds to solve the many problems that are confronting us today—whether it is environmental protection, heritage conservation, waste recycling, widening income gap to name a few. Singapore and the world need creative solutions for these problems quickly and on a sustainable basis. We hope that some of you will devote your time and minds to being about a better future for all of us, citizens of planet Earth.
I commend Singapore Management University for putting together an excellent programme, and for making the competition relevant to the business world. By organizing a competition that creates value to the education of your students, you have sharpened your market position and competitive advantage—a shrewd business move indeed. On behalf of the organizer, I would like to express my appreciation to the judges for lending their expertise and valuable time, as well as to HSBC for their generous support.
My heartiest congratulations to the six teams who have made it past the grueling preliminary rounds of competition, and have qualified for the finals today. Over the past three days, we have worked you very hard—you have embarked on a business study, met some of the business and government leaders in Singapore and also presented your business plan to a panel of investors and venture capitalists.
Regardless of which team emerges the winner of the competition, I hope that this experience has encouraged you and ignited your drive to further develop and realize your business plan. Your network of contacts, with business leaders, government officials and fellow participants will serve you well in future. You would know by now that networking is key in business. To the participants from overseas, I hope that you have gained a better understanding of Singapore. And when you are ready to bring your ideas to the world, we hope that you will consider setting your business in Singapore favourably. Lastly and most importantly, putting aside the competition and business considerations aside, friendship is a critical, if not the most critical success factor in business. Trust is an amorphous quality that will often decide if you will land a business deal or otherwise. So cherish the friendships that you have formed and enjoy the rest of the time you have with your mates.
Thank you.