News Details | 06-Jul-2013

300 youths gather to boost entrepreneurship in Singapore

Inputs will be gathered for new entrepreneurship review

Three hundred youths from local universities, polytechnics and ITE Colleges gathered at the Junior World Entrepreneurship Forum (JWEF) today to share their views on entrepreneurship in Singapore, and what more can be done for youths to get them started. Their views will be taken into consideration for an entrepreneurship review which was recently announced at the 10th anniversary of the Action Community for Entrepreneurship (ACE).

When ACE was established in 2003, it had focused on creating an environment which was conducive to entrepreneurship, such as cutting red tape and improving funding to businesses. Today, ACE has built a community of experienced entrepreneurs who forms a support network for budding entrepreneurs. Minister of State for Trade & Industry, Mr Teo Ser Luck, who is also ACE Chairman, was the Guest-of-Honour at JWEF. He said, “Much has been done in the last 10 years, but more can yet be done. It is in this spirit that I called for a review of current efforts to support entrepreneurship in Singapore.” He urged the students, as future entrepreneurs, to be forthcoming with their views on how Singapore can be more entrepreneurial.

During the dialogue session, the audience asked Mr Teo for his vision of entrepreneurship in Singapore. Mr Teo replied that he wanted Singapore to be like Silicon Valley – not to emulate it mindlessly, but to build a network which is as strong as the Valley’s, where aspiring entrepreneurs will have access to people who can connect them to the resources to start up. With such a strong network in place, any youth who is “hungry enough” can have an easier path to starting and growing a business. Mr Teo also encouraged the students to learn all they can on the basics of entrepreneurship in schools, but stressed that it is more important to “experiment” in order to accumulate “real world” experiences.

Mr Teo added, “I am heartened by the breadth of questions that came up during the dialogue, because this shows that our youths are interested and concerned about how Singapore can support youth entrepreneurship better. We will be addressing their feedback through the entrepreneurship review.”

Singapore hosts the World Entrepreneurship Forum for the second time

The Singapore JWEF 2013, a branch of the annual World Entrepreneurship Forum, is organised by student leaders from Nanyang Technological University (NTU) as an initiative by youths, for youths. It provides a platform for the next generation of entrepreneurs and change-makers to exchange ideas and goals. In addition to the entrepreneurship review commissioned by Mr Teo, the recommendations and insights from JWEF will also be presented to the main Forum held from 30 October to 2 November 2013 at the Grand Copthorne Waterfront Hotel.

This will be the second time since 2011 that Singapore is hosting the World Entrepreneurship Forum – the world’s first global think-tank dedicated to creating wealth and social justice through entrepreneurship. Now into its sixth edition, the Forum has helped to shed light on social and policy issues related to entrepreneurship, and contributed to shaping the entrepreneurship environment in more than 60 participating countries.

Mr Inderjit Singh, Member of NTU’s Board of Trustees and Chairman of NTU’s Enterprise Committee, said, “We look forward to replicating or bettering the success of the 2011 edition of the World Entrepreneurship Forum which was held in Singapore. As a global platform, the Forum is a key event which will allow the local entrepreneurship community to tap the ideas of entrepreneurs from other countries and contribute to the discussion on how to make entrepreneurship effective – not just in driving the economy, but also for social good.”

This year, the theme revolves around “Navigating Change for Sustainable Growth”. The line-up of speakers at the Opening Ceremony include world renowned entrepreneurs, investors, and executives such as Jacques de Chateauvieux of shipping company Bourbon Inc, super-angel investor Morton Lund of Lundkenner, Dr Jean-Baptiste Richardier of Handicap International, and 17-year-old Leanna Archer from the US, who became CEO when she was nine and the youngest person to ring the NASDAQ Stock Market Opening Bell in New York. Closer to home, Singapore will be represented by Michael Ma of Indochine Group and Jack Sim of the World Toilet Organisation.

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Media contacts:

Ng Cuili (Ms)
ACE Secretariat
Manager, Corporate Communications
SPRING Singapore
Direct: (+65) 6279 1812

Feisal Abdul Rahman (Mr)
Senior Assistant Director, Media Relations
Corporate Communications Office
Nanyang Technological University
Tel: (65) 6790 6687


About Action Community for Entrepreneurship (ACE)

The Action Community for Entrepreneurship is a movement for entrepreneurs, by entrepreneurs. ACE helps aspiring entrepreneurs start up by building a vibrant community and connecting them to resources, people and knowledge.  Please visit us at

About Nanyang Technological University (NTU)

A research-intensive public university, Nanyang Technological University (NTU) has 33,500 undergraduate and postgraduate students in the colleges of Engineering, Business, Science, and Humanities, Arts, & Social Sciences. It has a new medical school, the Lee Kong Chian School of Medicine, set up jointly with Imperial College London.

NTU is also home to world-class autonomous institutes – the National Institute of Education, S Rajaratnam School of International Studies, Earth Observatory of Singapore, and Singapore Centre on Environmental Life Sciences Engineering – and various leading research centres such as the Nanyang Environment & Water Research Institute (NEWRI), Energy Research Institute @ NTU (ERI@N) and the Institute on Asian Consumer Insight (ACI).

A fast-growing university with an international outlook, NTU is putting its global stamp on Five Peaks of Excellence: Sustainable Earth, Future Healthcare, New Media, New Silk Road, and Innovation Asia.

Besides the main Yunnan Garden campus, NTU also has a satellite campus in Singapore’s science and tech hub, one-north, and a third campus in Novena, Singapore’s medical district.

For more information, visit

About the World Entrepreneurship Forum (WEF)

Founded by EMLYON Business School (, KPMG France (, Action Community for Entrepreneurship (, Nanyang Technological University (, and Zhejiang University (, the World Entrepreneurship Forum is the first global think-tank dedicated to entrepreneurs, creators of wealth and social justice. Since 2008, more than 200 members from over 60 different countries have met to tackle our world’s most pressing issues with entrepreneurial solutions. For more information:

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