Entrepreneurship in Singapore

Singapore has completed its catch-up growth phase and needs to find a new growth engine. Entrepreneurship can contribute to a nation’s productivity growth. The purpose of this chapter is twofold. First, a theoretical framework is presented, along with empirical evidence, to understand government int...

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Main Author: LEE, Jungho
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2021
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Online Access:https://ink.library.smu.edu.sg/soe_research/2652
https://ink.library.smu.edu.sg/context/soe_research/article/3651/viewcontent/Entrepreneurship_in_Singapore__20201029_.pdf
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spelling sg-smu-ink.soe_research-36512023-01-03T01:30:15Z Entrepreneurship in Singapore LEE, Jungho Singapore has completed its catch-up growth phase and needs to find a new growth engine. Entrepreneurship can contribute to a nation’s productivity growth. The purpose of this chapter is twofold. First, a theoretical framework is presented, along with empirical evidence, to understand government interventions aimed at boosting entrepreneurship. Second, using the framework, the chapter discusses whether Singapore’s current policies are suitable for helping entrepreneurship. The theory demonstrates four reasons why government intervention is needed: (1) resource misallocation, (2) positive externality, (3) entrepreneurial human capital, and (4) tax and default policies. Singapore’s government has implemented various policies that potentially fix market failures and hence boost entrepreneurship. Going forward, focusing on internalising positive externality and improving entrepreneurial human capital could generate the highest pay-off for Singapore’s economy. Relatedly, attracting high-potential start-up firms, regardless of their nationality, would be beneficial given that such firms can generate synergy with local firms and create more local employment. Finally, allowing more debt forgiveness for failed entrepreneurs could be considered. 2021-09-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soe_research/2652 info:doi/10.4324/9780429266584-2 https://ink.library.smu.edu.sg/context/soe_research/article/3651/viewcontent/Entrepreneurship_in_Singapore__20201029_.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Economics eng Institutional Knowledge at Singapore Management University Asian Studies Econometrics Entrepreneurial and Small Business Operations
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Asian Studies
Econometrics
Entrepreneurial and Small Business Operations
spellingShingle Asian Studies
Econometrics
Entrepreneurial and Small Business Operations
LEE, Jungho
Entrepreneurship in Singapore
description Singapore has completed its catch-up growth phase and needs to find a new growth engine. Entrepreneurship can contribute to a nation’s productivity growth. The purpose of this chapter is twofold. First, a theoretical framework is presented, along with empirical evidence, to understand government interventions aimed at boosting entrepreneurship. Second, using the framework, the chapter discusses whether Singapore’s current policies are suitable for helping entrepreneurship. The theory demonstrates four reasons why government intervention is needed: (1) resource misallocation, (2) positive externality, (3) entrepreneurial human capital, and (4) tax and default policies. Singapore’s government has implemented various policies that potentially fix market failures and hence boost entrepreneurship. Going forward, focusing on internalising positive externality and improving entrepreneurial human capital could generate the highest pay-off for Singapore’s economy. Relatedly, attracting high-potential start-up firms, regardless of their nationality, would be beneficial given that such firms can generate synergy with local firms and create more local employment. Finally, allowing more debt forgiveness for failed entrepreneurs could be considered.
format text
author LEE, Jungho
author_facet LEE, Jungho
author_sort LEE, Jungho
title Entrepreneurship in Singapore
title_short Entrepreneurship in Singapore
title_full Entrepreneurship in Singapore
title_fullStr Entrepreneurship in Singapore
title_full_unstemmed Entrepreneurship in Singapore
title_sort entrepreneurship in singapore
publisher Institutional Knowledge at Singapore Management University
publishDate 2021
url https://ink.library.smu.edu.sg/soe_research/2652
https://ink.library.smu.edu.sg/context/soe_research/article/3651/viewcontent/Entrepreneurship_in_Singapore__20201029_.pdf
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