TNC Business Strategy Research
Singapore 2020 Ministerial Statement announced by Minister of Finance on 17 August 2020 (Issue 5)
Ministerial Statement announced by Minister of Finance on 17 August 2020 (Issue 5)
TRANSFORMING OUR ECONOMY FOR A POST-COVID-19 WORLD
As announced in the Ministerial Statement on 17 August 2020, the Government allocated $8.3 billion over three years to support Transformation and Growth strategy in Singapore Unity Budget in February. Firms that have invested in innovation were able to nimbly pivot to new opportunities during this crisis.
The following are the examples to share:
- Example 1 - Decks Private Limited, a retailer with brands such as Island Shop. During the Circuit Breaker, it revamped its e-commerce platform and expanded to other e-marketplaces. Its online sales increased tenfold. It is now taking the opportunity to expand and hire more workers even though the retail sector has been hard hit.
- Example 2 - Certact Engineering, a precision engineering company. When the pandemic struck, Certact pivoted to manufacturing parts for high-demand medical equipment like ventilators. Today, the company is working with the union to upskill its workers.
Startup SG Founder programme
Startups are also contributing to economic growth and efforts against COVID-19. To continue to spur innovation and entrepreneurship, the Government will set aside up to $150 million, to enhance Startup SG Founder programme in phases.
The Government will:
- Raise the startup capital grant
- Continue to provide mentorship
The reference list of Startup SG Founder programmes as follow:
- Startup SG Talent
- Startup SG Founder
- Startup SG Tech
- Startup SG Accelerator
- Startup SG Equity
- Startup SG Infrastructure
- Startup SG Loan