Singapore has great technology potential but little technology-based entrepreneurial activity. This is keeping it from achieving higher rates of economic growth and stronger export demand in the high technology space. The major problem is the lack of involvement from researchers, including professors. For example, only one professor has successfully spun off technology-based startups and only one more is actively pursuing commercial applications at the technology-focused Nanyang Technological University . To better facilitate the creation of technology-based companies, The Singaporean government should redirect some of its funding allocation from student entrepreneurship programs to create new initiatives encouraging researchers’ exploration of commercial applications of technologies in universities.
In the late 80s, the Singaporean government started concentrating more of its efforts on improving the country’s research and development capabilities and providing a favorable environment for entrepreneurship in hopes of increasing Singapore’s number of technology-based startups, which can lead to the development of a thriving technology industry in Singapore and contribute to significant economic growth. The government started many initiatives and created favorable policies that led to the creation of cutting-edge technology—especially in biotechnology and water technologies—and Singapore’s consistent top international rankings in business environment for start-ups . However, despite these advances, Singapore ranked ninth-lowest in early-stage entrepreneurial activity out of 42 countries included in the 2006 Global Entrepreneurship Monitor report, and the country continued to experience low rates of technology-based entrep...
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...e form of reforming and bolstering the institutions’ intellectual property and technology transfer functions . Through providing these additional resources, SPRING would be able to encourage university researchers to be more open to the idea of advancing their projects beyond the laboratories, thus facilitating a potentially significant contribution from these institutions to Singapore’s economy.
Significant economic gains can be made through an increase in Singapore’s level of technology-based entrepreneurial activity, something that requires the active participation of professors as well as students. While current programs address student incentives, the government needs to also encourage researchers to take part in entrepreneurial activities through creating valuable programs and establishing the necessary infrastructure for bringing technologies to market.
Situated in the heart of the metropolitan city of Atlanta, the Georgia Institute of Technology (Georgia Tech) is recognized for producing students that exhibit excellence and leadership that extends beyond their collegiate tenure. Most recently, Georgia Tech was recognized as the top seventh public university by U.S. News & World Report (http://www.gatech.edu/about/facts-and-figures) for its leadership in both academia and research. Though Georgia Tech continuously maintains top rankings for its undergraduate and graduate academic programs, this paper focuses on the functional units responsible for the innovation and entrepreneurship that comes from this prestigious university by way of research. Chartered in 1937, the Georgia Tech Research
Comparative advantage means that an industry, firm, country or individual are able to produce goods and services at a lower opportunity cost than others which are also producing the same goods and services. Also, in order to be profitable, the number in exports must be higher than the number in import. From the diagram we seen above, Singapore is seen to have a comparative advantage in some services. The services are Transport, Financial, business management, maintenance & Repair and Advertising & Market Research, etc. These export services to other countries improve the balance of payment. On the other side, Singapore is seen to have a comparative disadvantage in some services. The services are Travel, Telecommunications, Computer & Information,
In this essay we look in-depth on how government strategies and economic policy play a crucial role in the success of High Performance Asian Economies (HPAEs) during 1960 to 1990 (World Bank 1993).There are eight countries within HPAEs: South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, Indonesia and Japan. Its economic development has significantly rise that it was name ‘East Asia Miracle’ (World Bank, 1993).
Singapore is an island and a smallest country in Southeast Asia. Singapore is one of the “Four Asian Tigers” where the world major cargo seaport occurs. Despite the small size of the nation, Singapore economy have strong international trade link with capitalist mixed economy when the government intervention in the market is minimal (Economy watch, 2011).
“The underlying strategy to build a first-world economy is to create a first-rate education system,” shares former Prime Minister Lee Kuan Yew (1999) in his National Day Rally speech. As a small country in Asia with limited natural resources, Singapore government’s plan to turn their economy from labor-based economy into a knowledge-based economy has been a success. The government focused on improving the education system and aimed to become Asia’s education hub (Lee, 1999). Today, Singapore is one of the wealthiest countries in the world and its economy is considered one of the greatest, ranking second after Switzerland and surpassing that of the US’ and UK’s (World Economic Forum, 2013). Singapore’s education system is also highly regarded by other countries and its universities, specifically National University of Singapore (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU), have partnered with top universities around the world; thus attracting foreign students to pursue their studies in Singapore (Lee, 1999).
Keng. Ng was forced to leave his home in 1938, at the age of 15, due
Singapore is a small island in the south of Malaysia, and in relation with other islands it is more urbanized. It has an area of 7232 square kilometers. Most of its land was reclaimed from its sea, hills and the neighboring areas. It is 15 meters above sea level on most parts of its territory and 165 meters above the sea level on Bukit Timah region that comprises of igneous rocks and granite (Bowen, 1993). Despite the absence of any natural lake, the country has good supply of water from its constructed reservoirs.
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
As industry liaison at the School of EEE at NTU, I facilitate industry partnerships and promote entrepreneurship within the school. In the coming months, we will be launching an entrepreneurship ...
Within every major economy, a great factor in providing the energy of the core of the nations economy is the small and medium enterprises. These cluster of firms are what provide new economic activity, new innovative products and services, along with growing employment and in general a crucial system in ensuring the economy is at a stable growth level. With a majority of this activity stemming from family controlled or managed businesses, the focus on developing a global and long term perspective for these firms are ever growing in importance because of the global perspective entrepreneurship has started to take.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
Entrepreneurship, innovation and economic development are the key factors of a successful business. These concepts are inter-linked and this essay will further explore and elaborate the relationship they have with each other. Additionally, sustainability also plays a role in this relationship and contributes greatly to a business’ success and reputation.
biotechnology, engineering) as well as to get valuable knowledge and set of skills needed, as for instance, for creation of prototypes. The program encourages the youth to be passionate about invention and come up with groundbreaking solutions to the pressing world’s issues. In turn, Lemelson’s incubation program is designed with collaboration of over 200 U.S. colleges and aims to provide students – innovators with a guidance in tech entrepreneurship as well as with initial stage funding (The Lemelson Foundation,
Entrepreneurship is a key driver of our economy, wealth and the majority of jobs are created through entrepreneurship, and it also helps and educates people in terms of growth and realizing opportunities (Nolan, 2003). Entrepreneurship is also seen as one of the important contributing factor to local development (Nolan, 2003).
Scientific and technological progress is one of the most important and far reaching of humanity’s effort streams throughout history. One of the hallmarks of any great society is what new or improved knowledge of the world and how it works that the society can contribute. A strong and vibrant culture celebrates the spirit of invention and innovation. Closely allied with this concept is the spirit of entrepreneurship, considered one of the greatest qualities of the American culture.