Entrepreneurship in Singapore: Growth and Challenges

Abstract

In this chapter, we provide a comprehensive and concise summary of recent entrepreneurial activities and attitudes in Singapore based on the 2012 Global Entrepreneurship Monitor (GEM) Singapore report (Chernyshenko et al. 2013). The 2012 GEM Singapore report included various key indicators of entrepreneurial activities and attitudes in Singapore in the prior year. Whenever available, we compare this recent survey with the 2011 and 2004–2006 surveys (Singapore did not participate in GEM survey between 2007 and 2010). Independent of the stage of economic development, entrepreneurship plays a significant role for the expansion, job creation, and overall economic health within a country (Shane 2008). Knowing the entrepreneurial aspirations of country’s residents is particularly relevant in Singapore’s innovation-driven economy given that the country’s prosperity depends largely on the economic activities of its citizens. This chapter on Singapore’s achievements and the challenges in promoting and understanding entrepreneurship may also provide some guidance and caution to other countries in the region and beyond.