Singapore, What Next?

It is absolutely amazing to see from so close this tiny city-country achieve so much so quickly. Needless to say, an entire generation had to sacrifice so much, work so hard to reach where they are today. Thanks to those efforts and passion to build a great nation, today`s generation is reaping the benefits of being a developed nation.

The question now is - "What next?"

Government is actively working on answering some tough questions- "Where will the next phase of growth come from?", "How can we sustain this growth?" "What needs to be done?", "With the current market condition, are we looking at entering into a slowdown phase?"

From all the debates, discussions and questions (that I asked), I have been able to refine some of my thoughts, listed below:

(I will appreciate your suggestions on this)

1. SMEs need to go global

There is only a certain limit to which they could grow here in Singapore or SEA. They need to take risks, be creative and look forward the opportunities beyond the immediate borders

2. Be creative & Innovate

Singaporean companies need to be more creative in approach. (I may be seriously wrong in my observation, but many others, including some Singaporeans, agree to it) Singaporean businessmen are very good as far as analytical, technical aspect of business is concerned but need to work on creativity aspect to build global brands (from Singapore)

3. 2nd/ 3rd generations need to own up business

How many times in Asia have we witnessed stories where the first generation starts off a business and takes it to a certain scale and level. And then the next few generations either give it up completely. In my opinion (from what I have read and observed), Singapore is no exception. 

This I agree is a tricky part and I have not come across any study to prove or disprove it except for this one -Source: https://www.smeportal.sg/content/smeportal/en/stages/grow/2015/succession-planning-for-singapore-family-businesses.html

4. What areas?

I believe Singapore is well positioned to build a knowledge based economy anchored by industries such as energy, fin-tech and healthcare. I have been blessed to meet and interact with some amazing start-ups and people working in  these areas.

Tough question will be - "Do you want to be a global trading hub or something beyond that?"

5. Focus on innovation

Easier said then done. It is the most loosely used term and needs a lot of deliberation before the government and the enterprises will actually be able to get the recipe right. But of course, both product and process innovation, both radical and incremental, will be required to sustain Singapore`s growth.

6. Strike the right balance- Foreign vrs Local talent

Singaporean  government seem to be struggling to get this equation right. Singapore is still not in a position to fill the talent gap through only local talent. There are areas wherein they can`t make it happen without talent from overseas. SG need to work on striking this balance.