<article><a href="https://www.gov.sg/microsites/future-economy" target="_blank">The Committee on Future Economy</a> (CFE) has published a <a href="https://www.gov.sg/~/media/cfe/downloads/cfe%20report.pdf?la=en" target="_blank">report</a> detailing steps that Singapore will undertake to maintain its sustained economic growth and competitive edge.</article>

<a href="https://www.gov.sg/microsites/future-economy" target="_blank">The Committee on Future Economy</a> (CFE) has published a <a href="https://www.gov.sg/~/media/cfe/downloads/cfe%20report.pdf?la=en" target="_blank">report</a> detailing steps that Singapore will undertake to maintain its sustained economic growth and competitive edge.
Among the seven main sectors that the government-appointed panel underlined, a simpler regulatory framework for venture capital (VC) firms stands out. The report states that companies with strong growth potential can be supported to scale up and internationalise with targeted assistance that include access to networks, mentors, technology and financing.
&#8220;Today, our economic agencies have a range of support schemes to help enterprises innovate and raise productivity. In the future, we need a more tailored approach to help enterprises grow and scale up, taking into account their specific needs and growth stage,&#8221; the report recommends, with the CFE adding that <a style="color: #000080" href="https://hbr.org/2016/02/big-companies-should-collaborate-with-startups" target="_blank">encouraging partnerships between large and small enterprises was vital</a>.
Whilst large enterprises can adopt corporate venture capital to strengthen capabilities, startups can gain access to new sources of funding and networks from large enterprises. More still needs to be done to attract private equity (PE) investors into Singapore, and simplifying the regulatory framework for VCs could help.
To create long-term capital that generates ideas and expertise, the CFE also recommends encouraging a greater diversity of private sector funding options, including from banks, VC funds, and private equity (PE) funds, which are being encouraged to base themselves in Singapore so as to develop a deeper knowledge of market opportunities in both Singapore and the broader region.
&#8220;Where there are clear gaps in market financing – for example, for project financing in emerging markets – the Government can develop new forms of support for the private financing of Singapore companies, while ensuring that risk decisions remain in the hands of the private sector,&#8221; it added.
In essence, the city-state&#8217;s government should aim to create a regulatory environment that supports innovation and risk-taking by being forward-looking when addressing technological and industry innovations, as well as enhancing the ease of doing business and collaborating with industry to identify areas for testing regulatory innovations. This will enable new innovations with appropriate safeguards.
&#8220;The Government will need to be nimbler given the rapid pace of innovation and increasing global competition. We must take risks and be willing to make fundamental changes to support the emergence of potentially-disruptive business activities,&#8221; it said.
The last major restructuring commenced in 2010 following recommendations from the Economic Strategies Committee (ESC). With Singapore said to be entering a new phase of development amidst a journey of challenges, human capital and enterprises will serve as key agents of change and value-creation concluded the 30-member committee.
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Singapore's Committee on the Future Economy proposes new plans to encourage VCs

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