Chitchat Startup

[desmondquek]

From channel 8 drama shorts, CNA documentaries, news reports, advertisements, etc, one can see that the gahment is trying to induce people into starting small businesses on their own and be more open to risk.

Qns: (1) What are the motives behind this? GDP figures again?

(2) Will SG's startup scene even amount to anything? I mean it's sinkieland eh. It's hard to find guys like elon musk here. If we look to China and Japan, most of the companies are rip-offs of European/US counterparts. There is no "original impetus".

 

[Kakamora]

I think singaporeans study too much liao and lost entrepreneur instinct. All, ALL, yes ALL the uni grads that i talked too in incubators are just crazy researching about getting grants to support their startup dreams.

Even top brass from Temasek's Venture cap Heliconia (who participated in coffee shop IPO, Razor, Jumbo IPO), rolled their eyes when I told them the priority is not about government grants. I am certain that these dudes perceive that being able to obtain grants from IE Singapore is a guaranteed tangible benefit and place more important than the business model.

It's like hello? The business world is not like that ok? Do you know that if you are from the grassroots like our regular John Tan, you can live off with grants without delivering the results. So in that case, why not you join grassroots or PA before venturing into your next startup? Grants will come naturally after that.

Put it this way, if I am going to invest in a company or start a business, it will be one model that can survive without grants.

 

[Bonut]

Obtaining grants is itself a business model.

 

[Kakamora]

Obtaining grants is itself a business model.

ask our Boss Sam what grants he have for his sbf startups?
How many local startups can duplicate his success these days?

In many emerging markets, people pawn house, pawn car and work part-time, teach tuition to finance their startup dreams. Singaporeans do the opposite.

Singaporeans will try to work full time and pursue their startup dreams part-time, half-heartedly. Either they will be lazy sleeping partners or find investors and refuse to risk their capital. Those involved in the running of the startup are more concerned about getting a fixed salary from the startup*. Then they will automatically use the DTD for their sightseeing and PIC to buy their favourite laptop to download BitTorrents. After they have achieve some business revenue (at a lost because of their indigence in sightseeing and gadgets buying with company funds), they start to tap on various IE Singapore's grant.

*(eg. Startups such as Reebonz pays their founder in excess of millions annually, bleeding the financial wealth of their company)

Up to that stage, they don't deliver a profitable business model for the long-term, just good fun for themselves.

 

[tanwahtiu]

PAP is all about following business trend. Then dies off.

The biotech thing is dead becos PAP has no heart to follow up to the end and also these Useless SAF generals YES MAN turned ministers know nuts and only take orders from top.

If Sinkies cannot get rid of PAP through GE votes how can there be a New Singapore.

 

[frenchbriefs]

From channel 8 drama shorts, CNA documentaries, news reports, advertisements, etc, one can see that the gahment is trying to induce people into starting small businesses on their own and be more open to risk.

Qns: (1) What are the motives behind this? GDP figures again?

(2) Will SG's startup scene even amount to anything? I mean it's sinkieland eh. It's hard to find guys like elon musk here. If we look to China and Japan, most of the companies are rip-offs of European/US counterparts. There is no "original impetus".

I once heard a successful greek entrepreneur worth 600 million on dragon den said there's no such thing as a original business idea,he's never had one in his life.whatever u thought of has been thought of and done by hundreds or thousands of people already.Business is not about originality,skill and execution makes all the difference.u think even silicon valley is original?maybe 1 percent of it is,the other 99 percent is just hacks and assholes trying to steal and copy what others have stolen and copied and Sue and sabotage other companies so they can build a platform and get to market first.

Facebook and it's predecessors Myspace,friendster and Bebo.

 

[Kakamora]

The biotech thing is dead becos PAP has no heart to follow up to the end and also these Useless SAF generals YES MAN turned ministers know nuts and only take orders from top.

Under Philip Yeo, the amount of money spent in A-STAR is better off buying a listed pharmaceutical in Europe or US. Philip was from MINDEF (non-uniformed) and Perm Sec by age 33. Unfortunately, his son probably could run A-STAR better than him. Then recently, we have another MINDEF general taking over A-STAR.

A-STAR is like a lost generation.

 

[frenchbriefs]

From channel 8 drama shorts, CNA documentaries, news reports, advertisements, etc, one can see that the gahment is trying to induce people into starting small businesses on their own and be more open to risk.

Qns: (1) What are the motives behind this? GDP figures again?

(2) Will SG's startup scene even amount to anything? I mean it's sinkieland eh. It's hard to find guys like elon musk here. If we look to China and Japan, most of the companies are rip-offs of European/US counterparts. There is no "original impetus".

i think the biggest benefit is instead of a economy thats over reliant on foreign companies and foreign mncs,we can have a economy thats dominated by local companies and local businesses instead.for example,when we wanted to build two casinos in SG,why does the multi billion dollar construction have to be tendered out to foreign companies?we have no idea how to build a gambling and entertainment complex?why does the casinos have to be run by sheldon adelson,a american MNC?he gets the lion share of the profit while we only get a tiny slice?why are we giving the golden egg away simply because we think we do not know how to run a casino?which may be true considering the state of some of our national businesses.america has over 500 casinos,some of them are small establishment tucked away in some small town...if singapore had the entrepreneurial blood in them like america did since the early 19th century,some sinkie businessman would have started out with a small gaming parlour with a couple of slot machines,learnt the ropes from the ground up,before expanding aggresively one establishment to another,one casino after another each one bigger and more grandiose than ever before until its something u see out of a ocean's eleven movie....thats how steve wynn got started,every behemoth u see today once came from small humble beginnings.

gdp figures is all bullshit,we have the highest gdp per capital in the world but in reality what percentage of that wealth actually goes into our citizens pockets as disposable and spendable income?less than 1/3rd of our gdp maybe.ultimately our country's low corporate taxes and no minimum wage laws and weak unions and liberal immigration policies only goes to the bottomline of these foreign corporations and mncs and fatten their profits,while turning sinkies into wage slaves and the working poor.

ultimately singapore's economy is a waste of time,like the founder of Razer said,the local market is too small to make any sort of roi or return from R&D or entrepreneurship to be worthwhile,its better to focus elsewhere on foreign markets.......not to mention whats with the economic factors like expensive rents,high manpower costs,expensive coes and transport costs etc etc,being the most expensive city in the world isnt helping Singapore's cause either.not a very conducive environment for entrepreneurs.

 

[Kakamora]

ultimately singapore's economy is a waste of time,like the founder of Razer said,the local market is too small to make any sort of roi or return from R&D or entrepreneurship to be worthwhile,its better to focus elsewhere on foreign markets.......not to mention whats with the economic factors like expensive rents,high manpower costs,expensive coes and transport costs etc etc,being the most expensive city in the world isnt helping Singapore's cause either.not a very conducive environment for entrepreneurs.

You know singapore has a problem when the best performing local companies IPOs in recent years is a supermarket, seafood restaurant and kopitiam.

 

[mojito]

You know singapore has a problem when the best performing local companies IPOs in recent years is a supermarket, seafood restaurant and kopitiam.

Proves the "domestic market too small" talk as rubbish doesn't it? Singapore had a huge market, for simple needs.

 

[GOD IS MY DOG]

even if we got 100 Elon Musks also no use..................near impossible to raise funds here.................and PAP won't help also...........

 

[frenchbriefs]

even if we got 100 Elon Musks also no use..................near impossible to raise funds here.................and PAP won't help also...........

Elon musk didn't raise funds to start his first company.

 

[desmondquek]

PAP help also no use.

Most sinkies are just not genetically wired to be entrepreneurial or imaginative.

Elon Musk's ancestors were adventure risk seeking Brits who came to South Africa to start a new life in a new and uncertain environment. Whereas it's the other way round for sinkie ancestors -- flee China to escape the chaos there.

I mean, Singapore's national pastime is eating -- it's quite obvious what the genetic quantum here amounts to -- a cozy family life, some disposable income are all what sinkies are capable of.

 

[frenchbriefs]

PAP help also no use.

Most sinkies are just not genetically wired to be entrepreneurial or imaginative.

Elon Musk's ancestors were adventure risk seeking Brits who came to South Africa to start a new life in a new and uncertain environment. Whereas it's the other way round for sinkie ancestors -- flee China to escape the chaos there.

I mean, Singapore's national pastime is eating -- it's quite obvious what the genetic quantum here amounts to -- a cozy family life, some disposable income are all what sinkies are capable of.

Elon musk only succeed​ after he went to America though.although there are some African billionaires.

 

[desmondquek]

Elon musk only succeed​ after he went to America though.although there are some African billionaires.

Environment definitely impt. Thing is, Sinkie lack both environment and entrepreneurial capacity. At most open Old Chang Kee or BreadTalk.

 

[frenchbriefs]

Environment definitely impt. Thing is, Sinkie lack both environment and entrepreneurial capacity. At most open Old Chang Kee or BreadTalk.

Market is critical,u need people customers to buy ur things, singapore only has 5 million people how much can u sell?That's why food and restaurants are the easiest they are the basic needs,after food housing and transport is settled there's not much room for else.if Elon musk came to Singapore to build an electric car do u think singaporeans​ can buy enough Tesla's to support his enterprise?America has 300 million people and a huge middle class and a market worth trillions.u can sell anything there there's someone to buy it.electric cars are a niche but u only need 1% or 2% nutjobs in the US population and ur good to go.

That's why on shark tank,u see the businessmen wants to know how big the market is,if it's a narrow niche market sure u can make a nice living from it for urself,a few hundred k or a few million bucks,but what investors and VCs are looking for are broad wide target markets that can scale tens of millions,hundreds or even billions.

Let's say u want to make a expensive snooty wine that cost hundreds,u might be able to sell few hundred thousand dollars a year,but if u make a fun popular inexpensive $8 wine or champagne that any teenager or young adults can pick up a case of and have a party.

Also PAP has a strangle hold on the economy,most of the basic industries in SG are dominated by GLCs.unless they truly open up and allow room for competition.