IDA boss: Singapore needs to stop being so kiasu

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IDA boss: Singapore needs to stop being so kiasu

May 3rd, 2015 | Author: Contributions


IDA boss on Singapore as Southeast Asia’s leading innovation hub: We can’t rest for a second, but need to stop being so kiasu

One of the heads of Singapore’s government agency for technology said today that the citystate could not rest on its laurels if it is to stay ahead of the pack in Southeast Asia as a tech and innovation hub.

Speaking on a panel at the InnovFest Unbound conference in Singapore today, Steve Leonard, executive deputy chairman for the Infocomm Development Authority of Singapore, said: “We need to keep rushing, running, sweating. We can’t rest for a second.”

Steve Leonard of IDA speaking at InnovFest Unbound today

“We’re making progress and we’re on an upward trajectory. But other countries are doing cool stuff too,” he said.

“There is no such thing as status quo. You’re either moving forward or you’re moving backwards.

On a panel that included Edgar Hardless, the CEO of Singtel’s innovation arm Innov8, and Lily Chan, CEO of NUS Enterprise and co-chair of the event, Leonard said that Singapore needed to be more assertive about its brand strengths.

“People often question whether our market is big enough. But we’re in the centre of Asean, and we’re the experienced leaders in this ecosystem. We have many things to offer. But where we struggle is that we need to be more assertive.”

The Singaporean national trait of being kiasu (worried about missing out) is also a challenge to the citystate’s progress, Leonard suggested.

“We are too kiasu. We need to be ok that some things work and some things don’t,” he said.

Building on that observation, Leonard said: “I don’t like the ‘fail fast, fail often’ mantra. It’s about learning until we succeed. No company starts off with an original thought without changes or pivoting along the way. We tend to be a little bit hide-bound in this country.”

The IDA executive added that entrepreneurs in Singapore needed to think beyond Singapore more.

“We need to think bigger thoughts,” he said. “This is my personal view, not the IDA’s: we need more big ideas. So many people talk to me about how they have a great product for the Singapore market. If that is where their vision ends, that’s a concern for me.”

One of the reasons why Israel has had great success, is that they think globally, outside of the Israeli context, he suggested.

In response to a question from the audience on whether starts ups in Singapore struggle with the high cost of living versus its neighbours, Leonard said that they face a trade off.

“Yes, Jakarta and Manila are less expensive to live in, but when you think about the ease of moving around the city and the clarity over IP protection, Singapore offers an attractive option.”

He added that the stability of Singapore’s political situation meant that the companies based in the city can look to the future with more certainty. This is helping Singapore “really stand alone,” he said.

* This article first appeared in mumbrella.asia, a website about Asian media and marketing. Re-published with consent from mUmBRELLA.


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