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Technically, he is correct. Due to our geographical size, small population, and high cost of living, Singapore is not an ideal place to be creative or start-up. Our population is also stereotyped, kaisu, kaisee, and less responsive to change or disruption. Thus, driving innovation towards a complacent population is a daunting task.
Talk is cheap, how to achieve it is another. How to ‘steal other people’s lunches’ happens to be one of our expertise.
Blue Ocean or Red Ocean
Singapore is a typical case of the Red Ocean, like the USA and Europe. These are mature and traditional markets. If you intend to focus solely on these markets, we are not the ones you should speak to. There are hordes of government agencies and venture capital in Singapore you can approach.
To make matters worse, Singapore has a small population compared to China, Indonesia, and Nigeria.
IDEA focuses on the Blue Ocean, like the untapped or emerging markets or technology, that are yet to be known or ignored by our government and even venture capitalists.
Case Study: Fintech
Singapore was very much against fintech at first. Several fintech start-ups are in dire of funding and support. Some chose to leave the scene. Fortunately, our founder, TAN Wei Kok, was in Hong Kong for an accelerator program briefing. He met up with the Hong Kong Trade Development Council (HKTDC) and Cyberport; and learned that the Hong Kong government plans to become a leading fintech center in Asia. He brought the news and led several startups to Hong Kong with nothing in return. Several start-ups got funded with millions of dollars. And now Singapore wants them to come back.
How can we help? Over the years, we have established contacts with more than 60 countries, we have an idea of what each country is looking for and refer those potential innovators to them, in the hope that these innovators can have access to materialize their inventions.
Contact us and tell us more about your invention and we’ll see how we can get from there.