“Show Your Faith Through Your Actions” – James 1:2
Singapore’s transformation from a small, resource-scarce island into a global economic powerhouse has long been admired. At the heart of this success lies a deliberate and dynamic culture of entrepreneurship. This culture thrives within an ecosystem that seamlessly integrates education, policy, infrastructure, and enterprise development.
It is a model worth serious consideration for Caribbean economies, particularly as we reimagine and recalibrate our own strategies for sustainable growth.
Singapore’s vibrant enterprise ecosystem
Singapore has a multi-layered and robust enterprise ecosystem. At its heart are small- and medium-sized enterprises (SMEs), which serve as the backbone of its economy. These SMEs benefit from a network of institutions that provide access to financing, mentorship, and global markets.
What sets Singapore apart is its long-term, visionary approach. Multinational corporations (MNCs) are not only encouraged to invest but are also incentivised to engage in demand-driven workforce training. This ensures that local employees are equipped with the skills needed to innovate and sustain these businesses over time.
By inviting MNCs to establish regional and global headquarters in the country, Singapore has not only enhanced its GDP but has created dynamic opportunities for knowledge transfer, a process embedded in its policy framework.
A well-trained workforce
A key differentiator in Singapore’s success is its commitment to workforce development. Consistently ranked as having the best-trained workforce in the world and the easiest place to do business in Asia, Singapore achieves these outcomes through deliberate investment in people.
This is no accident. The city-state’s commitment to education and continuous professional development is evident in its six autonomous universities, including an exclusive management university. These institutions are designed to produce more than just graduates; they cultivate innovators and problem solvers.
Shaping a new cultural entrepreneurship in the Caribbean
The Caribbean has the potential to redefine entrepreneurship — not as a last resort in the absence of traditional jobs, but as a first-choice career path that is nurtured through policy, education and community support.
Barbados is already taking important steps in this direction, but the momentum must be increased. A deliberate strategy to emulate aspects of Singapore’s model would be transformative.
The Caribbean must also embrace a mindset shift: enterprise development is not just about starting businesses — it is about creating value, fostering innovation, and building economic resilience. It requires coordinated action, public-private partnerships, and a deep-seated cultural respect for education and excellence.
The path ahead
As we look to the future, the vision is clear. Let us draw inspiration from Singapore, not to mimic, but to adapt and innovate in ways that are contextually relevant to our Caribbean realities. Let us develop a business healthcare system to minimise the rate of business failure in the early stages of growth.
By doing so, we can empower a new generation of Caribbean entrepreneurs to build sustainable businesses, compete globally, and contribute meaningfully to national development.
Dr Basil Springer GCM is a corporate governance adviser. His email address is basilgf@marketplaceexcellence.com. His columns may be found at https://www.nothingbeatsbusiness.com.
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