Parliament debate continues with focus on social safety net
By S Ramesh and Hetty Musfirah, 18 October 2011
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1160139/1/.htmlOn the business front, the Minister-in-Charge of entrepreneurship Teo Ser Luck called for more than just infrastructure and funding support to be given to business owners.
He said it was important to improve the administration of funding, grants and loans to SMEs and young companies. This could be done by constantly reviewing feedback, and working closely with the private sector.
Mr Teo said above that, a change in societal attitudes is also needed.
"The social stigma of a business failure in Singapore can sometimes be as bad as that of a HIV carrier's or an ex-convict. So, more can and should be done to change these societal attitudes and reversing the risk-adverse culture. But it's going to take time. This attitudinal change should also start with some of our government agencies," said Mr Teo, who is also the Minister of State for Trade & Industry, and MP for Pasir Ris-Punggol GRC.