By Spencer Ng, ZDNetAsia
Technopreneurship 21 is a joint effort headed by the National Science and Technology Board (NSTB) of Singapore in collaboration with other government and private agencies to promote technopreneurship in Singapore.
The Singapore government has a two-pronged approach to promote entrepreneurship in technology. First and foremost, a climate conducive to business and investment will be engineered. Secondly, students will be immersed into a world of technology and innovations to arouse their interest.
How will Technopreneurship 21 benefit businesses and investors?
- Bankruptcy laws will be revised: Businesses that undertook normal business risks and failed will be treated differently from those that failed from mismanagement
- Investment into technopreneur start-ups will be promoted: Tax deductions from losses will be made by selling qualifying shares or from liquidation of the start-up
- The criteria for listing on the stock market will be relaxed, as long as their market value exceeds $80 million
- Technopreneurs can use their homes as offices
- The need for registration with the Ministry of Finance for high-tech projects below $5 million will be waived
- The US$1 billion Technopreneurship Investment Fund will be used to finance ideas at an embryonic stage and to network with other venture capital firms
- Tax payments from taxable gains can be deferred for up to four years with the Employee Stock Option Scheme
- Work pass and social visit rules will be extended for technopreneurs
How will Technopreneurship 21 benefit students?
- Nanyang Junior College will house the Cluster Science and Technology Centre to arouse interest in science and technology
- A collaborative effort between the NUS engineering faculty and the Ministry of Education will initiate a series of workshops, draft sessions and innovation fairs
- Students will be introduced to the working environment of technopreneurs and be able to interact with the CEOs of high tech start-ups