By Oh Boon Ping

(SINGAPORE) Singapore's public sector should embrace an entrepreneurial culture and experiment with new ways of delivering public services, Prime Minister Lee Hsien Loong said yesterday.

'Public sector entrepreneurship requires officers to take risks, since new methods and technologies may fail to work. But when they do, they bring significant benefits to Singapore,' Mr Lee said at the opening of the ACE BlueSky Conference.

The event, at the Raffles City Convention Centre, was attended by more than 500 entrepreneurs, financiers and representatives of small and medium-size enterprises (SMEs).

In his speech, Mr Lee cited Bizfile - an initiative by Accounting & Corporate Regulatory Authority (ACRA) - as a shining example of public sector innovation.

Bizfile - an Internet-based business registration, filing, and information retrieval system - 'has cut the time taken to register a new business from 24 hours to 15 minutes, and the time taken to incorporate a company from five days to 15 minutes. Costs are down too - incorporation used to cost more than $1,200 but now costs just $315.'

The World Bank commended the initiative in its publication Celebrating Reform 2008 in a move to share ACRA's experience with other countries, Mr Lee said.

He also emphasised the importance of attracting international talent to establish Singapore as an entrepreneurial hub.

'We need a critical mass for innovation and enterprise,' he said.

'Local entrepreneurs will also benefit because they will be exposed to global competition early and so will be more prepared to take on the world.'

The enterprise scene in Singapore is growing in vibrancy, with many home-grown companies carving out niches locally and abroad.

They include Charles & Keith, Thai Express, Dian Xiao Er and 77th Street.

Speaking at a discussion panel later, YCH Group chief executive Robert Yap urged entrepreneurs to adopt a 'single-minded focus on your goals'.

'That drive is important in keeping us going,' he said, adding that most people often give up too easily before reaping the fruits of their efforts.

Mr Yap also emphasised the importance of marketing to compete with global players. 'A lot of Asian companies are shy in that aspect,' he said.

'But in a global environment, you will be at a disadvantage if you don't market your products or services.'

Another panel member, Ong Peng Tsin, chairman of Infocomm Investments, encouraged firms to scout around for value investments in the light of volatile market conditions.

This article was first published in The Business Times on 18 July 2008.