New Skills For A New World

This year's Budget had a big focus on deepening the skillsets of our workforce to take on the challenges of the future economy. One key aspect of this involves helping entrepreneurs and promising talent get the exposure and the connections they need to succeed on a global stage.

For younger Singaporeans about to embark, or just starting out, on their careers, several initiatives were announced that would allow them to gain the experience and capabilities required to succeed in a fast-changing environment.

A. Global Innovation Alliance

This is a platform that will allow Singaporeans to gain experience, build networks, and collaborate with their counterparts in other innovative cities. The Global Innovation Alliance will first launch in Beijing, San Francisco and various ASEAN cities. It is made up of three programmes.

The Innovators Academy will enable tertiary students to build connections and capabilities overseas. In particular it will help connects students to start-ups overseas. The scheme will build on the existing NUS Overseas College programme by extending it to other Singapore universities, and growing the annual intake of students from 300 to 500 over the next five years.

Innovation Launchpads will be set up in selected overseas markets. These are designed to create opportunities for Singaporean entrepreneurs to connect with mentors, investors and service providers.

Through its BusinessClass platform, DBS too has been helping business owners gain access to networks of experienced entrepreneurs and mentors around the region via a digital app as well as targeted industry events. Meanwhile, for those about to start their own business, the DBS Start-Up Kit covers everything they need to know to get their business up and running. 

Welcome Centres will also be established to allow innovative foreign companies to link up with Singapore partners to co-innovate, test new products in Singapore, and expand in the region.

B. SkillsFuture Leadership Development Initiative

This scheme will support companies to groom Singaporean leaders by expanding leadership development programmes. This includes sending promising individuals on specialised courses and overseas postings. For a start, the programme will target to develop 800 potential leaders over the next three years.

C. Adapt and Grow

To help workers adapt to structural shifts in the economy, the Government will increase wage and training support under the existing “Adapt and Grow” initiative that aims to help workers who are looking to take on new jobs.

It will also introduce an “Attach and Train” initiative for sectors that have good growth prospects, but where companies may not be ready to hire yet. Instead, industry partners can send participants for training and work attachments.