Singapore: State support for small and medium business

Occupation: Associate Professor
Affiliation: Saint Petersburg State University
Address: 7-9, Universitetskaya nab., St. Petersburg, 199034, Russian Federation

Journal name

Asia and Africa Today

Edition

Issue 2

Pages

43-49

Abstract

The review article analyzes the features of state financial support for innovative activities of small and medium-sized enterprises (SMEs) in Singapore at the present stage. Author gives a comparative analysis of the effectiveness of its state institutions, programs and forms of financial support.

The modern system of governmental financial support for SMEs in Singapore is flexible and capable the effectively resist financial crises and changes global market conditions. It ensured a rapid growth of SMEs in priority spheres of the economy, making this sector the basis of the innovation economies of Singapore. The development of favorable conditions for financing SMEs by attracting private foreign capital, introducing new digital, computer and info-communication technologies, enabled this country to increase labor productivity in this sector and become one of the leaders of the world market of innovations.

In Russia, the experience of Singapore can be used to improve the mechanisms for integrating academic and university science with public and private commercial industrial partners in order to accelerate the commercialization of scientific research. Forms of financing youth small enterprises, technological and innovative start-ups, venture accelerators and business incubators can be adapted in Russian practice with taking into account its national features. These measures will allow to qualitatively increase the level of state interaction in the sphere of education and science with the business sector, solve the significant tasks of improving higher education of qualified specialists and accelerating the process of commercialization of scientific development in Russia.

The experience of Singapore can be also useful in developing international cooperation in the sphere of innovations, attracting foreign investors and talented highly qualified specialists, and introducing new technologies, goods and services to the world market.

Keywords

Singapore government institutes, small and medium-sized enterprises, start-ups, financial support, innovation activities, Russia

Publication date

26.03.2020

Number of characters

15333

Cite

GOST	Zabolotskaya V. Singapore: State support for small and medium business // Asia and Africa Today – 2020. – Issue 2 C. 43-49 [Electronic resource]. URL: https://asaf-today.ru/S032150750008472-1-1 (circulation date: 11.10.2024). DOI: 10.31857/S032150750008472-1
MLA	Zabolotskaya, Viсtoria V "Singapore: State support for small and medium business." Asia and Africa Today 2 (2020):43-49. DOI: 10.31857/S032150750008472-1
APA	Zabolotskaya V. (2020). Singapore: State support for small and medium business. Asia and Africa Today (2), pp.43-49 DOI: 10.31857/S032150750008472-1

100 rub.

When subscribing to an article or issue, the user can download PDF, evaluate the publication or contact the author. Need to register.

Number of purchasers: 3, views: 1867

Readers community rating: votes 0

1. Carland J.W., Hoy F., Carland J.C. 1988. “Who is an Entrepreneur?” Is a Question Worth Asking? American Journal of Small Business. Vol. 12(4), pp. 33-39.

2. Cromie S. 2000. Assessing Entrepreneurial Inclination: Some Approaches and Empirical Evidence. European Journal of Work and Organizational Psychology. Vol. 9 (1), pp. 7-30. https://doi.org/10.1080/135943200398030 (accessed 09.12.2006); Carter R., Van Auken H. 2006. Small Firm Bankruptcy. Journal of Small Business Management. Vol. 44 (4), pp. 493-512. DOI.org/10.1111/j.1540-627X.2006.00187.x

3. Alsaaty F. 2017. Dwindling Entrepreneurial Spirit in the United States: A Time for Rethinking and Action. Journal of Small Business and Entrepreneurship Development. Vol. 5 (1), pp. 55-63. DOI: 10.15640/jsbed.v5n1a6

4. Zabolotskaya V.V. 2012. Research of foreign models of financial and credit support for small businesses and the possibility of their adaptation in Russia. Finance and Credit. № 18 (In Russ.)

5. Aidis R., Estrin S., Mickiewicz T.M. 2012. Size Matters: Entrepreneurial Entry and Government. Small Business Economics. Vol. 39 (1), pp. 119-139.

6. Ansari A.A., Muhideen S., Das N., Song W. 2018. North American Academic Research Governmental Support in the Human Capital Dynamism and Absorptive Capacity: Innovative Performance of SMEs in Hefei. North American Academic Research. Vol. 1 (6), pp. 90-105.

7. Bjornskov C., Foss N.J. 2016. Institutions, Entrepreneurship, and Economic Growth: What Do We Know and What Do We Still Need to Know? Academy of Management Prospect. Vol. 30 (3), pp. 292-315. DOI: 10.5465/amp.2015.0135

8. Estrin S., Korosteleva J., Mickiewicz T. 2013. Which Institutions Encourage Entrepreneurial Growth Aspirations. Journal of Business Venturing. Vol. 28 (4), pp. 564-580. https://doi.org/10.1016/j.jbusvent.2012.05.001 (accessed 21.09.2019)

9. Tsai K.H. 2009. Collaborative Networks and Product Innovation Performance: Toward Contingency Perspective. Research Policy. Vol. 38 (5), pp. 765-778.

10. Seidl da Fonseca R., Pinheiro-Veloso A. 2018. The Practice and Future of Financing Science, Technology and Innovation. Foresight and STI Governance. Vol. 12, № 2 (In Russ.). DOI: 10.17323/2500-2597.2018.2.6.22

11. Ropega J. 2011. The Reasons and Symptoms of Failure in SME. International Advances in Economic Research. Vol. 17(4), pp. 476-483. DOI: 10.1007/s11294-011-9316-1

12. Minello I.F., Scherer L.A., da Costa A.L. 2014. Entrepreneurial Competencies and Business Failure. International Journal of Entrepreneurship. Vol. 18, pp. 1-15.

13. Terjesen S., Hessels J. 2009. Varieties of export-oriented entrepreneurship in Asia. Asia Pacific Journal of Management. Vol. 26, № 3, pp. 537-561. DOI: https://doi.org/10.1007/s10490-009-9138-3

14. Guo Y., Woo J.J. Singapore vs Switzerland: Secrets of Small State Success, Y. Guo, J.J. Woo, eds. World Scientific Pub. Co. Inc., 2016. 303 p.

15. Zabolotskaya V.V. 2015. State financial support for innovation activities of small and medium-sized businesses abroad. Finance and Credit. № 25 (In Russ.)

16. Wang J. 2018. Innovation and government intervention: A comparison of Singapore and Hong Kong. Research Policy. № 47, pp. 399-412.

17. Country comparison Switzerland vs Singapore. https://countryeconomy.com/countries/compare/switzerland/s ingapore?sector=Annual+GDP+at+market+prices&sc=XE33#tbl (accessed 21.08.2019)

18. OECD Data. Gross Domestic Spending on R&D. https://data.oecd.org/rd/gross-domestic-spending-on-r-d.htm (accessed 23.02.2019)

19. Yearbook of Statistics Singapore 2019/Department of Statistics, Ministry of Trade & Industry, Singapore. 2019. https://www.singstat.gov.sg/publications/reference/yearbook-of-statistics-singapore (accessed 03.08.2019)

20. Brasharan M. Getting Singapore in shape: Economic challenge and how to meet them. Lowy Institute, June. 2018. https://www.lowyinstitute.org/sites/default/files/Manu%20Bhaskaran_Getting%20Singapore%20in%20shape_WEB_2.pdf (accessed 01.04.2019)

21. Ho Mok K. 2008. Singapore’s global education hub ambitions. International Journal of Education Management. Vol. 22, № 6, pp. 527-546. https://doi.org/10.1108/09513540810895444 (accessed 23.07.2006)

22. RIE 2020 Plan. National Research Foundation Prime Minister’s Office, Singapore. 13.05.2019. https://www.nrf.gov.sg/rie2020 (accessed 09.04.2019)

23. Top 7 Grants For Singapore Companies. Report of SBS Consulting. 13.12.2018. https://www.sbsgroup.com.sg/blog/singapore-government-grants-for-sme-and-startups (accessed 27.01.2019)

24. Transforming Singapore Through Technology. Report of Smart Nation and Digital Government Office. 28.02.2019. https://www.smartnation.sg/why-Smart-Nation/transforming-singapore (accessed 11.08.2019)

25. Mastercard Global Index: Singapore Ranked Sixth Most Advanced Digital Economy in the World. Press Releases of Engagement Bureau. 12.07.2019. https://newsroom.mastercard.com/asia-pacific/press-releases/mastercard-global-indexsingapore-ranked-sixth-most-advanced-digital-economy-in-the-world/ (accessed 08.08.2019)

26. Dutta S., Lanvin B., Wunsch-Vincent, S. 2019. The Global Innovation Index 2019. Creating Healthy Lives-The Future of Medical Innovation. Cornell University, INSEAD, WIPO. 451 p. https://www.globalinnovationindex.org/gii-2019-report# (accessed 05.10.2019)

27. The sahre of small business in GDP by 2024 should increase by 17%. ITAR TASS. 02.04.2018 (In Russ.). https://tass.ru/msp/5088189 (accessed 05.10.2019)

28. Russia in numbers 2018: a brief statistical compilation. Rosstat. 522 p. (In Russ.). http://www.gks.ru/wps/wcm/connect/rosstat_main/rosstat/ru/ statistics/publications/catalog/doc_1139841601359 (accessed 05.10.2019)

29. SMEs in Russia 2017: Statistical Digest. Rosstat. 78 p. (In Russ.). http://www.perepis2006.ru/wps/wcm/connect/rosstat_main/rosstat/ ru/statistics/publications/catal.og/doc_1139841601359 (accessed 05.10.2019)

30. SMEs in Russia 2015: Statistical Digest. Rosstat. 96 p. (In Russ.). http://www.perepis2006.ru/wps/wcm/connect/rosstat_main/rosstat/ru/ statistics/publications/catalog/doc_1139841601359 (accessed 05.10.2019)

31. Titov B. 2018. Sector of small and medium-sized enterprises: Russia and the World. Stolypin Institute for Growth Economics. July (In Russ.). http://stolypin.institute/wp-content/uploads/2018/07/issledovanie-ier-msp-27.07.18.pdf (accessed 05.10.2019)

32. Малое и среднее предпринимательство в России 2014. Сб. статей. Росстат. М., 2014. (SMEs in Russia 2014: Statistical Digest. Rosstat. M., 2014) (In Russ). http://www.perepis2006.ru/wps/wcm/connect/rosstat_main/rosstat/ru/ statistics/publications/catalog/doc_1139841601359 (accessed 05.10.2019)

33. Small business in Russia. Small business. TAdviser. State. Business. IT. 18.07.2019 (In Russ.). http://www.tadviser.ru/index.php/%D0%A1%D1%82%D0%B0%D1%82%D1%8C%D1%8F:%D0%9C%D0%B0%D0%BB%D1%8B%D0%B9_%D0%B1%D0%B8% D0%B7%D0%BD%D0%B5%D1%81_%D0%A0%D0%BE%D1%81%D1%81%D0%B8%D0%B8 (accessed 05.10.2019)