Terence Lee, Editor of SG Entrepreneurs recently wrote an excellent article informing a series of dialogue sessions the startup community had with the government. The government was interested to gauge the concerns of entrepreneurs and to brainstorm policy alternatives.
Thanks to a wonderful share by a good friend, the man behind Innervative Learning who champions financial literacy through the gamification of economics, I got to read about it.
I particularly like this suggestion!
4) Provide a dollar-for-dollar crowdfunding scheme
With the emergence of crowdfunding as a viable fundraising route, the government could create policies that facilitate crowdfunding, even provide dollar-for-dollar co-funding schemes to augment crowdfunding campaigns.
The legitimacy of crowdfunding is growing especially in other developed financial centres. Governments and key institutions have entered the fray to lend their support. For example, in the UK, Gloucestershire County Council had launched a new scheme to finance local business growth through FundingCircle. In an earlier post, I shared how institutional money is flowing onto these platforms in the US.
A reader had written to me lamenting our pace of development in this area given our desires to be a financial hub. (many thanks!)
We hope to address this with the support of stakeholders. The session at Blk 71 gives us great encouragement!
Support us with your thoughts!