Make youth less risk-averse

I agree that Singapore does not need to replicate Silicon Valley ("Fan flames of entrepreneurship" by Dr Francis Yeoh ; Wednesday).

Our young people, however, are still risk-averse. Unless they venture out of their comfort zones, no amount of government-seeded venture funds will encourage them to become entrepreneurs.

The State should find ways to help youngsters from poor families, since the rich already have the resources to strike out on their own.

Leading multinational corporations here should take a leaf from the book of some American technology giants, which actively engage students and encourage and help them in their projects.

The Government should create industrial parks on university campuses, so private companies can commercialise the ideas of students.

Our long-term economic growth would be impossible without people willing to wager all they have by starting businesses, expanding existing ones, or trying to invent better products.

The fear of failure is real. The challenge is how to make people less risk-averse, which has much to do with their upbringing and environment.

Letter by Francis Cheng

This article was first published on May 24, 2014.
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