In a world brimming with infinite possibilities, one term consistently takes centre stage: entrepreneurship. While it conjures up images of revolutionary solutions, daring ideas and trailblazers who reshape entire industries, a consensus on its specific definition is still lacking. 

In this article, we delve into the essence of entrepreneurship especially in the context of modern Singapore, exploring the key traits that fuel entrepreneurial success and how Vidacity’s ecosystem is set up to support this. 

Defining Entrepreneurship: Entrepreneurship vs Business
Looking at the origin of the word, it is understandable why it lends itself to ambiguity. “Entrepreneurship” is a loanword from the French verb “entreprende” which only means “to undertake”. 

Agreeably, the essence of entrepreneurship is difficult to capture in a single sentence or phrase. While more narrow definitions describe it as the process of creating a “business”, the two terms actually differ in many aspects. Therefore, to put across a better understanding, we will draw a comparison between the two.

Business focuses on generating value, typically in financial terms, whereas entrepreneurship goes a step further by seeking to generate NEW value, encompassing aspects such as financial, social, emotional and aesthetic dimensions. As such, innovation plays a pivotal role in the realm of entrepreneurship, involving the invention of new and impactful ideas that carry extremely high risks. Business, on the other hand, is usually based on existing models or ideas, primarily driven by profit-making objectives and taking very calculated risks. 

Entrepreneurial Success in Singapore 
Undoubtedly, Singapore shines as one of the foremost global entrepreneurial ecosystems, serving as a breeding ground for numerous thriving ventures. The nation-state not only boasts a plethora of successful entrepreneurs but also stands as a regional hub for company incorporation, venture capital and fostering international connections. This remarkable success can be attributed to a strategic blend of factors including:

Ease of doing business: Singapore offers a favourable business environment with efficient administrative procedures, minimal bureaucracy, and a robust legal framework. Its strategic location in Southeast Asia makes it a gateway to the region’s growing markets. It provides access to a diverse customer base and opportunities for expansion into neighbouring countries.

Diverse & talented workforce: With its multicultural society, openness to diversity, and world-class educational institutions, Singapore boasts a highly diverse and talented workforce. The city-state’s openness to global talent, immigration policies and robust R&D initiatives make it an attractive destination for skilled professionals from around the world. The government’s SkillsFuture movement also encourages lifelong learning, equipping citizens with competitive skills for the ever-changing work environment. 

Embracement of technology: Singapore actively embraces technology and digital transformation. It encourages innovation and provides a competitive environment for tech startups, with its market’s high demand for digital solutions in products and services. Major technology companies, including Google and Grab, choose Singapore as a testbed for their ideas before expanding into emerging Asian markets.

Overall, Singapore’s comprehensive ecosystem of diverse and talented workforce, technology and media providers, supported by excellent infrastructure, education and global network, enables entrepreneurs to create, commercialise, and scale their innovations. 

Catalyse Entrepreneurship in Vidacity’s Ecosystem
Likewise, Vidacity hopes to emulate Singapore’s conducive entrepreneurial environment by bringing together diverse stakeholders, individuals, startups, organisations, and communities to collectively address sustainability challenges.

Through a wide range of programmes, services, spaces and partnerships, we aim to foster collaboration, drive knowledge exchange, nurture education and awareness, and encourage global connections to catalyse impactful entrepreneurship. 

Depending on the entrepreneur profile, Vidacity offers access to a selection of such programmes including (Figure 1):

AI Primary School
Vidacity and Mistletoe are coming together to launch a new initiative that aims to democratize Artificial Intelligence (AI) through education and practical solutions for a better future. The AI Primary School has been conceived to place Singapore ahead of the AI movement, investing in skills that combine technology with critical thinking, problem-solving, collaboration, digital literacy and ethical awareness for the benefit of society. 

Startup Programmes
Designed to nurture and support entrepreneurs in their journey of building successful sustainability-related businesses, our startup programs offer a unique blend of mentorship, networking opportunities, working space and educational resources to equip founders with the necessary skills to navigate the challenges of starting a new venture or scaling it up.

ImagineVIDA: Apply to be on this empowering journey of exploration – unlock your potential as we help you nourish and develop your ideas into tangible ventures, regardless of where you are in your entrepreneurial path.
MakeVIDA: Ready to turn your ideas into reality and make things happen? Our MakeVIDA programme is designed to help you operationalise your concepts and take decisive action. From fine-tuning your offerings to preparing prototypes and testing concepts, set out on this transformative journey as we empower you to bring your ideas to life and grow your business.
ScaleVIDA: Take your startup to new heights and scale your impact. With a strong emphasis on systems thinking and mentorship, we help you to review, implement, and optimize your business strategies for exponential growth. Our ScaleVIDA programme guides you in assessing and refining your funding strategies, providing valuable insights and accelerating the expansion of your operations. We help you unlock your business’s full potential.

Global Connection
Our Global Connection Program aims to be an entry door for overseas startups to explore the Singaporean and South East Asian markets as well as an opportunity for local Singaporean startups to penetrate foreign markets. We work closely together with partners all over the world to provide support, resources and the expertise needed. 

Innovation Programmes
Vidacity curates programs for corporates willing to fast-track their sustainability and innovation pathways. We develop and tailor programs to support your staff to challenge themselves with new ways of thinking, innovating and designing. Our programme also prospects and connects you with startups of interest for mutual benefit. 


Conclusion
Entrepreneurship is an exhilarating yet challenging path. Strewn with obstacles, unexpected turns, or even potential dead ends, it demands unwavering determination, a forward-thinking mindset, and the ability to adapt and overcome. By coming together as a supportive ecosystem that embraces innovation, we hope that Vidacity helps entrepreneurs navigate the complex landscape of entrepreneurship and create transformative solutions that leave a lasting impact on our planet.