SMEs able to expand ventures through Scale-up SG Programme

Scale-up SG Programme Holds Ignite Event

Singapore. Around 65 companies have collectively launched more than 50 new ventures and have identified 32 new markets for expansion because of the Scale-up SG programme. Launched in 2019, the programme aims to assist companies so they can maximise their growth potential and expand globally. 

The 12-to-18-month programme involves executives from local small and medium-sized enterprises working with consultancy firms so they can develop their growth strategies and collaborate with other leaders in the industry. 

One of the companies that have been supported by Scale-up SG Programme, AEM Holdings, a local semiconductor test solutions firm, has conducted five acquisitions in the last two years, as well as expanded their product offerings. 

Through its consulting experience in Scale-up SG, AEM was able to expand in China. Its revenue also reached a whopping $500 million in 2020. 

The program has had five runs to date. The firms that participated have also created around 500 managerial, technical, professional, and executive jobs within the last three years. 

In his speech at the Scale-up Ignite event at the Sands Expo and Convention Centre on 24 May, Deputy Prime Minister Heng Swee Keat said that the companies have made more than 30 merger and acquisition deals, as well as went through more than 20 collaborations with one another. 

Deputy Prime Minister and Coordinating Minister for Economic Policies Mr Heng Swee Keat at Scale-up Ignite. Source: Enterprise Singapore Facebook Page

The Scale-up SG event was held to recognise and celebrate the achievements of contributions of the firms that participated in the programme. It was attended by over 130 business leaders in different industries including transport and logistics, urban solutions, and manufacturing. 

Scale-up Ignite. Source: Enterprise Singapore Facebook Page

This year, there will be two more runs of the programme. Enterprise SG will partner with consultancy firms EY Parthenon and McKinsey & Co, as well as the Stanford Graduate School of Business. There will also be a network that will be established for previous programme participants so they can foster connections with other leaders.

According to Mr Heng, the programme is a cornerstone of the country’s efforts to provide support to promising companies and help them enlarge their global footprint. The minister also mentioned that helping local enterprises scale up is one of the major drivers of economic growth for Singapore, referring to the levelling up of SMEs as a “quiet revolution.

Together with our vibrant start-up scene and growing base of multinationals, levelling up and scaling up our local enterprises will further strengthen… our growth in the next phase of economic development,” Mr Heng said, adding that they hope Singapore can contribute to the region’s growth as a node of technology, innovation, and enterprise.

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