In this segment of the YouTube discussion, the speakers examine how Singapore’s heavy regulatory framework and risk‑averse systemic culture hinder small‑business innovation and entrepreneurship. Speaker A recounts the mandatory requirement for a data protection officer, the escalating fines for non‑compliance, and the resulting discouragement among small firms, noting a sharp decline in attendance at the Singapore Entrepreneurs Network over two decades. Speakers B and C acknowledge Singapore’s growth and opportunities but argue that the well‑run, “oil‑machine” system rewards conformity and penalises disruption, pushing risk‑taking entrepreneurs to look elsewhere, particularly to China’s Shenzhen, which they view as a more permissive environment for bold ventures. The dialogue highlights the tension between Singapore’s orderly governance and the need for entrepreneurial freedom.
Chapters
For small companies, they must have a data protection officer. They must have this officer. They must have now a list of officers submitted. So I said, wow, all this is all absolutely unnecessary for a small company. They're just trying to survive, but you're burying them under regulations. Sometimes small companies may struggle with cash flow and they can't pay. And when they can't pay, they may double the fine because you had not enough time to respond to that earlier fine. Because, oh, you didn't respond to this one, so now we'll fine you even more. But He said, because they were struggling. He said, it doesn't matter, you still must pay the government. So you see, these are the things that destroys innovation. It destroys the spirit of enterprise because people say that, I can't even try anymore. I try and I'm being destroyed by fines. I'm being destroyed by government regulators. I'm being destroyed by all these kind of retirement funds. And individuals say, ah, screw it. And that's why, at least my own anecdotal view, is when I first ran the Singapore Entrepreneurs Network back in the 2000s, We used to have 100 to 200 people turning up for networking every time. Now we have barely 10. Why? 20 years have made a big difference in the kind of culture that at least my country has, and we don't see that many people who really want to go and come out and say, hey, look, I'll do something, let's do something together. Yeah, things have changed.
In my case, coming from Singapore, I think, I think it's a place where there's a lot of growth.
Yes.
There's a lot of opportunities.
Yes.
But
I can feel a but coming.
But I think this is the catch, is that in Singapore it's a very well-run oil machine. Yes. Where you will do well if you fit into the system.
Yes.
And you are usually not encouraged to disrupt risk and disrupt the system. Oh my God. In Singapore, the environment doesn't really allow you to take risk. And so if you want to try something different, yeah, you want to start something You go to the West. Now, I would say that that has been the traditional school of thought.
Yeah.
But increasingly with China coming up, right? And China is really one of the places where you really can do a lot of things if you know how to work in China. So I feel that there are a lot of people that are also considering, you know, like say Shenzhen.
Yeah. Yeah.
That's one of the places that I've been seeing a lot of people have interest to go to.
