16

ENCOURAGING ENTREPRENEURSHIP

Charles Wong,
Managing Director, Charles & Keith

Charles & Keith is one of the fastest growing retailers in ladies’ footwear
in the region. Started in 1996, this booming local retailer now has 18
outlets in Singapore and 96 concept stores in 18 countries. SPRING
is happy to have played a part in Charles & Keith’s accelerated growth
in technology, land, manpower and operations.
 17
S P R I N G A N N U AL R E PO RT 0 6/07

Can you turn your

vision into

value? People who dare to

dream dare to turn their
dreams into reality.
At SPRING, we help you
realise your vision by
giving you hope and
help when you start out.
 18

ENCOURAGING ENTREPRENEURSHIP

Biofuel Research turns

waste into opportunity

“SPRING invested in us
before everybody else did,
and for that we are very
grateful.”
~ Kom Mam Sun, Founder, Biofuel Research

If someone told you five years ago that you
could turn used cooking oil into a profitable
business, would you believe it?
Well, 33-year-old Kom Mam Sun believed
it. He took a leap of faith and has never
looked back since. “One of my friends told
me how used cooking oil could be turned
into biodiesel,” said Mam Sun. “It takes very
little equipment, is environmentally friendly,
and a renewable source of energy.”
Mam Sun, an accountant by training, found
the idea so exciting that he gave up his
well paying job in June 2003. He also sold
his flat at Holland Village and started Biofuel
Research.
Biodiesel is a processed fuel produced
from biological sources, such as vegetable
oil waste, and can be used as an alternative
fuel to crude oil. Without any knowledge
of biodiesel production, Mam Sun soon
realised that it was an uphill task as research
and development was tedious and difficult.
But the resourceful businessman refused
to give up. He attended short courses
overseas to learn about biodiesel
production and took advantage of the free
resources available on the Internet. After
one and a half years of persistence and
research, Mam Sun finally succeeded in
producing biodiesel in 2004.
But convincing clients to buy from him
proved to be tricky. Competition from the
big boys – like Shell and Caltex – was
strong, and clients were not interested in
biodiesel because diesel was still cheap at
that time.
Business finally picked up when oil prices
started escalating and biodiesel became a
cheap and viable source of fuel for
environment-conscious clients in Japan
and the US.
Last June, Mam Sun opened his first
biodiesel plant at Tuas. Funding for the plant
came from an independent investor who
pumped in $300,000. SPRING also
matched the investment dollar for dollar
under the Startup EnterprisE Development
Scheme or SEEDS. “SPRING invested in us
before everybody else did. And for that,
we are very grateful,” said Mam Sun.
In addition to producing biodiesel, Biofuel
Research also provides consultancy services
to overseas clients interested in building
biodiesel plants.
With greater interest in renewable energy
and awareness of climatic changes globally,
the future for Biofuel Research looks bright.
The company recently achieved a turnover
of $1 million and Mam Sun is in the midst
of moving his Tuas plant to a larger unit
one street away.
”I’m gaining a wealth of experience which
my contemporaries don’t have,” he said
happily. “I get to meet people from all walks
of life, from contractors to hedge fund
bosses and some very rich people. I would
never get such exposure if I had stayed in
my job.“
19
S P R I N G A N N U AL R E PO RT 0 6/07
Sowing the SEEDS of tomorrow’s
businesses
The Startup EnterprisE Development
Scheme or SEEDS for short is managed
by SPRING. The fund aims to encourage
private sector investments in start-ups
involved in developing new or better
products, processes and applications.
Since its launch in October 2001, the
fund has made some 150 investments
worth more than $40 million.
Under the scheme, SPRING matches a
dollar for every dollar, up to $300,000,
that the entrepreneur has raised from a
third-party investor. Find out how you
can tap on SEEDS to grow your business
at www.spring.gov.sg.
Helping local enterprises
EnterpriseOne (One Network for
Enterprises) is a multi-agency initiative
managed by SPRING, which aims to help
local enterprises find the answers they
need to start, sustain and grow their
businesses.
The customer-centric web portal was
developed based on feedback from
more than 500 businesses, with content
from 35 government agencies,
chambers of commerce and industry
associations. It attracts an average of
40,000 unique visitors every month.
So if you are looking for government
information and services for businesses,
start with the EnterpriseOne Portal at
www.business.gov.sg. Or call the
EnterpriseOne hotline at: (65) 6898
1800, from 8.30am - 6pm (Mon - Thu)
and 8.30am - 5.30pm (Fri).
 20

ENCOURAGING ENTREPRENEURSHIP

MeowMoo proves youth

is no barrier

“SPRING provided the

seed money for our business,
without which we wouldn't have been able to
pay for the cost of production and marketing.”
~ Freddy Lim, Director, MeowMoo Productions Pte Ltd

Starting a business is never easy, less so if
you are a youngster barely out of school.
Just ask 21-year-old Freddy Lim, who
started T-shirt design label MeowMoo two
years ago with two friends, Max and Xingjie.
The trio were still studying in Temasek
Polytechnic when they decided to start
their own business, selling self-designed T-
shirts to retailers. Shop owners felt they
were too young and refused to believe that
the tees were made by them. Family and
friends, too, had their doubts about the
business. “Some of our friends said, ‘So
young, sure cannot one.’ Our parents also
told us to go back to study,” recalled Freddy
with a sigh.
But the three friends refused to give up.
With their savings and funding from Freddy’s
mum and relative, they pooled together
$12,500 to start the business. An additional
grant of $50,000 came from SPRING’s
Entrepreneurship Talent Development Fund
(ETDF). For every $1 put in by a student's
business venture, the grant contributes $3,
and the participating polytechnic or
university contributes an additional $1.
Since 2004, the fund has invested some
$1.5 million in 40 creative businesses
started by students at institutes of higher
learning. These businesses range from new
software development to mobile solutions
and retail.
“SPRING provided the seed money for our
business, without which we wouldn’t have
been able to pay for the cost of production
and marketing,” said Freddy, who is now a
final year student in Interactive Media
Design.
Asked if juggling work and school for the
past two years has been tough on him,
Freddy said with a laugh, “Tough? No lah.
We can always distribute the work among
ourselves, so it’s ok.”
Today, MeowMoo’s tees can be seen at
Bugis Village, Chinatown, The Heeren,
Marina Square and Queensway Shopping
Centre. Already, Freddy and his partners
have lined up some big plans for MeowMoo.
“We’re looking into selling the T-shirts
overseas. In fact, we’ve just sent some
samples to a potential client in Philadelphia.”
If all goes well, we may soon see MeowMoo
in the US, and our young entrepreneurs
will also be one step closer to their big
target: to achieve a quarter of a million
dollars in revenue by end 2007.
21
S P R I N G A N N U AL R E PO RT 0 6/07
Entrepreneurship Talent
Development Fund (ETDF)
The ETDF helps budding student
entrepreneurs to turn their business
ideas into reality. The fund aims to seed
another 70 business ventures over the
next five years. It is open to full-time and
part-time students of all nationalities, as
well as alumni members within two years
of graduation, from the following
participating Institutes of Higher
Learning:
- Nanyang Technological University
- National University of Singapore
- Singapore Institute of Management
- Singapore Management University
- Nanyang Polytechnic
- Ngee Ann Polytechnic
- Republic Polytechnic
- Singapore Polytechnic
- Temasek Polytechnic
Application can be made through any
of the above institutions. For details on
ETDF, visit www.spring.gov.sg.
Aiming for ACE
To create a more entrepreneurial
environment in Singapore, the Action
Community for Entrepreneurship (ACE)
was formed by the business community
and government, with SPRING as the
lead agency.
ACE helps encourage the spirit of
entrepreneurship through these
initiatives:
ACE Speaker’s Circuit: This is a platform
that encourages entrepreneurs and
prominent business personalities to give
talks in schools and share their business
experience.
Enterprise Day: This annual event
celebrates entrepreneurship in youths
and equips them with knowledge in
practical business development areas
such as calculating risks and planning.
BlueSky Exchange and Evening Events:
These regular networking sessions
provide a platform where entrepreneurs
exchange ideas, build contacts for
collaborations, seek help and advice on
growing their business ideas and give
feedback on government policies and
initiatives.
ACE BlueSky Festival: The flagship
annual event celebrates the
entrepreneurship movement in
Singapore, drawing hundreds of
entrepreneurs from Singapore and the
region to share and learn from one
another’s experiences on doing business
within the region.
For more details on ACE events, visit
www.ace.org.sg.
 22

ENCOURAGING ENTREPRENEURSHIP

OTTO GLOBAL trades between

East and West in Singapore

“I link suppliers in China with

customers in Europe so, to me,
Singapore is the best
place to be located in because it is
in between the East and West.”
~ Axel Vilasís Ferré, Founder, OTTO GLOBAL
 23
S P R I N G A N N U AL R E PO RT 0 6/07

Spanish entrepreneur Axel Vilasís Ferré
faced a challenge when he decided to
move to Singapore two years ago. How
could he get the necessary approval to
stay in Singapore and start a company
here?
Fortunately for the 25-year-old, he found
the answer in EntrePass – a permit jointly
managed by SPRING and the Ministry of
Manpower. EntrePass allows a foreign
entrepreneur to stay in Singapore to set
up a business provided he or she meets
certain guidelines.
With the EntrePass, Axel was able to settle
down quickly in Singapore and set up a
trading firm, OTTO GLOBAL, which deals
in hardware and fittings. It helped that his
previous job in a trading company in Spain
often required him to travel to Asian
countries like China, India, Taiwan, as well
as Singapore. So when he decided to start
a company, Singapore was a natural choice
because of its good business environment.
Now, he shuttles between China and his
Barcelona hometown to meet his suppliers
and customers.
Axel also appreciates the help he has
received from local government agencies
like SPRING. “I attended a gathering for
EntrePass holders at SPRING,” he
explained. “I was surprised that a
government agency would take the trouble
to meet us, find out how we were doing
and ask us what problems we faced
because this was not something that you
would see in Spain.”
Axel has recently renewed his EntrePass
for another two years and plans to expand
his business further. His next challenge?
To find Singapore suppliers for his European
clients. “Singapore has given me much
more than what I have given to it,” Axel
said. “It’s only fair that I give some business
to Singapore. But it’s difficult to find suitable
suppliers here so I hope SPRING can help
link foreign entrepreneurs like us to
suppliers in Singapore.”
Local help for foreign
entrepreneurs
The EntrePass is an Employment Pass
for foreign entrepreneurs who would
like to start businesses in Singapore.
Jointly managed by the Ministry of
Manpower (MOM) and SPRING, it
aims to attract more foreign talent
to Singapore to enhance the local
entrepreneurial scene.
Interested foreigners can submit their
applications to MOM. All applications
will be assessed by SPRING.
Successful applicants will receive the
EntrePass from MOM.
More information and the application
form are available on the EntrePass
website at http://www.mom.gov.sg/
publish/momportal/en/communities/
work_pass/other_passes/EntrePass
.html.

“I link suppliers in China with customers in

Europe so, to me, Singapore is the best
place to be located in because it is in
between the East and West,” Axel said.

Even his company’s name – OTTO GLOBAL

– is a combination of East and West.
“OTTO” means “eight” in Italian, and reads
the same forwards and backwards like a
mirror image. Coincidentally, eight is also
an auspicious number for the Chinese. This
carefully chosen name has certainly brought
him good luck. Now in its second year of
business, the company is expected to break
even this year.