Supporting Entrepreneurship through Practical Tools and Strategies

Innovation and entrepreneurship are major drivers of competitiveness and productivity. However, a common challenge entrepreneurs and startups face is the opportunity and capability to examine, articulate, and convey their ideas before resources are committed to realize their visions. The Business Model Canvas is a strategic management and entrepreneurial tool that helps to visualize key elements of business ideas, validate and refine assumptions, and identify potential risks or gaps in the ideation process. Familiarizing entrepreneurs and organizations that support startups and innovation with this tool can contribute to the creation of nurturing ecosystems for entrepreneurship, contributing to the APO Vision 2025.

Singapore Productivity Centre organized a workshop on the Business Model Canvas for Startups and Entrepreneurs in Singapore from 25-28 June 2024 to impart knowledge of the Business Model Canvas and provide benchmarking experience aimed at supporting startups and entrepreneurs. Seventeen participants from 15 APO members completed the workshop. They were led by five resource persons, one each from Italy, the ROK, and Thailand and two from Singapore.

Participants learned about the methodologies of the Business Model Canvas as well as strategies fostering an enabling ecosystem for startups. Good practices from the EU, ROK, Singapore, and Thailand provided benchmarking opportunities, while the participants introduced their own entrepreneurship development strategies to each other. Participants also visited Temasek LaunchPad and the Singapore Action Community for Entrepreneurship to observe how incubators, accelerators, educational institutions, trade unions, and government agencies collaborate to support entrepreneurial minds and professionals. Many participants were inspired by the discussions with and observations from the speakers and agencies they visited. They therefore plan to apply the learning to their work to support entrepreneurs and startups.