Very good morning to all of you.
Thank you, Wally, for a very inspiring and interesting presentation on the potential of AI.
Thank you, also to all the organisers, Andy and your team for inviting me to join here for this Valley awards.
1. Many people have said that it has been a very challenging few years. But there have also been many people who said that it has been the most exciting few years, with tremendous opportunities.
2. Perhaps that is the key difference between entrepreneurs and non-entrepreneurs. Entrepreneurs see opportunities in every moment, whether in good times or bad times, and sometimes see even more opportunities in challenging times. That is the spirit we hope to inspire in all our people – that for Singapore, we will always be able to turn challenges into opportunities, to turn constraints into opportunities.
3. It is in this context that we are very happy to affirm the good work done by the Singapore Valley Awards, the mentors and sponsors who are here, because you are helping us inspire another generation who has the gumption to perceive challenges as opportunities, to turn constraints into opportunities.
4. So, what about the future? Again, this year, many people will say that there will be challenging years ahead. As we speak now, there are wars going on in Europe and the Middle East. Technology is evolving rapidly. But not just in AI – beyond AI, even in the fields of biotechnology, in the field of data science, clean energy, or energy transition, there are tremendous challenges ahead.
5. Therein also lies tremendous opportunities for Singapore, to reposition ourselves in the new economy. If we can seize these opportunities, then the next phase of Singapore's growth will be quite different. On the other hand, there is of course the danger that if we are slow or unwilling to seize these opportunities, we might be left behind in history.
6. This is why today I would like to encourage all our youths, all of you present here today, and also those who are not here today but have participated in the program, to go forth and understand both the challenges and the opportunities that confront us. There are perhaps two to three trends that we need our youths, our new generation of entrepreneurs to understand.
7. First, global political trends and how the markets might shift. Many people have said that in the last 30 to 40 years, we have enjoyed an era unprecedented in history, where the whole world has come together and agreed that free trade is the way forward, where our economies got increasingly integrated. But there are also people who believe that going forward, this may no longer be the norm. Markets may fragment, unlike the past.
8. How do we position Singapore, whereby we do not end up serving only one or a few markets, but we can continue to be the integrator or the connector to serve different markets? In order for us to do this, our people will need to go beyond Singapore to understand global trends, understand the markets, the people and the customers deeply. The key to this will be big markets like the US and China, but there are also emerging markets like India, Indonesia, and many other places.
9. So I encourage our people to explore these markets and opportunities, with an attitude of humility.
10. Beyond the geopolitical trends are technological trends, which Wally shared earlier. Beyond AI, other areas of science and technologies are rapidly advancing, creating new disruptions. With disruptions also come opportunities.
11. The third set of things that we need to truly understand is how people are responding to the first two trends, because we are ultimately humans, and not machines. Different people and different markets will respond to both technological trends and geopolitical trends differently. If we keep our eyes close to the ground and watch the trends sharply, we will be able to navigate the changing trends much better.
12. I encourage all our young people to go forth, understand the world and understand the trends. But most importantly, understand how the people in the different markets are responding to these trends. If we can do this, then I am quite sure that we will lead the new generation of entrepreneurs with the gumption to serve not only the Singapore market, but the global markets.
13. On that note, we are very happy to affirm the work by the Singapore Valley awards, started by a group of like-minded, committed people who want to inspire the next generation of entrepreneurs. This award is a good example of how our companies can work together with international partners to groom our talent for the next generation.
14. Despite the disruption of COVID, we are happy to see the awards resuming this year. The first iteration in 2017 - 2018 was successful. Some of the past recipients are with us today, and we hope that you will pass on your experiences to the next generation.
15. For the current generation of winners with us today, we hope that you will go forth and also be successful in what you do. But more importantly, we hope that regardless of success or failure, you will come back and share your experiences with the next generation. I wish you success. I know that being an entrepreneur is never easy. For every ten, hundred or thousand ideas you have tried, maybe one will eventually be successful. But the rest of the nine, the ninety-nine or the nine hundred and ninety-nine, are not wasted, because they add to that body of knowledge and experience that will help you to have a better chance to succeed the next round.
16. So I am very happy that the Singapore Valley Awards is also working with Business China, to create more opportunities for Singaporeans to better understand the markets in China.
17. Thank you all for being here. Thank you to the organisers and sponsors because without your efforts, without your mentoring and sharing of experiences, our next generation of entrepreneurs will be less able to benefit from your experiences.
18. For those of you who have benefited from this program, may you continue to pay it forward for the next generation, and may you all be part of the new chapter for Singapore. May Singapore continue to always to be the integrator, the connector, in a fragmenting world, in a challenging world.
Thank you.