Singaporeans need greater appetite for risk to innovate, says MTI minister

He urged citizens to venture into unchartered waters.

In a time of breakneck speeds of innovation, the last thing Singaporeans should experience is to have jitters when it comes to embracing opportunities.

In a speech by Ministry of Trade and Industry minister Iswaran, he said skills must be complemented by a greater appetite for risk and tolerance for failure.

He added that Singaporeans must also have a willingness to venture into unchartered waters and embrace opportunities, and stay resilient and flexible in the face of adversities.

“As we move towards a more innovation-led economy, there is a greater need for the [appetite for risk] mindset, to take calculated risks and accept setbacks as a learning experience,” he said.

“Apart from helping to understand the business culture, consumer preferences and operating environment in these markets, it will have an indelible impact on your personal development,” he added.