Limited Domestic Market Size
Singapore’s limited market size requires our creative enterprises to adopt a global
mindset.
Financing Options for Creative Industries
Creative industries often have problems securing financing due to several reasons:
- Financial companies and venture capitalists may lack industry-specific
knowledge
- Creative enterprises and individuals may lack business know-how
- High percentage of self-employed and small businesses
- Returns to Investment are sometimes intangible or long-term
Creative Climate
Singapore needs to shake off its image of being an “over-regulated” city state, with a
low tolerance for divergent views. Creative people and enterprises are attracted to,
and flourish in places which are tolerant of creative discourse and provide space for
experimentation.
Software vs Hardware
The Singapore Government has pumped in more than $1 billion worth of investment
over the past decade on arts infrastructure, including the $600 mil Esplanade, the
new Asian Civilisation Museum II and other projects. To unleash the full potential of
this infrastructure, there needs to be a parallel investment in software. We are
currently lagging in this aspect vis-à-vis international creative hubs, even though the
Renaissance City funding has alleviated the funding shortage slightly.