Commentary: Singapore's new growth strategy for tomorrow involves luring 500 global tech leaders today
SINGAPORE: Even in the midst of a political climate where the narrative of foreign talent displacing locals has been a longstanding contentious issue revived by a challenging job market in a global pandemic, Singapore seems to be at it again.
The country'southward Economic Development Lath (EDB) but appear that a new scheme, dubbed the "Tech.Pass", will exist launched next January where talent with significant leadership experience in tech companies or production development will be welcome to locate in Singapore.
But this fourth dimension effectually, the strategy in global talent attraction is a fundamental shift from the past, where foreign managerial manpower and specialists in a wide range of domains were brought in under the Employment Pass scheme.
The minimal qualifying bacon for that program is S$4,500 (and Due south$5,000 for financial services).
In comparing, the bar for Tech.Pass is many times higher. It seems targeted at C-suite tech leaders and developers creating applications and technologies of the future.
Candidates must fulfil ii of the post-obit criteria: Draw at least a S$twenty,000 fixed monthly salary, have 5 cumulative years in a leading role of a tech company with at to the lowest degree a valuation of U.s.a.$500 million (South$674 million) or US$xxx million in funding, or have five cumulative years of experience in developing a tech product with 100,000 monthly active users or at to the lowest degree US$100 million revenue.
Fifty-fifty so, the pass is non an entry that lasts in perpetuity. Information technology is skilful for 2 years and will have to be extended after. Just 500 volition exist picked.
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There are two substantive aspects of the new talent scheme that merit farther exam – tech and timing.
THE FOCUS ON High GROWTH HIGH TECH
Unlike existing work laissez passer schemes under the Ministry of Manpower or even the EDB'southward Global Investor Programme which are "horizontal" in catchment and directed at investors who can assist place plum choices for the side by side investment, the Tech.Pass is a "vertical" approach that pinpointedly targets high potential companies in high tech domains that are seeing exponential growth.
Tech.Pass is a course of its own alluring a highly select and skilled clientele that is globally mobile and fiercely sought by many acme capitals of the world.
The capabilities sought will involve expertise in cut-edge technologies including the oft-touted "ABCD" – artificial intelligence, blockchain, deject computing and data analytics – areas birthing unicorns and companies at the pre-unicorn phase.
The world is also now seeing, particularly arising from the COVID-19 pandemic, an unprecedented focus on applications of deep technologies in hot areas like medtech, edutech and the veritable fintech similar never before.
And cut across all applications will be the need for high-end cybersecurity, and the projected pervasive use of enabling technologies like 5G.
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Start-ups in these areas with a demonstrable path to growth and profit that satisfy investors concur the fundamental to unlocking the side by side stage of Singapore's growth in an increasingly digital global economic system but they don't appear every day.
Investors are hungry for options. The money is hither but where are the investments and founders?
Singapore's Temasek Holdings is in active discussions for its start directly investments in healthcare and education start-ups in Southeast Asia.
This is a serious bet on the burgeoning digital economy, slated to triple to more than U.s.a.$300 billion by 2025 in Southeast Asia, according to Google and Bain and Co.
The fintech sector likewise has huge potential, looking at the rapid growth it has enjoyed in Cathay, notwithstanding the recent curbs on Alibaba'southward Ant initial public offerings in Hong Kong and Shanghai.
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Fintech investors from beyond the earth will be redoing their sums once more to optimise their investment portfolios beyond possible locations.
Southeast Asia, including Singapore, may potentially be part of the new equation, peculiarly when i considers DBS's reported plans to institute a digital substitution which will allow cryptocurrencies and other digital securities to be traded against the Singapore dollar and a few other currencies.
This move past digitally savvy DBS, awarded the earth's all-time bank by eminent publications Euromoney and Global Finance, will spawn even more demand for fintech talent across the economy.
Interestingly, a recent report by The Business Times pointed to a severe talent gap in cybersecurity in Singapore. This will dangerously leave many firms exposed to cyber and data privacy threats.
Even more significant is that the Asia-Pacific region has an estimated whopping ii.6 one thousand thousand cybersecurity workforce gap, accordingly to the International Information Organization Security Certification Consortium.
The issue is that there volition be many areas of needs for high tech in Singapore.
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Transformational leaders of the fields will be required to answer the market'southward siren call, only the country volition face up tough competition equally cities around the world will fight tooth-and-nail to lure this crème de la crème of the talent pyramid.
THE FOCUS ON TIMING
COVID-19 has presented fifty-fifty more opportunities for high tech. Tech companies with the right offerings take found the sweetness spot of good timing during the crisis to make momentous gains.
The obvious example is Zoom Video Communications which had people and companies zooming in and out of virtual meetings during the pandemic.
With its valuation now topping Boeing and 3M, it has become such an indispensable tool as the world made the overnight digital work-from-habitation spring, that for many businesses to continue to survive, it is "zoom or doom".
The pandemic presents a short time window where in that location will exist nifty demand for game-irresolute talent leaders. At that place are few of these talents around the globe, simply many locations who want them.
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Singapore is not alone in using incentives to draw tech talents onshore. Established economies like Australia, French republic and United kingdom of great britain and northern ireland have like talent schemes, some of which are more than aggressive than Singapore's.
Australia'southward Distinguished Talent Visa offers permanent residency. French republic's Tech Visa programme does non crave local options be exhausted earlier a position is filed by a greenhorn. And the United Kingdom's Global Talent Visa, with its five-yr term, can be extended to firsthand family members.
Nonetheless, Singapore is well-placed to attract foreign talent. In the list of most competitive places for talent released simply this month by the Institute for Management Development, Singapore is ranked elevation in Asia and within the height ten in the world.
Notably, it is ranked higher up Australia, France and Uk.
While the pandemic is all the same ravaging parts of the world especially North America, Western Europe and South Asia, it is natural that globally mobile tech talent may desire to look around to see where they can leverage their time more fruitfully.
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From a applied angle, tech talent may wish to pivot to localities that have washed well in combating the coronavirus outbreak and keeping infection numbers under control.
To them time is also money. Innovation nodes, with fresh pots of money and ecosystems offering business organisation opportunities that allow them to take their innovation to market place faster, tin can look like skillful options. Tech innovators cannot wait – there is ever a risk someone will crush them.
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Receiving countries besides cannot afford to look. They seek talent that tin exist purpose-fit correct abroad on arrival and be ready to plug and play from 24-hour interval ane.
Timing volition be the last arbiter in this ferocious location competition. Countries have to double downwardly urgently on attracting tech talent now.
For Singapore, the timing is perfect as its economic system needs value boosters.
The planned 500-odd Tech.Pass holders will be queen bees to create jobs and multiply opportunities for economic growth.
Lawrence Loh is managing director of Centre for Governance, Institutions and Organisations at NUS Business School where he is also associate professor of strategy and policy
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