INPHOSOFT HIGHLIGHTED BY MINISTER AS A SUCCESSFUL START-UP
02 Nov 2006
SPEECH BY MR S ISWARAN, MINISTER OF STATE FOR TRADE AND INDUSTRY, AT THE SEEDS CEREMONY 2006, ON THURSDAY 2 NOVEMBER 2006, 11AM, AT SUNTEC CITY CONVENTION CENTRE”
Inphosoft was highlighted by Mr S Iswaran as a successful start-up company. The following is an excerpt of the speech.
“I am also delighted to hear that some of the earlier recipients of the SEEDS programme have banded together to form the SEEDS Alliance to help one another cross over into the growth stage. Within the group, I hear that the entrepreneurs collaborate to tutor and mentor one another, share information and pool resources to gain better access to funding, markets, and services. What is especially noteworthy is that this “peer-support” initiative was entirely driven by the private sector, a true mark of entrepreneurship!
It is heartening to note that of the 169 SEEDS companies, 20 have to date successfully raised further rounds of financing. For example, GlobalRoam Group Pte Ltd, which merged with SEEDS recipient Fatte Telecom, has raised $2.4 million through the OTC Capital platform. The number of SEEDS enterprises recording an annual turnover exceeding $1 million stands at 18 this year, up from 11 a year ago. Some of the SEEDS enterprises have also successfully expanded into overseas markets. Inphosoft, a wireless communication solutions provider, has gained traction in Malaysia and Indonesia, besides Singapore. It is expected that our group of SEEDS enterprises will contribute significantly to our economy, and generate about 5,000 jobs, by 2007.” |
