Foreign investment not enough to grow maturing economy: Ong Ye Kung
The Education Minister also touched on healthcare, education and LGBT issues.
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Ricky Lim
Posted on :- 13 Sep 2018 06:35PM
Ricky Lim
Every innovation will churn out a new industry.
PMD when successful and ready for mass adoption - will churn out the PMD industry. This is an extension to bicycle.
Assume 100,000 buy PMDs at $1,000 - a $100 million PMD industry has been created. People earn from this business and jobs are created - and the Economy richer by $100 million. If we don't early adopt PMDs - Singapore Economy will be poorer by $100 million.
Similarly, other new innovation like driverless car, drone, robotics, Smart Nation, shared bike, private hired cab, eCommerce etc - are disruptors that are starting a new industries - creating new businesses and new jobs for people in Singapore and contributing and increasing our GDP economic growth.
We cannot be a laggard - unless we want our Economy to stagnant, people not enough jobs, people cannot start new businesses.
Like · Reply · 8h · Edited
Ricky Lim
Every innovation will churn out a new industry.
PMD when successful and ready for mass adoption - will churn out the PMD industry. This is an extension to bicycle.
Assume 100,000 buy PMDs at $1,000 - a $100 million PMD industry has been created. People earn from this business and jobs are created - and the Economy richer by $100 million. If we don't early adopt PMDs - Singapore Economy will be poorer by $100 million.
Similarly, other new innovation like driverless car, drone, robotics, Smart Nation, shared bike, private hired cab, eCommerce etc - are disruptors that are starting a new industries - creating new businesses and new jobs for people in Singapore and contributing and increasing our GDP economic growth.
We cannot be a laggard - unless we want our Economy to stagnant, people not enough jobs, people cannot start new businesses.
Like · Reply · 8h · Edited
Like · Reply · 1m
Ricky Lim
If we successfully innovate a new products or services that are wanted by overseas market of say 6 billion people - then Singapore growth will be exponetial.
Eg. Product A $1,000 x 6 billion people = $6 trillion !
Eg. Product A $1,000 x 6 billion people = $6 trillion !
Like · Reply · 1m
Taggerson Jade
Ricky Lim Erm, it's a $100mil economy but we are not richer by that amount. You forgot to deduct costs....
Reply · 3h
Ricky Lim
Taggerson Jade - understood that cost need to deduct. But the whole industry is a $100 million industry.
Also there are other supporting industry revenue not included eg.
(1) Maritime transport delivery
(2) Bank LC
(3) sales staff
(4) staff delivery
(5) retail shop rental
etc etc.
There are always a multiplier effect to the Economy when a new industry is started.
I am only illustrating using a simple math to estimate how much a new industry is worth - by taking the selling price of a PMD.
Also there are other supporting industry revenue not included eg.
(1) Maritime transport delivery
(2) Bank LC
(3) sales staff
(4) staff delivery
(5) retail shop rental
etc etc.
There are always a multiplier effect to the Economy when a new industry is started.
I am only illustrating using a simple math to estimate how much a new industry is worth - by taking the selling price of a PMD.
Like · Reply · 1m
Ricky Lim
So imagine if every new innovation, we start an industry --- imagine the multiplier effects on the Economy?
Assume Singapore is able to develop our own innovation like :-
(1) driverless car
(2) drones
(3) AI, robotics
(4) Digital eCommerce
etc etc - assume each one produce a $500 million industry with multiplier effects --- our Economy will easily add few billion of dollars into our Economy - and our GDP will easily hit trillion dollars.
Thus innovation indeed is our future for growth in a matured economy.
And we must get use to a "chaotic theory to adoption" - as we emphasize more new innovation to boost our Economic growth.
Assume Singapore is able to develop our own innovation like :-
(1) driverless car
(2) drones
(3) AI, robotics
(4) Digital eCommerce
etc etc - assume each one produce a $500 million industry with multiplier effects --- our Economy will easily add few billion of dollars into our Economy - and our GDP will easily hit trillion dollars.
Thus innovation indeed is our future for growth in a matured economy.
And we must get use to a "chaotic theory to adoption" - as we emphasize more new innovation to boost our Economic growth.
Like · Reply · 1m · Edited
Taggerson Jade
Ricky Lim I am not against innovation, but on top of costs, PMDs are a saturated Market already, and the tech moves fast.
And in this case we do not even have a sizeable local market for this. Manufacturing is always risky due to inventory, obsolence, Singapore's high costs for everything.... Even Amazon tries to avoid warehouses and hold inventory (they mostly link up the publishers/sellers to the buyers).
Plus manufacturing will definitely be done offshore due to costs, so there is always the chance of leaks. Even the PMD powerhouse that was Segway got bought by, ironically, Ninebot which was violating Segway's patents.....
And in this case we do not even have a sizeable local market for this. Manufacturing is always risky due to inventory, obsolence, Singapore's high costs for everything.... Even Amazon tries to avoid warehouses and hold inventory (they mostly link up the publishers/sellers to the buyers).
Plus manufacturing will definitely be done offshore due to costs, so there is always the chance of leaks. Even the PMD powerhouse that was Segway got bought by, ironically, Ninebot which was violating Segway's patents.....
Ricky Lim
Taggerson Jade - I am not suggesting PMDs is the innovation - it is just one of them.
This PMD comments - is originated from the saga of "battery fire" - and someone suggested that we are too quick to adopt innovation.
I illustrate PMD as example of how a simple device like PMD innovation can build a new industry - though i agree the PMD is now saturated.
But PMD safety standard are still very new - only US UL2272 just came out with the safety fire standard just in Nov 2016.
Europe is coming up with only a draft standard.
All PMDs in the market now in other words - are still not a very safe device - if not subjected to the fire safety standards,
This PMD comments - is originated from the saga of "battery fire" - and someone suggested that we are too quick to adopt innovation.
I illustrate PMD as example of how a simple device like PMD innovation can build a new industry - though i agree the PMD is now saturated.
But PMD safety standard are still very new - only US UL2272 just came out with the safety fire standard just in Nov 2016.
Europe is coming up with only a draft standard.
All PMDs in the market now in other words - are still not a very safe device - if not subjected to the fire safety standards,
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