Noting that entrepreneurs can take “a broader perspective”, Mr James Tan, chairman of Singapore’s Action Community for Entrepreneurship (ACE), said: “Take a growing industry like food tech, it does not necessarily have to be about starting a vertical farm. What about the other aspects, such as storage and delivery?
“You can take a part of it and ask yourself if this is being tackled. If there are too many vertical farms, maybe you can look at supply chain and distribution,” added Mr Tan, who is also managing partner at Quest Ventures.
Sectors that are being battered by the pandemic also bear opportunities, although one will need to time for a recovery and be more selective.
Mr Tan from ACE thinks that more people could turn to entrepreneurship amid the uncertain economic climate, with some being “driven by necessity” given the grim labour market.
“Whether this is a positive thing, it remains to be seen because there could be more people with the same idea and not everyone will succeed.”