Many workers—particularly younger ones—seem to shy away from the idea of working for SMEs, instead gravitating toward the allure of startups. However, this preference can often be a contradiction. Why? Because many startups, by definition, are essentially SMEs.
In Singapore, SMEs are officially defined as entities with at least 30% local shareholdings, group annual sales of not more than S$100 million, or a group employment size not exceeding 200 employees. By this standard, most startups in Singapore fit squarely into the SME category.
The numbers tell the full story: according to government statistics, Singapore is home to approximately 300,000 enterprises, and 99% of them are classified as SMEs. These businesses employ 71% of the workforce. In other words, whether we embrace the idea or not, the majority of us are working for an SME.
This year, DollarsAndSense Business had the privilege of spotlighting several local SMEs in Singapore. Through these stories, it became even clearer how these enterprises are not just vital cogs in the economy but also spaces where innovation, resilience, and entrepreneurship thrive.
Here are two such SMEs we spoke to in the past couple of months.
Mighty Jaxx, Building The Next Popmart From Singapore?
I am not a toy figurine guy so when my colleagues told me they were going to the Mighty Jaxx office to interview Jackson Aw, a Singapore-based company that has become a global leader in collectible art and tech-enabled toys, I wasn’t exactly excited.
It was only after the visit and our interview that I realised just how large Mighty Jaxx operations were across the 90 countries they sell their products in. You can watch our interview here. If you are a fan of the Mighty Jaxx product, this is a must-watch, or listen.
Transforming Waste Into Antibacterial Wonders
Here in Singapore, we love eating durians, oranges and crab. We are also a stickler for hygiene, and everyone would know a friend who will always have disinfectant with them.
In Singapore, we love our durians, oranges, and crab. At the same time, we’re sticklers for hygiene—most of us know someone who never leaves home without a bottle of disinfectant. But what if you could combine the two?
That’s precisely what N&E Innovations co-founder Didi Gan set out to do. The company created the world’s first antibacterial product from food waste, utilizing everyday discards like orange peels, durian husks, and crab shells.
Leveraging expertise in biomedical sciences and food technology, N&E Innovations saw a unique opportunity to repurpose food waste—a major byproduct of the food industry—into a sustainable alternative to traditional synthetic chemicals and alcohol-based disinfectants. The result? A patented technology called ViKang99, which combines cashew waste with organic compounds derived from durian husks. This molecular coating can neutralize bacteria and viruses, including SARS-CoV-2 and influenza, for up to a week.
How did they achieve this breakthrough, and what challenges did they face along the way? We explore these questions in our exclusive interview with Didi Gan as part of the DollarsAndSense Business Building Series.
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