Financial capitalism has to make way for entrepreneurship, and Singapore is ideally placed to be an entrepreneurial hub, says the founder of one of Europe’s largest incubators.

Johan Stael von Holstein, founder of incubator IQube, told BT the current economic turmoil shows the failure of finance-driven free market system, and the focus now should be on growing new companies.

He reckons this would fuel long-term growth, and that the new businesses would create jobs for those laid off in the crisis.

‘Singapore may lead the world in this regard, as its government recognises the importance of entrepreneurship,’ he said. ‘There is so much talent here, and its diversity makes it a melting pot of different ideas. In fact, Silicon Valley and Singapore are probably two best places to set up companies today.’

Read the full press release here.

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