Industry Sharing Session: Future-Moves Group
On 15 February, the Faculty organised an industry sharing session with the Chief Executive Officer (CEO) and founder of Future-Moves Group, Mr Devadas KRISHNADAS, entitled “Succeeding Through Entrepreneurship”.
Future-Moves Group is a homegrown management consultancy which undertakes pioneering work in foresight-driven strategy, public change, strategic communications and data analysis.
Prior to founding Future-Moves Group, Mr Krishnadas played a pivotal role in fiscal and social policy in Singapore in the public sector. He also served for 10 years as a senior police officer with the Singapore Police Force and with the Ministry of Home Affairs. During the session, he shared his experience on entrepreneurship in Singapore, including what it takes to build a company in a highly competitive knowledge-intensive industry.
Mr Krishnadas explained how entrepreneurship in Singapore is deterred by the “Economic Prison Effect”, which occurs with the 3:1 domination of multinational companies (MNCs) in the weighting of gross domestic product (GDP) trade. He then discussed what comprises successful entrepreneurship, including increased capacity in the higher value-add economic space and generating more knowledge locally to be commercialised globally.
Mr Krishnadas also shared his perspective that Singapore would benefit from nurturing more entrepreneurs. Through this, jobs can be created, risks taken and market opportunities generated. Describing the mindset required of an entrepreneur, he encouraged students to “Just do it”, “Embrace uncertainty” and be willing to take chances by utilising their skillsets. Noting that it would be natural to make mistakes, Mr Krishnadas urged students to develop staying power and resilience.
When asked for advice on starting a business without relevant experience, Mr Krishnadas cited the “bumblebee effect”, which calls for “daring in uncertainty” and taking ownership of mistakes. On the high cost of failure in Asian countries, which do not have safety lines such as Government welfare schemes, Mr Krishnadas explained that there is insufficient correlation between the existence of the safety nets and a risk-taking mindset. Noting that there is never a perfect time and opportunity, he said, “Perfection is the enemy of getting things done.”
Mr Krishnadas also reminded attendees of the importance of perspective. Rather than making business one’s life, one should make life his or her business. He concluded, “Even if your business fails, your life has succeeded. Valuable experiences were realised through the choices made.”
The session was well-received by the attendees.
Mr Krishnadas shared his experiences as an entrepreneur and the importance of having the right mindset to become an entrepreneur