Dubbed the “Silicon Valley of Asia”, Singapore has developed a startup ecosystem that has outshined its Southeast Asian neighbors, closing last year with a total deal volume of $6.1 billion. Of the world’s top 100 tech firms, 80 have selected the Lion City as their home.
Singapore’s startup success is built on the government’s robust support and its global reputation for efficient governance, strict rule of law, highly-skilled labor, and top-quality educational system.
According to the Economic Development Board of Singapore, the city-state’s startup ecosystem ranked 17th globally and 5th in Asia in terms of value, growing to an impressive $22.5 billion as compared to the global average of $13.68 billion.
Development Asia, a platform run by the Asian Development Bank, identified the following elements behind Singapore’s vibrant entrepreneurial ecosystem: (1) startup financing, (2) sound regulatory and legal environment, (3) low corporate tax rates, (4) mentorship and network opportunities, and (5) innovative public policy.
Singapore’s effective private and public sector framework has supported not only venture capitalists and tech startups, but also its manufacturing industry.
Among those who have benefitted from Singapore’s innovation-driven development are SP Manufacturing and CAM Resources, which have developed state-of-the-art equipment and solutions to meet the demands of startups.
