SINGAPORE — While the Singapore startup ecosystem of today ranks highly among many global innovation hubs, the scene was much less vibrant as recently as just a decade ago.
SINGAPORE — It was not too long ago that detractors were pouring cold water on Singapore's efforts to nurture entrepreneurs and startups.
Just last year alone, 11 Singapore-based startups achieved unicorn status — or reached US$1 billion valuation — bringing the total number to 22, according to written reply by Trade and Industry Minister Gan Kim Yong in February. “Of course, Singapore’s strategic location at the heart of Southeast Asia cannot be understated,” said Mr Edwin Chow, assistant chief executive officer for innovation and enterprise at EnterpriseSG, in response to TODAY' queries.
Noting that the Republic’s reputation for nurturing startups “developed only over the last decade”, the report outlined broad factors commonly cited by stakeholders that make Singapore conducive for such enterprises. At the same time, it incentivises entrepreneurs and investors to come to Singapore via the EntrePass, so that they can set up shop here and create businesses and jobs. EntrePass is granted for one to two years, with passholders required to create more jobs for locals and increase their business spending in order to get the pass renewed.Under EnterpriseSG's Startup SG Equity scheme, it co-invests in eligible startups with independent, qualified third-party investors.
And while huge economies such as the United States and China naturally would pull in the big bulk of global funding, he said Singapore has “captured the lion’s share of venture capital funding in the Southeast Asian region”. Fairmart Technologies, for example, was set up slightly less than two years ago by two men from Ukraine and Slovenia.
As of last year, there were 277 unicorns in the Asia-Pacific region, making up more than half of the world’s total unicorns. “We’ve grown to 150 stores in Singapore and are now running pilots in Malaysia, Indonesia, and Philippines to assess our expansion markets. That’s been our plan from the start and we’re continuing on this path.”
Mr Ku said that future growth opportunities, such as Web 3.0 and deep tech fields such as medtech and healthtech, tend to be “borderless in nature” and would provide a better opportunity for startups to serve a bigger, global market. Dr Wong reiterated that as neighbouring startup ecosystems mature, more funds may start to flow there instead of Singapore. “Then why do I, as a founder, need to come to Singapore to tap the venture capital funds? I can go directly to the target market,” he said.Indeed, the size of Singapore's market — both in terms of consumers and talent pool — has often been cited as an intrinsic limitation for growing the startup ecosystem.
Agreeing, EnterpriseSG’s Mr Chow nevertheless noted that such challenges are global in nature, making investors more prudent when deploying capital.
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