‘Singapore has established its reputation as a hub to pilot cutting-edge innovation and solutions’
dwin Chow, Assistant Chief Executive Officer of Enterprise Singapore, explains why Singapore’s infrastructure and support networks make this city-state an ideal home for startups.
Singapore is a key innovation hub at the heart of Southeast Asia, with a dynamic startup ecosystem that is ranked among the top twelve globally and home to over 4,300 tech startups.
Our startup community is multifaceted, with global startup enablers that include privately backed and government-led incubators, accelerators and venture builders such as Antler, Trendlines Medical and German Accelerator.
Venture capitalists have also driven significant growth in funding, offering startups more opportunities by increasing investments from US$136.4 million in 2012 to US$1.37 billion in 2017.
In the past five years, Singapore has established its reputation as a test-bedding hub to pilot cutting-edge innovation and solutions.
Multinational corporations such as Facebook, General Electric and L’Oréal, as well as home-grown corporations such as Changi Airport Group, ST Engineering and Zicom MedTacc, have been actively tapping on our startup ecosystem to launch accelerator programs, set up innovation arms or anchor competitions here to find new solutions.
To make it easier for startups to connect with partners and to access assistance in Singapore, Enterprise Singapore launched the Startup SG initiative in 2017. As a single platform housing startup information, global startups and partners looking to land in Singapore can find step-by-step guides and relevant assistance programs to support them in finding talent, mentors and physical spaces for test-bedding and other purposes.
In our efforts to build an international startup network, Singapore recognizes that we cannot stand alone. As such, the Global Innovation Alliance was introduced in 2017 to connect Singapore with other global startup and innovation hubs.
Collaboration plays an important role in innovation. We welcome global startups and partners to work together with us to enrich our startup community and ecosystem, and to use Singapore as a launchpad to be a part of Asia’s growth story.
This piece was originally published in Startup Guide Singapore.
Main photo of Gardens by the Bay in Singapore by Unsplash/big.tiny.belly