Singapore as Asia’s startup hub
When thinking of THE place to start your own business, San Francisco and its Silicon Valley typically first comes to one’s mind. Worldwide giants as Apple and Google being founded there, great minds bringing all kinds of technologies and inventions to life, startups working and growing together successfully – that’s the picture you get of Silicon Valley. A picture-perfect startup ecosystem. And Singapore, you say?
Stop dreaming of Silicon Valley – Singapore is the place to startup
The most significant outcome of recent studies (by Startup Genome): Singapore has overtaken Silicon Valley in the quality of its startup ecosystem. More than 4,300 in Singapore newly developed tech businesses seem to undermine that statement. In the last 20 years, Singapore has become growingly interesting for entrepreneurs of the entire ASEAN region who are looking for funding. When on search for investors or business angels, the city offers a great fundamental basis for entrepreneurs from all over the world. Clear and strong political structures and a fair and secure justice system make for excellent premises for investments, both for startups and investors. In 2015 alone, there have been 220 funding deals made, amounted to over USD 1 billion within that year. Not only private funding is significantly high in this new startup hub. Startups in Singapore have access to governmental funding through more than 10 bodies such as venture funds, incubators and accelerators.
Singapore – perfectly located, well connected
Singapore’s strength as a startup hub also lies in its geographical location in the middle of Southeast Asia and its ties to surrounding economies. Singapore is an economic knob is part of the Association of Southeast Asian Nations, ASEAN, an intergovernmental organization promoting facilitated economic cooperation between the member states.
A number of highly ranked universities contribute to their first-class startup infrastructure accordingly. The NUS as well as NTU offer access to some of the world’s best talents of all different cultures, as found in Singapore, raised and taught to become entrepreneurs. The melting pot of cultures has also contributed to bring about open-minded people with different backgrounds who try and see solutions for every problem they encounter. Alongside with political, educational and geographical infrastructures, Singapore is very well suitable to replace Silicon Valley as number one startup hub.