When thinking of THE place to start a business, San Francisco and its Silicon Valley typically come into 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 image you get of Silicon Valley. A picture-perfect startup ecosystem. But what about Singapore?
The most significant outcome of recent studies conducted by Startup Genome: Singapore has overtaken Silicon Valley in the quality of its startup ecosystem. More than 4,300 newly developed tech businesses in Singapore seem to strengthen that statement. In the last 20 years Singapore has become more and more attractive for entrepreneurs of the entire ASEAN region that 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. Alone in 2015, 220 funding deals have been made, amounting 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 part of the Association of Southeast Asian Nations, ASEAN, an intergovernmental organization promoting facilitated economic cooperation between the member states.
Further, a number of highly ranked universities contribute to their first-class startup infrastructure. The NUS as well as NTU and SMU offer access to some of the world’s biggest, diverse talents, raised and taught to become entrepreneurs. The melting pot of cultures has also contributed to bringing together open-minded people with different backgrounds who tackle every problem that they encounter. All in all, alongside with political, educational and geographical infrastructures, Singapore is very well suited to replace Silicon Valley as number one startup hub.