The stories about big start-ups getting millions in investment, being accepted into globally competitive accelerators, or being bought for millions in cash are everywhere. If you're one of the many people who really want to build a venture with real value, is Singapore the right place to do so?
Singapore has a world-class ecosystem for startups and entrepreneurs. New business ideas are supported by infrastructure, tax breaks and grants that help aspiring companies get off the ground. The government is also encouraging an investment environment to ensure risk capital is available to help entrepreneurs succeed.
Singapore has a vibrant and growing startup ecosystem and has been ranked as the 18th-best startup ecosystem in the world.
Here's what you need to know about the state of entrepreneurship in Singapore today:
There's a lot of VC money in Singapore right now
The fast-expanding start-up ecosystem is becoming more enriched. Singapore is ranked first in Asia and seventh globally in Startup Blink's Global Startup Ecosystem Index 2022. Singapore's startup ecosystem has a value of $25 billion, far exceeding the global average of $5 billion, and early-stage funding per startup totalling $202,000.
Startups need an ecosystem of investors and business partners to provide funding and expertise. The government has been working hard to ensure that there are enough venture capital funds and angel investors to support this growth.
The Economic Development Board (EDB) also provides funding for promising startups through its Seed Funding Scheme or Enterprise Innovation Scheme (EIS).
Singapore has a lot of startup accelerators
Startups need an ecosystem of investors and business partners to provide funding and expertise. These include angel investors who provide seed capital, private equity firms that provide growth capital, incubators that provide office space and mentorship and accelerators that help startups develop products among other benefits.
Singapore is also home to several incubators and accelerators, which provide office space, mentorship and legal support for startups.
Singapore has a good public education system
The country has one of the highest literacy rates in the world and high school and university enrollment rates.
Singapore also has a track record of sending students to top universities in the world; many go on to become leaders or entrepreneurs themselves.
The government also supports small businesses with generous grants and loans for entrepreneurs who want to start up their own companies.
Moreover, there's no shortage of investors willing to invest in promising businesses if they see potential in them
Singapore has great support from government agencies like Enterprise Singapore and SPRING
In addition to the support from the private sector, there are several government agencies that provide funding and mentorship for startups. Enterprise Singapore and SPRING are two of the most popular ones.
Enterprise Singapore is the single agency promoting the growth of Singapore companies of all sizes.
These agencies take an enterprise-centric approach in working with the companies, streamlining assistance for greater effectiveness and leveraging partnerships for greater reach internationally.
The government is investing in tech companies and startups through its Future Fab program
The government is investing in tech companies and startups through its Future Fab program. The initiative, which was launched in 2015, aims to help small and medium-sized enterprises (SMEs) grow by providing funding and mentorship as well as access to government procurement opportunities.
The program offers grants of up to $200,000 per company over two years; it also provides additional financing from the National Research Foundation (NRF), a grant-making body under the Ministry of Trade & Industry (MTI).
The NRF recently announced that it would invest S$3 million into seven startups through its Innovative Enterprise Grant scheme.
The startup scene in Singapore is growing, but it still has room to improve
Singapore is a great place to start a business. The government is supportive of entrepreneurship, and there are many programs and initiatives that help entrepreneurs get started.
The startup scene in Singapore is growing, but it still has room to improve. There are many VC funds investing in startups here (especially health-related ones), as well as accelerators like 500 Startups Asia Pacific and Supercharged Startups which provide mentorship and funding for early-stage companies.
With so many startups popping up year by year in Singapore and making it is an exciting place for aspiring entrepreneurs. Singapore is indeed the perfect place for aspiring entrepreneurs to start their businesses instead of other countries which are much more expensive.
There is no denying that Singapore's startup scene is just starting to thrive. However, there is little doubt that this scene will continue to grow in the coming years in Singapore, aptly named the upcoming Silicon Valley of Asia.
