Singapore has 1 city in the top 1000 and has a vibrant startup scene that ranks 6th within the competitive global top 10.
Singapore’s startup scene saw an increase in 2023 and jumped 1 spot from the previous year, outranking Germany.
Singapore is a model for innovation and another great example of a relatively small country that massively over-performs. The country has become a location of choice for the incorporation of startups operating in Asia due to its financial stability, pro-business approach, and tax policies. Because Singapore has a small market and population, its ecosystem’s growth depends on scaling overseas. This aspect gives the ecosystem a unique regional perspective from the start. Attesting to this is the nation’s success in producing billion dollar valuations. The dominance of companies like Grab is a great example of how Singapore is becoming the headquarters of activities for leading regional startups.
The Singapore ecosystem boasts a growing number of accelerators and support networks. For instance, Enterprise Singapore has accelerator programs that allow early stage startups to access financial aid and business loans, while initiatives such as Startup SG focus on promoting Singapore’s startup ecosystem. The country also has a strong digital infrastructure and plenty of investment sources. On top of this, the country’s universities are involved in the startup scene, not only by training a highly qualified workforce for the R&D sector, but also in connecting programs to startups and encouraging entrepreneurship on campuses.
Singapore’s public sector is highly supportive of the startup ecosystem, but the country should be careful not to turn this support into a dependency. Moreover, attracting talent and maintaining competitiveness on a global scale should also be focal points for Singapore which is rapidly replacing Hong Kong as the favorite Gateway to Asia. Some challenges are still evident: high real estate prices make it harder to attract non established foreign talent, and there is a general risk averseness in the local population.
Initiatives such as the Entrepreneur Pass (EntrePass) could become instrumental in keeping up with the high demand for a qualified workforce. Considering the country’s stability and infrastructure, it is only natural for Singapore to make the next big leap from its leading role in Asia to become a truly global startup ecosystem.
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Singapore is ranked within the top 10 startup ecosystems globally.
Singapore’s startup scene is best represented in Foodtech, Ecommerce & Retail, and in and Fintech.
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On our map, you can explore a total of 313 startups for Foodtech.
In South East Asia, Singapore's Ecommerce & Retail is in top 3. Singapore has a concentration of about 275 of the region's total Ecommerce & Retail startups that are represented on our map.
Singapore's Fintech is ranked 3rd in the world. Our database contains 192 for this industry.
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