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Understanding Singapore's startup ecosystem : What makes SG the 'Silicon Valley' of Asia?

Asia Tomorrow Original
February 20, 2024

Singapore recently became known as a 'mini Silicon Valley'.

A financial hub and home to more than 80 of the world's top 100 technology companies, Singapore has a history of attracting startups, having surpassed Silicon Valley as the number one center for startups in a survey conducted by the US Startup Genome Project, with more than 300 startup partners.

Fintech Startups in Singapore - Fintech Singapore
(Source : Fintech News Singapore)

1.Top 10 Venture Capital Hubs and Startup Powerhouses

In Startup Genome's annual report, which studied 290 startup ecosystems and 3.5 million startups, Singapore was ranked 8th in 2023, up 10 ranks from the previous year.

The study found that Singapore is reportedly home to a remarkable 4,000 tech startups and over 400 venture capital firms.

2. Government is the official sponsor of this startup hotbed

The Singapore government has attempted to change its economic growth policy from the existing multinational company-centered policy to a policy of co-growth with SMEs. As part of this, it has taken the following measures.

The consolidation of government support organizations for startups has made it possible to operate a unified policy for tax incentives for businesses and the development of a startup ecosystem.

-Consolidated relevant institutions to improve the efficiency of SME support policies: Enterprise Singapore

-Restructuring its existing programs to better accommodate enterprises as policy recipients: STARTUP SG

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3.Lessons from Singapore's startup support policies

In order for the startup ecosystem to become more vibrant, it seems that a policy strategy that creates a favorable environment for companies to invest, such as Singapore's, needs to be developed. It is especially impressive that the startup support policy includes various M&As. 

Singapore's example of gathering talent, ideas, and capital can be a good reference for those who are thinking about building a startup ecosystem. 

Written by underdogs



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