The Startup Ecosystem of Singapore

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.