Scroll Top

Why Singapore’s ecosystem for technology startups is among the best -July 2023

The city-state offers a good case example for other Southeast Asian countries vying to become tech and innovation hubs

By Nitin Pangarkar Academic Director and Associate Professor at National University of Singapore
Paul Vandenberg Senior Economist at the Asian Development Bank

Singapore has a vibrant ecosystem that nurtures and develops technology-based startups. Its ecosystem was ranked 18th in the world in 2022 and fifth in Asia, behind Beijing, Shanghai, Seoul, and Tokyo, by Startup Genome and Global Entrepreneurship Network. According to the Global Index of Digital Entrepreneurship Systems developed by the Asian Development Bank (ADB), the city-state has the world’s best digital environment and support system for entrepreneurs, followed by the United States and Sweden in a list of 113 economies.

Startups are an important part of the global economy—creating jobs, technologies, and business models, and attracting investments. In order to thrive, they need a supportive ecosystem made up of financing sources, digital infrastructure, government programs and policies, tech and entrepreneurial talent, and incubators and accelerators. There should be market demand in the ecosystem for their products and services as well as scalability. A culture of risk-taking and entrepreneurship is another key ingredient.

Singapore developed a reputation as a breeding ground for startups over the last decade. Aside from favourable taxation, infrastructure, and ease of doing business, critical elements of its ecosystem include government grants for startups and the volume of venture capital.

Read More HERE

Privacy Preferences
When you visit our website, it may store information through your browser from specific services, usually in form of cookies. Here you can change your privacy preferences. Please note that blocking some types of cookies may impact your experience on our website and the services we offer.