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.
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