Singapore has come a long way from its humble beginnings as a small fishing village to a regional powerhouse in Asia. More recently, the island
Here are the top 11 reasons why Singapore might be the next Silicon Valley.
11. A stable political climate and legal system
The Singapore government’s pragmatic policies and low tolerance for corruption have created a stable environment for businesses. In the annual Transparency International’s Corruption Perceptions Index, Singapore has consistently ranked among the top 10 and is deemed the least corrupt country in Asia.
10. Robust financial and technical infrastructure
Robust infrastructure is fundamental to a functioning business ecosystem. Reputed for its
9. Ease of doing business
According to the latest Doing Business 2017 report by the World Bank, Singapore ranked second among 190 economies in the overall ease of doing business, a testament to the
world-class workforce that is highly educated and skilled
Like Silicon Valley, Singapore has no lack of bright minds. As of 2016, more than half of Singapore’s resident labour force consists of a diploma and degree holders. The Singapore workforce has regularly topped the Business Environment Risk Intelligence (BERI) Labour Force Evaluation Measure reports, which evaluates among other attributes, the relative productivity, attitude and technical skills of a country’s workforce.
tech-savvy population that drives demand for new products and services
Based on Google’s «Consumer Barometer» research in 2014, Singapore topped the global charts in terms of smartphone usage.
6. Multinational corporations that partner with promising tech startups
Singapore is no stranger to global brands. Multinational corporations (MNCs) like Bosch, Unilever and Sony, have made Singapore their
5. Generous government support for budding entrepreneurs
The Singapore government has dedicated enterprise development agencies which dish out incentives and grants to budding entrepreneurs. Cash grants,
4. Growing interest from venture capitalists
Singapore startups readily secure funding from global venture firms. Between 2012 and 2013, venture funding shot up by more than fourfold from US$181 million to US$787 million. The uptick in venture funding has continued, with startups like RedMart (US$26.7 million, 2015), Carousell (US$35 million, 2016), Nugit (US$5.2 million, 2016) and ViSenze (US$10.5 million, 2016).
3. A local startup culture that thrives on collaboration
Collaboration runs contrary to the «kiasu» (literally «afraid to lose») mentality of Singaporeans. Yet, in «Block 71», an industrial building that is home to several Singapore startups, a different ethos seems to apply. Dubbed by the Economist as «the world’s most tightly packed entrepreneurial ecosystem», «Block 71» has fostered a unique startup culture that thrives on the sharing and
2. More Singaporeans embracing «the road less travelled»
Elizabeth Charnock of Bloomberg says that a
1. Recognition of Singaporean entrepreneurs
Local success stories inspire future generations to try, innovate, and eventually succeed. In fact, it is said that Silicon Valley’s current success is built upon the inspirational stories of its past entrepreneurs. Singapore makes concerted efforts to celebrate and honor the achievements of local entrepreneurs. These include annual entrepreneurship awards, active publicity of past success stories in schools, as well as opportunities for aspiring entrepreneurs to meet and interact with successful mentors.
As Asia’s Little Red Dot, Singapore has always been a shining beacon of economic transformation against all odds. Fast forward to 2017, the island
The source of the article: 11 Reasons Why Singapore Might Be the Next Silicon Valley