Singapore’s Startups Build on Established Global Success
Singapore
Singapore #17
MEMBERS:
Enterprise Singapore
Singapore and Silicon Valley share a unique quality, they are magnets for talent across the globe. Magic is sparked when people from different backgrounds come together to solve a problem.
Ecosystem by the Numbers
EARLY-STAGE FUNDING
$1.4 bn
GLOBAL AVG.
$687 m
ECOSYSTEM VALUE
$21 bn
GLOBAL AVG.
$28.6 bn
Sub-Sector Strengths
Digital Health
As part of its Research Innovation and Enterprise 2020 5-year plan, Singapore has allocated $4 billion to health and biomedical sciences R&D - more than any other sector. 2019 saw the launch of Catalyst, Singapore’s first coworking innovation space for medtech and healthtech startups, as well as the BlueChilli HealthTech Accelerator (in partnership with Enterprise Singapore). Doctor Anywhere, a platform offering on-demand healthcare, raised a $27 million Series B round in 2020, whilst ASLAN Pharmaceuticals went public in 2018 with a valuation of $1.1 billion.
Fintech
The Monetary Authority of Singapore has introduced a fintech regulatory sandbox program, opened a fintech innovation lab, and launched a fintech innovation village called LATTICE80. The ecosystem hosts Singapore FinTech Festival x SWITCH, which is the biggest fintech and innovation event in the world, attracting more than 45,000 participants from 130 countries. Also, the FinTech Office, a virtual entity for all fintech-related matters, was set up in 2016. FinAccel, a fintech startup, raised $90 million in a Series C funding round in late 2019.
Reasons to Move Your Startup to Singapore
COVID-19 Policy
Singapore, in its Budget 2020, announced a Jobs Support Scheme to co-fund the first SG$4,600 of gross monthly wages for each local employee for 9 months. Enterprise Singapore will support businesses through loan support schemes, including the 90 percent government guaranteed “Temporary Bridging Loan Programme” and Enterprise Financing Scheme. Singaporean citizens also receive direct payouts of up to SG$1200.
Ease of doing business
Singapore is rated as the second best country to conduct business globally in the World Bank’s Ease of Doing Business Ranking.
Financial assistance
Enterprise Singapore’s StartupSG program consolidates startup assistance schemes, providing early-stage startups with access to mentorship, cash grants, equity financing and business loans. This includes the StartupSG Equity Co-Investment Fund for deep tech and digital startups and the StartupSG Founder scheme.
Selected Startup Organizations
Startup Genome Members
500 Ecosystems Singapore PTE. LTD.
500 Startups
Action Community for Entrepreneurship (ACE)
FocusTech Ventures
Starburst Accelerator
Startup X PTE. LTD.
Trendlines Medical Singapore
News from the Ecosystem
Kristabel Quek
Kristabel specializes in innovation management and entrepreneurship. She believes in creating value, virtuous communities and ecosystems. With background in materials engineering, Kristabel ventured into technology transfer, focusing on using technopreneurship, entrepreneurship, and intrapreneurship to bring ideas to commercial market
Zi Xin Lee
Having finished a Bachelor's in the US, a Master's in China, and a stint at ZhenFund looking at Indian and Southeast Asian start-ups, Zi Xin is a cross-cultural, multilingual and curious young person who yearns to help Singapore become a Global Asia Node for innovation, technology and enterprise.
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