Your Essential Guide to Singapore’s Startup Tech Scene
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For many people, Singapore has always been known as a tourist destination. However, it has continued to proliferate in many sectors, including technology. It is a leading financial center with a competitive economy and low unemployment rate.
For the Singapore startup tech scene, the country is a great place for new businesses. In fact, it is proclaimed the number one Southeast Asian country for startups.
Overtaking Silicon Valley
When it comes to technology, Silicon Valley has always been viewed as the top-ranking place for startup talent. However, quite recently, things have changed. According to a surprising research report comprising of 150 pages that covered about 10,000 startups, along with 300 other partner companies, Silicon Valley is no longer the world’s tech mecca.
The report compiled by the Startup Genome, an organization based in the United States, stated that the tiny country of Singapore has outdone Silicon Valley. It credited the innovative policies of the Asian country, which enabled it to succeed in the startup environment.
Some doubters may think it is not possible since the overall ranking of the country actually fell to the 12th place from the 10th spot. However, the fall was just due to two Singapore startups of Chinese origins that just entered the scene. All in all, the performance numbers of the nation are still rock solid and are projected to rise even more.
Why Startups Choose Singapore
The geographical location of the country is one of the reasons why up-and-coming tech companies select Singapore as their home. It is ideal as it becomes a central hub for these businesses to go in and around Southeast Asia.
Apart from that, there are about 1,600 to 2,400 companies that mainly focus on technology markets. All these tech startups currently enjoy significant subsidies from the government. The strategies of the country allow it to become an established nation for tech startups, which is why it can compete with other places in the world, including California’s Silicon Valley.
Talent Access
When specifically talking about talents, Singapore’s location provides easy access to excellent skills in Asia, particularly in the Southeast part of the continent. The costs of employing these skilled people give the country a chance to move ahead of its rivals.
It is true though that Singapore trails behind other countries and cities all over the world when it comes to talent quality, as it failed to enter the top five in this category. It remains in the 10th place but it does not mean Singapore does not have anything to offer when it comes to its natural talents.
Singapore is ranked fourth best for startups that want access to software engineers who have years of experience under their belt. Even better, the country is at the second place for growth employees.
Plus, the experience levels of the people in Singapore were discovered to be as strong as most of its competitors. The country has 80% engineers and 74% growth teams with at least two years of startup experiences. Comparing these numbers on a global scale, Singapore surpasses the world’s average of only 72% and 60% respectively.
Let us also not forget that startups in Singapore are owned by the youngest in the world as their median age is 28 years according to statistics. The country even outperforms Silicon Valley in its global connectedness.
The Evolution of Singapore’s Startup Tech Scene
If you are planning to build a startup business in the country, you are probably wondering about the benefits you can get if you choose this nation. There are several reasons why the startup scene in the country is appealing to many people. From the APAC headquarters to fledgling businesses, it seems like everyone is flocking to Singapore to start a company.
Here are some facts as to how Singapore has evolved from a little-known country to a giant in the tech industry:
Singapore is considered one of the best places for female entrepreneurs, including those who want to gain experience through startup internships Singapore, acceding to the MasterCard Index of Women Entrepreneurs.
The median age of startup founders is 28, while the world average is 40 years old based on the Startup Genome research.
The Asian Venture Capital Journal confirmed that the venture capital in the country in 2014 was estimated to be US$24 billion.
Running a startup in Singapore gains the benefit of receiving monetary support from the government through over 10 organisations, such as SPRING Startup Enterprise Development Scheme and the Technology Incubation Scheme.
From 2005 to 2013, the number of Singapore startups rose to 42,000 from 24,000. Approximately 5,200 of these startups were in the tech industry during those years.
Today, the startup ecosystem in the country is valued at over US$11 billion. The global average is only US$4.1 billion.
In 2010, there were just 26 funding deals in the country. The number ballooned to 220 in just five years and the amount went from over US$80 million to US$1.16 billion.
As mentioned above, Startup Genome placed Singapore at the 12th spot in its Startup Ecosystem Ranking for 2017. It is a definitive ranking driven by one simple question: Where can a startup business have the best chance of establishing a firm that can achieve global success? The criteria used to classify the places’ rankings are talent, startup experience, funding, resource attraction, and market reach.
Singapore offers brilliant networking opportunities, as well as continuously improving investments and support for startups.
The Best Startups for People Looking for a Job in Singapore
The best startups to work for in Singapore are those that offer flexibility, learning, and financial growth to the interns and job seekers. Among these are tech companies, including the following:
Razer: It does not matter if you are not so techie because Razer offers plenty of roles for almost everyone, including as a customer advocacy specialist. Plenty of opportunities await data and software engineers, which is quite common these days. Plus, if you are a graduate of Computer Science, the company may have something in store for you.
Red Hat, Inc.: This company is actually an American software firm that creates open source software for their clients, including those in the Fortune 500. Currently, it is recruiting people for different positions, such as brand and design manager, cloud architect, and sales.
Accenture: As a management consulting firm, Accenture provides solutions for other large businesses. If you are searching for a tech company that can serve as a springboard for your career, this one may be a great choice for you. They even offer startup internships Singapore, as well as for students and professionals.
Titansoft: This business is a local firm that specialises in software development. Although the company is no longer treated like a startup, it still has a flat hierarchy and it excels in showing a robust team spirit. Job openings range from Scrum masters to UX developers.
Singapore has indeed created many opportunities, not only those who want to build a startup but also for job seekers. Although the companies listed above are tech firms, several job openings that are not limited to technology in the country.
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Your Essential Guide to Singapore’s Tech Scene