A few things to know Singapore tech scene.
By Jessica Schimm (Digital Audience Engagement Lead, Women 2.0)
Located south of Malaysia and north of Indonesia, Singapore, a city-state that’s home to approximately 5.5 million people has many qualities that make it prime for startups conditions.
If you scan quora for insight on the Singapore tech climate you will see phrases like “complementary to Silicon Valley,” cheaper housing accommodations, plenty of government funding, and direct access to the asian market.
This June, we’re launching City Meetup for the first time in the city-state. In light of the event, we rounded up some fast facts and resources about the startup scene.
- Venture capital for Singaporean startups is on the rise, according to CNBC’s Entrepreneur Asia Section
“Venture capital invested in Singaporean tech firms by funds has been rising steadily in recent years, reaching $1.71 billion in 2013 before slipping back to about $459 million last year, according to data from Hong Kong-based Asian Venture Capital Journal. That still it put it ahead of its Southeast Asian peers and Hong Kong in 2014.” “With 2015….we’re launching a fund to do series A and there are a number of funds that are also coming online do to this series A funding,” [Vinnie Lauria, who co-founded Golden Gate Ventures] said.
2. There’s lots of startup events in Singapore. The List has them all.
3. Singapore’s government is financially supportive new ventures – so much so that Silicon Valley Legend Tim Draper commented enthusiastically about it at a forum hosted by DBS
“‘The government here is so progressive and so entrepreneurial, and so excited about what they do [for startups]. It’s unprecedented,’ Draper said. The Singapore government was one of the first investors in DFJ’s original fund.”
4. Singapore has a hospitable environment and liberal immigration policies for skilled workers, according to HBR – prime conditions for entrepreneurs.
“Singapore is regularly ranked as one of the easiest countries in the world in which to do business….New companies can be set up in hours, if not minutes.”
5. And if you’re actually thinking about starting up in Singapore or know someone who wants to, here’s a list of 27 Singaporean incubators and accelerators.