Having stayed in Singapore for the past 20 years, I can say that it is a blessing to be born in this country – It is a safe, clean and vibrant city. As a tech start-up enthusiast, I believe Singapore is also one of the best countries in Asia to develop a technology idea. Above all, our government is open to assisting and financing talented entrepreneurs from all regions to develop their ideas in Singapore.
Despite our small population size (5 million), we are witnessing a growing number of start-ups and risk takers in the country. Over the recent years, the idea of entrepreneurship has slowly been infused into our educational system. In school, we have clubs, which gather like-minded student-entrepreneurs together for idea sharing and creation. Local universities have even organized overseas business study missions to help students understand various industries and businesses through first hand experience.
We also have Founder Institute (FI) Singapore, an institute that turns budding entrepreneurs to world-class game changers. In FI, students are coached by experienced entrepreneurs like Phil Libin (CEO of Evernote), Roger Yee (Founder of Appnet & ShadowLogic), Derek Sivers (Founder of CD Baby) and Rodrigo Sepulveda (Founder of vpod.tv & glowria). As we know, mentorship is an important ingredient in a complete start-up ecosystem.
So far so good: Some of the successful local companies include Creative and tenCube which was acquired by McAfee last year. Global tech giants like Google, Microsoft, IBM, Adobe and Facebook that set up their offices here are also attracted by Singapore’s reliable tech and business infrastructure.
It takes time to cultivate the Silicon Valley culture, but Singapore has surely taken steps towards achieving that vision:
Financing scheme for start-ups: Whether you are a local or foreigner, several government bodies in Singapore have a number of programmes to help young and potential entrepreneurs start up a company, be it in terms of financial support, or providing networks and advice. Some of the schemes include TECS, iBEST and iSTART. Check out the links and understand how the schemes can help you realize your needs and dreams.
Laws that favor startups: The process of incorporating a company in Singapore is simple. If you have all the details ready, it would only take 15 minutes to complete the process. More details about how to set an a business or office in Singapore as follow:
Venture Capitalists and angel investors: We have Sequoia Capital, EDBI, East Ventures, Neoteny Labs and several other venture capitalists and angel investors who are constantly on a lookout for new businesses to invest.
Proximity to markets: Singapore is an ideal geographical location in Asia to scale your business abroad. Our policy of free and open trade, with more than 15 Free Trade Agreements (FTA) with international trade partners, gives startups based in Singapore proximity and access to the hottest emerging markets in Asia. With the next 1 to 2 billion mobile and Internet users expected to come from Asia, the region boast growing populations that are increasingly tech-savvy. That means more users for your products in time to come.
Excellent infrastructure: Singapore has a well-developed and integrated infrastructure, including a world-class road and public transport network, advanced public amenities and infocomm infrastructure. The nation’s extensive Internet broadband penetration is complemented by ongoing efforts to connect all homes and offices with a next generation nationwide broadband network that will boost Internet speed to 1Gbps islandwide by 2012. These factors, together with Singapore’s high usage of 3G mobile services and home computers, make the country an excellent test bed for new innovations.
“Singapore’s Infocomm Development Authority, Spring, Media Development Authority and other government agencies are putting in a lot of effort to make Singapore a technology hub for both entrepreneurs and existing technology companies looking to set up an office in Singapore. The policies and programs implemented so far have also impressed our Founder Institute mentors from the US. Of course there are kinks to the system but they are iterating too, just like a startup. We should appreciate and support their efforts.” – Jeffrey Paine on Singapore’s start-up ecosystem.
With a better understanding on Singapore and its tech start-up culture, I urge everyone who has an idea to step forward and realize their dream. That includes our friends from Indonesia, Malaysia, Japan and India etc. Feel free to contact us at hello[at]penn-olson.com and we’ll refer you to right person to talk to.
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