What’s Lacking in Singapore Startups?

Something is missing? Credit swcp.com

Recently, I received an email asking me to fill out a survey about Singapore information and communications technology (ICT) startups. Some of you might have received the same thing.

Anyway, it’s a series of open-ended questions – so I thought I could share my answers here to spur some discussions. Opinions are obviously my own, but I would love to hear what others think. I have also removed some redundant questions to make the post shorter and to the point:

1. What are some good indicators of a vibrant ICT startup ecosystem?

Me: There are a couple, mainly strong laws to support easy company incorporation, risk-taking culture, and knowledgeable investors – preferably investors who have had entrepreneurial experience.

2. What’s good about Singapore’s entrepreneurship ecosystem?

Me: We have money and startup grants.

3. What is still lacking in the ecosystem today?

Me: Risk takers who do real shit. We need more startups to get out of comfy Singapore to explore bigger markets. Hopefully more would realize the need to get out fast once they find some clue of product-market fit – unless the startup is strictly aiming only just for the local market.

And since we have money and good laws (I’m generalizing, yes), we just need more entrepreneurs who think less about the American dream and instead focus on the Asian dream. Like it or not, Asia will be the big wave in the next few decades. Oh yes, and brush up your Chinese too, if possible.

4. Do you think the ICT startup scene obtains sufficient branding?

Me: Yes – Because Singapore is famous for giving grants, its strong laws, and it also welcomes foreign talent with open arms.

No – Small market with few success examples.

On a side note, there should be some sort of measurable economic benefit for the country to brand this so-called “ICT startup scene.” Otherwise, I think it is extremely silly and an utter waste of time. The world should know that it’s easy to set up a base in Singapore. Just let our entrepreneurs do their job. Good work will be discovered, publicized, and rewarded eventually.