7 Reasons Why Singapore Startups Thrive and attract Global Awareness
Singapore: The perfect spot for aspiring startups
This blog is reviewed and edited by: Rachael Renovah
Sunny Singapore in Southeast Asia, a tiny red dot on a global map with a population of less than 6 million. This city is a big gastronomic draw, with a lively dining and entertainment scene that offers some of the best cuisines in Asia along with unique street food. Not to mention the warm weather all year round and the lovely green parks that has earned its infamous title – the Garden City.
But that is not all to this Summery island. The World Bank has also ranked Singapore as one of the top 3 countries among 190 countries for its ease of doing business.
With all of its perks, Singapore might just be the most conducive country to startup your next PropTech venture. Here are 7 reasons why we think you should take the plunge.
1. A lucrative pool of resources
Singapore’s economy, well-known within the startup community is laden with accelerator programs whose sole aim is to help kickstart a startup business. Alongside it, a throng of angel investors, venture capitals and government institutions, all readily available to help support and fund the next brilliant innovation within the PropTech space.
An example of such a community is the JTC Launchpad, which helps in developing land and spaces to support the transformation of industries and create quality jobs.
2. A tech innovation playground
Singapore is at the forefront when it comes to the emergence of innovative technologies. Companies like RealEstateDoc, a Singapore-based solutions provider within the retail sector that solves the hassle of managing retail spaces, payment, assets and lease agreements, as well as the likes of Lauretta.io, a tool designed to automate and digitise facility and construction management, all utilises some form of Artificial Intelligence(AI) technology within their product that is not only smart but innovative.
The importance of surrounding your business amongst fast-growing cutting-edge technologies and the minds that built it could just be your one step away from creating an ingenious product.
3. Singapore: Hub of green & smart initiatives
Singapore is not one to shy away from sustainable living. It is experiencing a rising trend of “green” movement to create more environmentally-friendly and smart buildings.
For instance, the Green Mark Scheme ensures that stakeholders in the real estate scene uses best practices to promote smart and sustainable buildings in Singapore. According to Business Times, it aims to turn 80 per cent of the buildings in Singapore green, by 2030. With this said, Proptech startups focuses on serving the ‘green’ movement market or are providers of energy-saving solutions can benefit from this initiative.
One company making such efforts is, BBP (Barghest Building Performance), an energy-efficient management company, a “green” startup in Singapore that provides solution for large-scale properties so businesses can reduce their carbon footprint, saving money and energy with the environment in mind.
4. A government that invests in startups
A supportive government is crucial in the success for any new startup, which is why having a government that offers startups tax incentives or grants makes it the ideal market to develop a business.
The Startup SG Founder is one such excellent initiative in which a business is offered grants to help fund business expenses. Another such program would be the Start-up Tax Exemption Scheme (SUTE) that provides an exemption on taxes for first time business owners.
5. Access to a smart and savvy human capital
Singapore is known for its prized resource – and that is none other than a highly-skilled workforce. Apart from that Singapore has also initiated programs such as SG skills future program to further upgrade local talents in Singapore. According to the Straits Times, nearly six out of ten adults are highly educated, contributing to the scaling literacy rates of the country. With such rates, startups can now lean on skilled workers to perform niche specialisations. Companies can save money and time as opposed to spending it on conducting trainings and workshops to better equip employees.
6. A cutting-edge infrastructure system and economy
According to Rikvin, Singapore is one of the country with the best infrastructure. Boasting of a robust and efficient Mass Rapid Transport (MRT) system coupled with a highly efficient bus network system, top living standards according to Singapore Management University, and it being a completely secure city with a very low crime rate.
Very few other asian cities can compete with the immaculate transportation system, state-of-the-art recreational facilities for education, shopping, sports as well as the security of its citizens like Singapore.
7. The judicial system
The judicial system in Singapore is setup to help businesses trade fairly and competitively. Where trademark and patents are concerned, the strict rules and regulations around Intellectual property rights in Singapore helps protect and favour businesses.
In essence, with great infrastructure in place, a booming economy that is focused on innovation, a talented workforce primed for next generation technology, an impartial judicial system, top quality living standards, Singapore anchors itself within a unique position in the global economy. Playing the pivotal role of the business epicentre of Asia, it is no wonder international investors flock to this humble country brimming with opportunities.
What are some of the factors you’d consider when deciding where to start a new business? Do you agree with the sentiment of this article?
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