Innovation in the Lion City
DESPITE being a relatively young nation with a population of just 5.6 million people, Singapore has evolved to become a vibrant startup hub in the region as much as on the global stage, with its prime geographical location a gateway to high-growth markets such as China and India.
On average, over 50,000 new businesses are formed in the city-state each year. According to the Singapore Department of Statistics, the number of tech startups in the country has been rising, from 2,800 in 2003 to 4,300 in 2016.
In addition, a Bain & Company study in 2017 found that the number of recorded venture capital deals in Singapore rose to 524, quadrupling the number recorded in 2012. This is undoubtedly a contributor to the exponential growth in Singapore’s tech ecosystem, giving investors more reason to expand into emerging technologies such as blockchain.
With well-established global connections, advanced information technology (IT) infrastructure, abundant investment opportunities and a robust regulatory regime, Singapore is without a doubt an ideal place for businesses and startups to flourish.
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