Enterprise Singapore is focusing on strengthening the startup ecosystem in Singapore by working with global and local partners. This supports the national Research, Innovation and Enterprise 2020 Plan to build a strong core of innovative enterprises and startups to capture global opportunities and create high value jobs for Singaporeans.
Startups play an increasing role in driving innovation, especially as growing markets demand new solutions. The OECD predicts that Emerging Asia will grow by an average of 6% over the next five years. With Asia poised to account for more than half of global GDP by 2050, Singapore can be positioned as the gateway for startups to develop, test-bed solutions and expand into the region.
Enterprise Singapore will help startups build track record, and provide access to mentors, funding and workspaces. The organization will adopt a market-led approach, by bringing together academia, government and private sector to collaborate and innovate solutions that are relevant and practical in addressing market needs locally, and in the region.
Close partnerships with startup enablers are crucial. Currently, Singapore houses over 100 incubators, accelerators and venture builders, and over 150 VCs, who have helped develop a robust base of startups here. Venture funding activity and amounts increased to 353 deals (in US$10.5 billion) in 2018, from 160 deals (in US$0.8 billion) in 2012. As of 2017, the number of tech startups has grown to 4,000, employing about 22,000 persons .
Enterprise Singapore will also be working with the Monetary Authority of Singapore to help startups secure investments and funding by increasing match-making opportunities with global investors. One way is through highly curated deal-making sessions.
Said Edwin Chow, Assistant Chief Executive Officer of Enterprise Singapore, “To enable startups to scale more quickly, we will deepen our engagement with local and overseas partners. Targeted platforms for startups to connect with investors and customers serve as valuable opportunities for startups to access resources such as financing, and opens doors to co-innovation with leading corporates. Moving forward, we will look at initiatives related to growing talent and later-stage financing to build a more robust ecosystem.”