As the gateway to SE Asia, with the rise of Grab, Sea, GoTo and the GSG alumni network, Singapore's ecosystem is set to accelerate. It also has the right elements to be a hub for deep tech startups.
Singapore, a vibrant commercial hub ranked the most innovative city in Asia by Bloomberg and Insead, is a natural magnet for entrepreneurial talent and is now home to over 3,800 tech-enabled startups. The government has continually supported this growing ecosystem with programs and funding, especially for nascent deep tech sectors. The Singaporean government works closely with ecosystem players including universities, 190 accelerators/incubators and over 200 investors to provide all-rounded support including financing, mentorship and talent. With Singapore’s strong foundation in science and technology, the Government has doubled its efforts to support deep tech startups in Singapore, including additional S$300mil to catalyse investments and increased its co-investment ceiling to S$4million for early stage deep tech startups. To actively facilitate international connections, the Open Innovation Network was launched to facilitate the co-development of innovative solutions between the startup community and the wider innovation ecosystem while the Global Innovation Alliance supports business internationalisation. Such efforts have propelled several startups to attain unicorn status. Notable unicorns include Carro and Patsnap, who secured US$360 million in June 2021 and US$300 million in March 2021 respectively.
Ecosystem by the numbers
Agtech & New Food
To enhance national food security, the government is investing S$144 million in research for urban agriculture, cultured meat and microbial protein production. It was also the world’s first country to approve cell-cultured meat for human consumption in December 2020. As an emergent sector, more than 15 alternative protein startups have anchored themselves in Singapore.
Reasons to move your startup to Singapore
Talent development and attraction
Singapore welcomes entrepreneurs and tech talent to anchor themselves in Singapore with talent initiatives like Entrepass visas for foreign entrepreneurs while [email protected] and TechPass provide visas for Singapore-based startups to hire foreign tech talents who are strategic to the startup’s growth.
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