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WHAT MAKES SINGAPORE THE HOTTEST STARTUP DESTINATION?

WHAT MAKES SINGAPORE THE HOTTEST STARTUP DESTINATION?

Singapore is constantly gaining fame and recognition around the world. It is an island nation that is popularly seen as a great place for business start-ups. A report published on the 28th of August indicated that a common home base for founders was Singapore.

A study titled “State of Southeast Asian Tech”, conducted by a venture capital firm and a start-up event promoter, focuses on its ecosystem. The study looked at what makes start-ups in Singapore work and grow. The study included several responses from investors, entrepreneurs, start-up executives, and other important players.

A POTENTIAL SILICON VALLEY?

Founders will have several options for the best place to establish their start-ups if the ecosystem of strong tech in Southeast Asia (SEA) improves. Companies will not be pressured to establish their businesses in regions with major venture capital industries because of the increase in cross-border funding. A lot of countries such as the Philippines, Indonesia, and Singapore are building a strong environment for tech talent.

Most start-up founders do not mind crossing national borders. 77 percent of the respondents of the survey indicated that they would prefer establishing their new company in Singapore instead of their current location.

96 percent of the Singapore based survey respondents insisted that they would not trade stating up in Singapore for another city. The reason behind this is that start-ups in Singapore have access to a richer ecosystem, as well as more capital and venture capitalists than in other cities. The survey indicated that a number of international venture capitalists already have their offices established in Singapore.

The small size of Singapore doesn’t seem to deter its tech ecosystem as it has the greatest amount of tech incubators across all regions. Visit Visa Express company to get the best visa options for your start-up.

AMAZING JOB OPPORTUNITIES

The exponential rise of technology in Singapore is one of the major reasons for the increase in career opportunities. The survey showed that the best tech employment opportunities are offered by Singapore.

The location where the start-up is based has a huge influence on the salary for software developers. This means that the remuneration for tech experts varies largely depending on the location of the start-up they work with. The average earning of a top developer in Vietnam is $21,000 per annum. This is less than a third of what a software developer can earn in Singapore.

The survey discovered that Indonesia has the greatest demand for software developers of any SEA nation. However, this was credited to its large population.

Over a thousand professional job offers for software developers in Indonesia are available on LinkedIn. While Indonesia 1,845 job vacancies, Singapore was next in line with an impressive job vacancy count of about 1,119. When you take into consideration that Singapore is usually the headquarters for huge corporations, you will conclude that the result is not surprising.

Aside from job opportunities, Singapore also takes a huge lead when it comes to funding for start-ups. The survey indicated that Jakarta and Singapore received the most funding for start-ups among all cites in SEA between 2013 and 2018. Jakarta received investments of $1.6 billion for 228 deals. On the other hand, Singapore received investments of $8.4 billion for 888 deals.

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