Singapore is very small in size. Just 721 sq km area and 5.8 Million people.
Despite this, it is the hottest startup destination with the maximum number of tech incubators in the Southeast Asia Region. Many great companies like Grab, Referral Candy and 99.co were started here.
Not only this, there are also many surveys that show how Singapore is emerging as a great market for people who want to start their own business.
Here, I am going to one such study released on August 28 by start-up event promoter Slush Singapore and venture capital firm Monk’s Hill ventures. This report called State of Southeast Asian Tech gives you an overview of what’s happening in the south Asian tech market.
Many entrepreneurs, investors, startup executives, and other key players from Indonesia, Singapore, Thailand, Vietnam, Malaysia, and the Philippines have contributed to the survey. So, you can completely rely on them.
Now, without wasting any moment, let’s see what the study has to offer:
1. 35-40% of people want to start a new company in south-east Asia
In the first question, startup founders were asked:
Do you want to relocate your business to a different city?
77% replied with Yes.
And when asked where this was the response:
Can you believe it? Almost half of the entrepreneurs want to move their business to Singapore. Let’s not forget the survey respondents based in Singapore. 96% of them want to start their company in Singapore.
The main reason behind this is that in Singapore, startups have access to venture capitalists. Many international VCs already have offices here. So, there are big chances of getting a funding or sponsorship.
That’s why Singapore is an ideal place to start a business.
2. Singapore received the most startup funding in the last 5 years
According to the study, Singapore based companies have received $8.4 billion as startup funding from venture capitalist firms and individual investors, which is the highest investment in all Southeast Asian cities.
So, why wouldn’t you start a business here?
3. There are a plenty of Opportunities for App developers
Given the rise of app development companies in Singapore, there’s also a heavy demand for app and software developers in Singapore.
Have a look at the stats:
It shows that there are 1,845 job openings in Indonesia at present. Singapore stands at second place with 1,119 which is not bad.
This means Singapore is one of the emerging fields for software and app development as well.
So, if you have plans to start a business in Singapore, go ahead. There’s a lot of scopes. In case you need any advice from the experts at Applify, contact here.