Entrepreneur Culture: How Singapore Became One of the Hottest Entrepreneurial Scenes
Small republic. Big Ideas.
Singapore; a country so small, yet so highly regarded for their spectacular cultivation of entrepreneurial spirit. Regarded by The Economist as “The World’s Most Tightly Packed Entrepreneurial Ecosystem”, Singapore has truly shown the world what it is capable of. Just a few years ago, Singapore’s name was rarely mentioned within the entrepreneurial scene; however, the brilliant republic managed to completely turn this around, rendering it as one of the global entrepreneurial hotspots. How did Singapore do this?
The Singaporean government encourages entrepreneurship within the nation and has many programs and services in place to help foster the entrepreneurial spirit. In 2008, the government launched the Early Stage Venture Investment Fund (ESVF), to provide early support to Singapore-based technology startups. The Singaporean government favours technology startups and innovation. In fact, Prime Minister Lee Hsien Loon openly invites those who dominate the tech sector to come to Singapore and use the nation to brew up inspiration for newer developments. This governmental support towards entrepreneurs, startups, and incubations helps to create an environment in which innovation and creativity can thrive.
Being a small nation with big ideas and encouragement from every corner
An advantage to being a smaller nation is the fact that most startups begin by thinking on a more global scale. This is regarded as a prime attribute of Singaporean entrepreneurs. Moreover, this entrepreneurial spirit is nurtured by many forces within the small, yet powerful nation. Many post-secondary institutions, such as universities and polytechnics, go the extra mile to provide platforms needed for staff and students to build on their business ideas. Furthermore, Singapore is regarded as one of the easiest countries to do business in, according to the Harvard Business Review. This ease in accessing business activities further nurtures and encourages the entrepreneurial spirit within Singapore, as those wanting to start a business can easily do so without running into too many legal barriers.
It seems Singapore has become the world’s entrepreneurial hub in an instant. Singapore’s Block 71 has been named the “Silicon Valley of Asia”, and continues to bring about innovation to the world. Who knows — maybe the next greatest technological breakthrough will come from Singapore instead of Silicon Valley?
This story was contributed by Josette Joseph.