Meet five Gen.T honourees who are changing the game with their innovative tech startups
Singapore is ranked among the top 12 startup ecosystems globally. It also has the world's top talent pool for new companies, overtaking Silicon Valley as the number-one location for startup talent in 2017. Thanks to a private sector eager to finance fresh ideas, as well as a high level of governmental support, the island nation is continuing to grow as a major entrepreneurial hotspot.
Government Support
Over the past few years the Singaporean government has rolled out a number of funding opportunities, incentives and grants for budding entrepreneurs, ranging from reduced corporate tax rates and business expansion grants to government investments—all of which aim to ensure the country is seen as an increasingly attractive base of operations for startups that operate across APAC.
“The range of industries—from tech and fashion to transport and logistics—spoke well of the vibrancy of our startup scene,” said Singaporean prime minister Lee Hsien Loong during a lunch with major startup founders based in Singapore earlier this year. “We are growing a strong startup ecosystem and will continue to find new and innovative ways to support local businesses.”
Private Capital and a Can-Do Spirit
Venture investments in Singapore are also continuing to grow, especially in early-stage, deep tech startups. A total of US$9.6 billion was invested into local startups over the first three quarters of 2019—a 36 percent increase from 2018.
The systemic support in place for Singaporean entrepreneurs means more young people than ever want to launch their own company. According to a survey by website building platform GoDaddy, 74 percent of Singaporean Millennials are working towards becoming their own boss or self-employed in the next decade—compared to a global average of 50 percent.
Fear Of Failure
Despite the well-established startup ecosystem in the country, a reported 30 percent of Singaporean startups still fail within the first three years. There are a number of factors at play as to why, including stress and the stigma surrounding failing. Gen.T honouree Khailee Ng of 500 Startups spoke to Today Online about the high stress levels entrepreneurs face, which oftentimes isn’t openly discussed with investors or co-founders. Harvard Business School attributes 65 percent of startup failures worldwide to personal stress, and Singapore is no different.
"That's the main problem with schools here, [where] students here are taught not to fail,” said Michael Teng, CEO of Singapore Innovation & Productivity Institute (SiPi). "Society doesn't give you a second chance, so there's a real fear of failure.”
Here are five Singaporean tech entrepreneurs from the Gen.T List who have overcome the fear of failure and built some of the region's most valuable startups.