Singapore, one of Asia’s reputable nations, has managed to secure its title in a global ranking of leading tech innovation hubs. Singapore strives to achieve a reputation as the heart of innovation. Singapore’s accomplishments as a leading tech innovation hub “have been part of the country’s strategic vision.
This achievement reinforces other strengths that the nation has consciously built up, such as a reputable global financial hub and a critical gateway for businesses to access the rest of Asia. The recognition that Singapore is only stronger if competitive on multiple fronts in today’s digitally connected global economy has fostered greater collaboration and convergence between sectors, industries and previously dispersed ecosystems.
The survey also showed that the cities that made it to the top 10 all had strong innovation ecosystems even before the pandemic. Among the top factors seen as important in the global ranking is an urban locale that attracts young professionals, a pipeline of skilled talent and modern infrastructure including high-speed bandwidth. Other factors include having at least one research-intensive university, positive democratic growth trends, and generous tax and other government incentives.
Amidst countless industry disruptions due to the COVID-19 pandemic, a notable 61% of survey participants reported having been influenced by the economic changes brought on by the pandemic. Although respondents claimed that the pandemic has shifted their forecasts on which cities would potentially grow into innovation hubs, results revealed there was not a contrasting difference from last year’s rankings.
The possible reasoning behind the consistent results is that all listed cities held advanced technological and innovative ecosystems prior to the pandemic, and are expected to maintain this strength post-pandemic.
The top-performing cities all fall into the category of developed cities, and the effects of the pandemic on urban life have been minimal. 44% of respondents highlighted urban city living as a crucial factor in building a technology hub, mainly due to its bustling and energetic lifestyle attracting young upcoming industry leaders who enrich the current pool of talent.
Secondary level education institutes also play a core part in generating knowledge, creativity, and potential for existing and future players in an innovation and technology hub. With leading universities located in urban locales, the survey results align with this forecast.
Among the top 10 cities listed, six belong to the Asia Pacific region, anticipating a potential post-pandemic boom. The region’s efforts to maintain virtual workforces and notable digital stimulation could even place a competition against California’s Silicon Valley once COVID-19 recedes. Asia is expected to take a leading position in innovation across the world.
As reported by OpenGov Asia, Singapore continues to grow in stature as a global tech and innovation hub as many tech giants build their companies in the nation. Built on high-quality infrastructure and a vibrant ecosystem of over 3,400 start-ups and 600 investors, the city-state was ranked the fifth most innovative city in the World Economic Forum’s 2019 Innovative Cities
Index. In 2021, it has now emerged as the second most innovative economy on a media company’s Innovation Index, for showing resilience amidst the tumultuous COVID-19 situation. The country’s efforts to spur innovation form part of a larger vision to build a resilient, sustainable and digital nation. In December 2020 Singapore’s five-year Research, Innovation and Enterprise plan was released, committing S$25 billion in funding research and development efforts to maximise the unique opportunities unveiled by the pandemic.
While innovation may initially seem daunting, it usually shines the most during times of great uncertainty. Innovation not only helps enterprises stay afloat, but the solutions generated through such efforts also strengthen Singapore’s resilience as a whole in the ongoing fight against COVID-19.
