February 29, 2024

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Singapore’s High Tide of Tech Start-ups

There has been a wave of tech start-ups in Singapore as the country offers many advantages beyond its central location and easy access to other Asian markets and English-speaking economies. Government efforts to attract foreign capital—including tax breaks—have made the island-state a haven for tech start-ups.

In the first six months of 2021, start-ups raised a total of SGD 5.3 billion (USD 3.93 billion), up 1.5 times from SGD 3.4 billion in the same period in 2020, according to Enterprise Singapore, a government agency that supports entrepreneurs.

Singapore has the advantage of attracting a large amount of capital, making it easy for foreign investors to invest. Singapore has a clear and consistent tax system, making it simple and attractive to foreign investors.

estors. According to a US global investment company, 80% of Singaporeans aged between 18 and 35 manage their assets. For its robo-advisory service, the robo-advisory platform for asset management offers four different portfolios—global equities, bonds, gold exchange, traded funds—as well as other instruments. A robo-advisor provides digital financial advice based on mathematical models and algorithms.

When managing their assets, people need an idea of how much money they will require over their lifetimes. A tech company that provides financial planning solutions offers a life-planning platform, to asset management advisors and others, enabling them to simulate asset management online. When a client’s information, including income, family structure, and asset conditions—such as homeownership—are entered, the platform creates simulations and a graph that shows when the client will run out of assets and their balance at the age of 90. The client can then visualise how assets are built up and run down.

Tech start-ups have also increased in non-financial sectors. A rapidly growing educational tech company offers services that combine real classrooms with information technology. Thousands of classes are conducted by some 1,000 service providers. The edtech company uses artificial intelligence to make recommendations based on basic information visitors enter, such as age and topics that interest them. Classes designed for adults include robotics and finance.

Before COVID-19, there was no urgency to see how technology impacts education. The pandemic provided an opportunity for tech companies to demonstrate their capabilities. The pandemic’s curtailment of face-to-face teaching has made online lessons are ubiquitous in all directions

A developer of end-to-end internet-connected solutions grabbed opportunities the pandemic created. For example, the demand for building management sensors to track visitors has greatly increased. The Internet of Things (IoT) industry has become too fragmented, and Singapore aims to simplify it and eradicate frictions.

As reported by OpenGov Asia, Enterprise Singapore is collaborating with a venture capital firm in Singapore to launch a new virtual programme that will support aspiring entrepreneurs. Called 500 Ignition Singapore, the initiative assists entrepreneurs to create their start-ups from scratch.

This programme is ideal for those who do not have business experience or may have had experience as small business owners. Entrepreneurs of selected start-ups in the city-state will be mentored through all the steps involved in creating innovative ventures. Start-ups with an innovative idea or technology can search for relevant problem statements to propose solutions to, and access co-development, test-bedding and market opportunities with major organisations.

The programme will take place in three stages. In the first stage, participants will be divided into teams to learn the best way to gather insights and to craft captivating value propositions for their products and services. The second stage will be about helping start-ups develop a minimum viable product (MVP) that enables them to create a version of a product with enough features to attract early-adopter customers. In the third stage, the teams will learn various components that contribute to the success or failure of a start-up, such as marketing, sales, etc.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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