Singapore is world's 18th best startup economy
The average ecosystem value Singapore startups create is US$89b.
Creating an average ecosystem value of US$89b, Singapore's startup economy was able to retain its spot as the 18th best in the world for 2022, research firm Startup Genome reported.
Singapore also ranked inside the top 30 ecosystems that were best in talent and experience (25th), performance (15th), and funding (10th).
Based on the report, Singapore's average total early-stage funding stands at US$3.2bn, its median seed round at US$850,000, and the median series A round at US$6m.
The ecosystem value and other figures in the study were calculated from the second half of 2019 until the end of 2021.
"With its rising middle class, pro-business environment, and the booming internet economy, Singapore is an attractive hub for startups," Startup Genome said.
"Investors are attracted to Singapore’s position as an entry to Southeast Asia and Singapore’s high-quality startups," the firm added.
Move to Singapore
The firm said there are two main reasons for founders to move their startups to Singapore: government support, and talent development and attraction.
"Enterprise Singapore, a Singapore government agency under the Ministry of Trade and Industry, has a suite of startup-friendly policies, including grants for first-time entrepreneurs, talent placements, and co-investments," the firm said.
The firm said Singapore also grants "Entrepass visa" for foreign founders, whilst Tech@SG and TechPass provide visas for Singapore-based startups to attract global tech talent.
Amongst foreign startups that have tapped into Singapore include BioNTech, a biotechnology company.
According to the firm, Singapore's biomedical innovation ecosystem has grown nearly six times over the past decade, with over 360 biomedical startups and SMEs, making it amongst the country's top sub-sectors.
Singapore's other top sub-sectors are "AI, Big Data & Analytics," and "Agtech & New Food."
As of 2021, Singapore houses close to 4,000 startups and over 220 venture capital (VC) and more than 200 accelerators.
(Check out SBR's Top 20 Startups for 2022)