T H E S I N G A P O R E S TA R T U P

E C O SYS T E M 2 0 1 5

S I N G A P O R E S TA R T U P
ECOSYSTEM 2015

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OVERVIEW

Having turned 50 as a nation

in August 2015, the city-state is
coming into its own as one of
the start-up capitals of the world.
As an advanced economy with
no natural resources, Singapore
is banking on innovation-driven
entrepreneurship and the
global launching of homegrown
companies for its next evolution.
The conditions for this are
primed: the country has built
up ambitious, forward-looking
research institutions and a
strong intellectual property
protection framework, as well
as a philosophy and tradition of
growing local talent while also
welcoming talent from across
the globe.

A look at the start-ups that

Singapore has spawned in
recent years tells part of the
story. There are the headlinegrabbers well on their way to
becoming unicorns at the billiondollar mark, including transport
start-up GrabTaxi, e-commerce
portal Lazada and social
gaming start-up Garena. The
first two have garnered single
investments of at least US$250
million,2 while Garena boasts
a user base that breaches
the US$100 million mark and a
reported valuation of more than
US$1 billion.3
Zopim, an innovator on the
business-to-consumer (B2C) live

AT SINGAPORES STAGE OF DEVELOPMENT,

WE CANNOT COMPETE JUST BY BEING MORE
EFFICIENT OR IMPLEMENT BETTER THAN OUR
COMPETITORS. WE CAN ONLY COMPETE IF WE
INNOVATE. SINGAPORE GOVERNMENT AGENCIES
HAVE BEEN WORKING TO ENERGISE AND SUPPORT
AN ENABLING ENVIRONMENT FOR INNOVATION TO
TAKE PLACE.
I BELIEVE SINGAPORES STRENGTH LIES IN OUR
INTERCONNECTED ECOSYSTEM, AND THE ABILITY
TO COME TOGETHER TO CREATE INNOVATIVE AND
USEFUL SOLUTIONS FOR THE FUTURE. THERE ARE
MANY DISADVANTAGES TO BEING SMALL, BUT
BEING ABLE TO BRING THE ECOSYSTEM INTO ONE
BIG TENT IS OUR STRENGTH AND ADVANTAGE.
THERE IS NO OTHER NATION IN THE WORLD BETTER
PLACED THAN SINGAPORE TO UNIFY POLICY,
TECHNOLOGY AND INDUSTRY TOWARDS BEING A
SMART NATION.1
Ms Yong Ying-I, Permanent Secretary, National Research and
Development and Public Service Division, and former Chairman of
the IDA Board

chat software scene, represents

a Singaporean success story.
Jumpstarted while its four
founders were attending the
National University of Singapore,
the start-up grew a sustainable
business model before being
acquired by customer service
giant Zendesk for a reported
US$29 million in 2014.4 The
following year, Zopim and its
team of homegrown talent
provided the engine for
Facebook's Businesses on
Messenger application.
Other Singapore-grown startups illustrate the diversity of
the scene. Astroscale develops
technologies to clear debris in
space, while CreoPop produces
a 3D pen5 utilising light-sensitive
photopolymer cool ink, in the
process eliminating issues of
melting plastic and hot parts.
Giving the lie to Singapore's
staid image is Vibease, makers
of a wearable smart vibrator
customised for erotica or long
distance relationships.
Start-ups may present the
face of the scene, but what of
the ecosystem as a whole, the
conditions that allow start-ups
to grow and thrive as well as
the infrastructure that supports
them? These are the areas
in which Singapore has been
investing and carefully shaping,
to complement strategic
advantages such as its location
and traditionally pro-business
environment.

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THE GOVERNMENT HERE (IN SINGAPORE) IS SO

PROGRESSIVE AND SO ENTREPRENEURIAL, AND
SO EXCITED ABOUT WHAT THEY DO (FOR STARTUPS). IT'S UNPRECEDENTED. YOU HAVE THE
BEST TECHNOLOGIES IN THE WORLD, THE BEST
EDUCATION SYSTEM, THE PEOPLE HERE ARE THE
BRIGHTEST IN THE WORLD, AND YOU NEED TO GET
THOSE GREAT IDEAS TO THE REST OF THE PLANET.
IN SINGAPORE, I NOTICED YOU HAVE SOME
AMAZING ASSETS HERE. ONE IS A PREMIUM ON
HONESTY, TRANSPARENCY, AND THE OTHER THING
THAT SINGAPORE HAS IS A GOOD PROVINCIAL
CULTURE THAT IS VERY TIGHT. SO IF YOU START A
BUSINESS HERE, OTHER SINGAPOREANS WILL BE
VERY FORGIVING OF THE FIRST PRODUCTS THAT
YOU COME OUT WITH.6
Mr. Tim Draper of DFJ Venture, which has backed Skype, Twitter,
Tumblr and Baidu among others

For any entrepreneur, market fit

and access are key. Singapore's
population is cosmopolitan, techsavvy and as a microcosm of
diversity, provides the perfect
market and test-bed. The reach
of this island nation stretches
far beyond its shores however
from at least the 14th century,
Singapore has been one of
Asia's leading trade hubs. Today,
setting up a Singapore company
is a virtually instant recipe for a
regional company. Luxury goods
e-retailer Reebonz provides a
case in point within six years
of starting in Singapore in 2009,
the company has expanded to
eight7 countries worldwide.
South East Asia, joined under
the umbrella of the Association
of South East Asian Nations

(ASEAN), lists a combined GDP

of US$2.9 trillion (as of 2015) and
a population base of some 600
million people.8 Of this market,
some 67 million households have
discretionary consuming power,
with this number projected
to almost double by 2025.9
Closer economic integration
has been a key focus of the
10 ASEAN states for decades.
For more on regional markets,
links and the various resources
available in Singapore for
internationalisation, see the
Gateway Singapore section
(page 8).
Financing and the ecosystem's
infrastructure and resources
are integral to a start-up's
survival and growth. In terms
of government schemes alone,

there are more than 10 start-up

funding programmes comprising
seed grants, equity financing,
loans and tax incentives to tap
on. Private financing including a
burgeoning venture capital (VC)
and angel sector are increasingly
sweet on Singapore start-ups,
with The Asian Venture Capital
Journal estimating the pool
of available venture capital
managed in Singapore in 2013
at US$24 billion. That year, there
was funding of more than US$1.7
billion. See The Singapore
Start-up Scene section (page
13) for more details.
The importance of the R&Dinnovation-enterprise axis
to Singapores economic
future is reflected in the
governments attention to these
interconnected ecosystems.
Since the 1990s, the budgets
of government R&D plans have
grown nearly five times to S$19
billion for the latest Research,
Innovation and Enterprise
2020 Plan (RIE2020). Education
and research institutions are
oriented towards innovation, and
the RIE2020 plan underscores
the importance of publicprivate partnerships as well
as collaborations between
multinational companies
and local small-to-medium
enterprises10.

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T H E S I N G A P O R E S TA R T U P
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SINGAPORE:
A PRIMER

VISITOR
ARRIVALS (2014)15

MOBILE PHONE
PENETRATION RATE13

15.08
million

92.7% 148%
2004

As an island of just over 700km2

with no natural resources
to speak of, Singapore has
consistently punched above its
weight in the global arenas of
trade, diplomacy and in modern
times, models of governance
and development policy. How
this has come about is the story
of a nation determined to make
full use of its two assets: human
capital and a strategic location
as a gateway into Asia.

One oft-quoted metric is the

growth of the country's per
capita Gross Domestic Product
(GDP) of some US$500 in 1965
to US$56,000 in 201511, the
seventh highest in the world.
Singapore also now ranks ninth
in the United Nations Human
Development Index of more than
180 countries12.

2014

1st

HOUSEHOLD ACCESS
TO BROADBAND14

65%
2004

BEST QUALITY OF
LIFE IN ASIA16

88%

Quality of Living Worldwide City

Rankings 2014, Mercer

2014

3rd

INTEGRITY

MOST
LIVEABLE CITY
WORLDWIDE17

FORWARD
LOOKING

Global Liveable Cities Index 2014,

World Review of Science, Technology
and Sustainable Development

RULE OF LAW

THE SINGAPORE DNA

5th

DIVERSITY

WORLDWIDE ON THE
MORI FOUNDATION GLOBAL
POWER CITY INDEX 201518

MERITOCRACY

measures attractiveness of cities to creative

individuals and enterprises, and their
mobilisation towards economic, social and
environmental development

ADAPTABILITY

GOOD
GOVERNANCE

STRONG
INSTITUTIONS
TOTAL
POPULATION
(2015)15

MEAN YEARS OF
SCHOOLING (2014)

10.6

5.53

3.37 million
PERMANENT RESIDENTS

527,700

NANYANG TECHNOLOGICAL
UNIVERSITY

26th worldwide
1st in Asia

55th worldwide
6th in Asia

World University Rankings 2015-2016,

Times Higher Education19

million
CITIZENS

NATIONAL UNIVERSITY
OF SINGAPORE (NUS)

LITERACY
RATE (2014)

96.7%

SINGAPORE STUDENTS
RANKED AMONG THE TOP
IN READING, MATHEMATICS
AND SCIENCE
Programme for International
Student Assessment20

1st

IN STEM (SCIENCE,
TECHNOLOGY,
ENGINEERING AND
MATHEMATICS)
EDUCATION
World Economic Forum Global
Competitiveness Report 201421

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GLOBAL COMPETITIVENESS INDEX 2015-2016*,

WORLD ECONOMIC FORUM22

MAIN INDEX

2nd

HIGHER EDUCATION
AND TRAINING

1st
GOODS MARKET
EFFICIENCY

INSTITUTIONS
INDEX

2nd
INFRASTRUCTURE INDEX

HEALTH AND
PRIMARY EDUCATION

2nd
FINANCIAL MARKET
DEVELOPMENT

1st

2nd

LABOR MARKET
EFFICIENCY
TECHNOLOGICAL
READINESS

2nd
* Rankings are based out of 140 countries

2nd

5th
INNOVATION

9th

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T H E S I N G A P O R E S TA R T U P
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ECONOMIC
EVOLUTION

For a long time, trade drove

Singapore's economy, but
independence in 1965 brought
the need to create jobs for
a rapidly growing population
and economic diversification.
The country embarked on a
quick-start industrialisation
programme, invited and greatly
facilitated investment from multinational corporations.

In the 1980s, an ambitious

decision to move the economy
up the ladder saw a new focus
on high tech and knowledgebased industries. Into the
21st century, knowledge and
innovation-intensive activities
have become the new
cornerstone of Singapore's
economic development. Vinnie
Lauria of venture capital firm

Golden Gate Ventures sees

parallels between the position
then of attracting foreign
investment, technology and
know-how, and the government's
current strategies for drawing
tech entrepreneurs from around
the world to set up shop in
Singapore.

SINGAPORE'S DEVELOPMENT
STRATEGIES OF THE 21ST CENTURY23

Nurturing
companies into
global leaders

Building start-up
capabilities for the
world stage

Commercialising
bleeding edge
R&D

Nurturing
homegrown
and global talent
from across the
spectrum

Encouraging
alliances between
corporate players of
various sizes to promote
technology transfers,
test-bedding and
commercialisation

Sharpening
professional
expertise and
thought leadership
in focus areas of
specialisation

Developing
facilities for
financing of crossborder trade and
project

Growing a distinctive
global city, making
Singapore a leading
cultural capital and
providing the best
quality of life in Asia

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EASE OF DOING
BUSINESS (2015)+

ECONOMY
GDP

EASE OF
CONDUCTING
TRADE*

S$390
billion

1 /118

TOTAL TRADE

1 /189

+
World Bank25
World Economic Forum26

GLOBAL
COMPETITIVENESS*

3 /133

S$982
billion

IMD WORLD
COMPETITIVENESS YEARBOOK27

Asia's least bureaucratic

place to do business
Most transparent
country in Asia
TRANSPARENCY INTERNATIONAL 2014
CORRUPTION PERCEPTIONS INDEX28

(One

of the highest
GDP:Trade ratios in
the world)24

Least corrupt country

in Asia
7th least corrupt country
in the world
US$1.3 TRILLION ASSETS UNDER
MANAGEMENT, MAKING SINGAPORE
THE WORLD'S FASTEST GROWING
WEALTH HUB29

INFOCOMM30
TOTAL REVENUE
IN THE INDUSTRY

S$64.2
billion

71%

of the 150,200-strong infocomm

workforce in Singapore had
qualifications of a bachelors
degree or higher in 2014

S$167.1
billion
2014

2007

INFOCOMM EXPORTS

69.7%

of total revenue
in 2014

R&D31
RESEARCH SCIENTISTS AND
ENGINEERS IN SINGAPORE (2013)

31,900
TOTAL R&D MANPOWER
IN SINGAPORE (2013)

47,275

GROSS EXPENDITURE
ON R&D (2013)

S$7.6
billion

PUBLIC
EXPENDITURE
ON R&D (2013)

S$3.1
billion

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GATEWAY
SINGAPORE

Singapore has for decades been

the perfect fit for those looking to
do business in South East Asia.
Across nine countries, South
East Asia counts a total
population of over 625 million
people, with a combined Gross
Domestic Product (GDP) of nearly
US$2.4 trillion (2014 figures).
Between 2007 and 2012, this
dynamic region averaged
cumulative economic growth in
the double digits.
For entrepreneurs, what is
potentially the most exciting
is the sight of this hugely
diverse region pulling together
as a unified market. Under the
umbrella of the Association
of South East Asian Nations
(ASEAN), the ASEAN Economic
Community (AEC) envisions no
substantial restrictions to ASEAN
service suppliers in providing
services and establishing
companies across national
borders within the region.
Beginning from 2015, the AEC
positions the region as a single
market and production base,
making it more dynamic and
competitive.
As a whole, South East Asia's
growth in GDP per capita is
projected to continue, with
an attendant rise in spending
power. McKinsey notes that
some 67 million households
are part of the consuming
class with the ability to make

ASEAN+1 FREE TRADE AGREEMENTS (FTA) WITH CHINA,

JAPAN, SOUTH KOREA, AUSTRALIA, NEW ZEALAND AND INDIA
POSITION SOUTH EAST ASIA AS THE HUB OF GLOBAL SUPPLY
AND TRADE CHAINS

The Regional Comprehensive Economic Partnership will bring

ASEAN together with six FTA partners and represent a market
with a combined GDP of US$21.2 trillion (30% of world GDP) and
a total of 3.4 billion people, making up nearly half of the world's
population.32
discretionary purchases, and this
number could nearly double to
125 million households by 2025.33
Disposable income per citizen
rose at an average Compound
Annual Growth Rate (CAGR) of
more than 9% between 2007
and 2012, outstripping that of the
United States (average CAGR
of 1.58%). Credit card transaction
value is expected to grow to
around US$187 billion in 2017.
ASEAN (THE
ASSOCIATION OF
SOUTH EAST ASIAN
NATIONS) LOOKS
LIKE CHINA 10
YEARS AGO. THE
REASON MONK'S
HILL IS AROUND IS
TO BUILD THE NEXT
GENERATION OF
ASEAN GLOBALS.
Mr. Ong Peng Tsin of VC
firm Monk's Hill Ventures34

Another projection that will be

of particular interest to tech
entrepreneurs and investors:
the number of internet users

in the region is expected to hit

360 million people in 2020, with
a projected internet penetration
rate of 62% representing
opportunity and room to grow.35
In terms of hours spent online,
the people of South East Asia
already favour the internet
over other mediums such as
television and radio.36 The
region's e-commerce scene, with
significant growth potential, lack
of an established market leader
and surging mobile e-commerce
and social media user rates, has
been fingered by observers as
one to watch.37
These details paint a clear
picture this is an ascendant
market with tremendous
potential. South East Asia
represents an opportunity to
get in from the ground floor
of a major growth story, and
Singapore remains its gateway.

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09

TRANSPORT CONNECTIONS BETWEEN

SINGAPORE AND SOUTH EAST ASIA

5-6 HOURS' FLIGHT

Asia Pacific,
access to more than
4.2 billion people

3-4 HOURS' FLIGHT

South East Asia,
access to more than
625 million people.

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BUSINESS FAST FACTS38

A business can be registered

online in 15 minutes39, is open
to both locals and foreigners and
costs of incorporation are low

Only four documents are

needed for import/export of
goods Singapore has perhaps
the most streamlined, efficient
trade regulations in the world

CORPORATE
TAX

WITHHOLDING TAX
INTEREST

17%

15%

ROYALTIES
FROM PATENTS AND
KNOWLEDGE

FOR THE FIRST THREE CONSECUTIVE TAX YEARS

S$100,00

17%

TAXABLE
INCOME

S$300,00

FROM THE FOURTH YEAR ON

8.5%

GOODS AND
SERVICES TAX

7%

DOUBLE TAX AVOIDANCE

TREATIES WITH MORE THAN
70 COUNTRIES

FOR START-UPS

8.5%

INDIVIDUAL
INCOME TAX

10% 022%

NO TAXES ON CAPITAL GAINS,

DIVIDENDS, ESTATES AND
INHERITANCES

NO
TAXES

Around 7,000 Multinational

Corporations are headquartered
in Singapore, ranking the
country fifth in the world for
large company headquarters
density. Singapore is also the
global leader in hosting foreign
subsidiary companies.

17%
S$300,00

TAXABLE
INCOME

THERE IS A
RECORD NUMBER
OF (FINTECH)
PROJECTS IN ASIA
AT THE MOMENT
AND THE MARKET
IS BOILING. (IN ASIA)
SINGAPORE IS THE
FINANCIAL AND
TECHNOLOGICAL
CENTRE AND I
BELIEVE THAT
(THE ENVISIONED)
UNITARY ASIAN
CRYPTOCURRENCY
WILL BE DEVELOPED
HERE. 40
Mr. Vladislav Solodkiy,
Managing Partner of
VC Life.SREDA

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THE SMART
NATION

In Singapore, adaptability and

the ever-morphing search for
global relevance have always
been paramount. The latest
evolution of this philosophy sees
Singapore turn its attention to
becoming a Smart Nation. It's a
dream of making just about every
aspect of the living environment

better and strengthening the

connections between people,
government and business in
every direction. It's not just about
one city's municipal issues it's
about inviting the world to use
Singapore as a test-bed, to take
a shot at the global challenges
we all face.

THE ETHOS OF OUR SOCIETY IS RATIONAL,

TECHNOLOGICAL AND FORWARD LOOKING. WE
HAVE ALWAYS LOOKED AHEAD, TRIED TO LOOK
OVER THE HORIZON TO KEEP OUR ECONOMY OPEN,
AND TO USE TECHNOLOGY TO OVERCOME OUR
PHYSICAL CONSTRAINTS.
THE DIFFERENCE IN THIS CITY WANTING TO BE
SMART IS SINGAPORE IS ALSO A COUNTRY. WE
CAN TAKE A HOLISTIC NATIONAL VIEW, AND NOT
JUST A MUNICIPAL ONE. WE ARE MUSTERING THE
FULL RESOURCES OF OUR INSTITUTIONS, PEOPLE
AND COMPANIES TO FOCUS DECISIVELY ON BIG,
COMPLEX PROBLEMS, THINGS WHICH MATTER TO
US AND OUR PEOPLE.
OUR ADVANTAGE IS THAT WE ARE COMPACT, WE
HAVE A SINGLE LEVEL OF GOVERNMENT, WE CAN
DECIDE EFFICIENTLY, AND SCALE UP SUCCESSFUL
EXPERIMENTS AND PILOTS WITHOUT ANY DELAY.
ALSO, WE ARE ABLE TO TAKE A LONG-TERM VIEW,
AND SEE THROUGH BIG TRANSFORMATIONS TO
THE END, UNTIL THEY BEAR FRUIT FOR CITIZENS.
HERE, YOU CAN PROTOTYPE AND TEST-BED THE
NEW IDEAS, AND YOU CAN SCALE...YOU GOT THE
ESSENCE OF THE IDEA RIGHT...AND YOU CAN
DEVELOP THE SAME IDEA ELSEWHERE. IF YOU
CAN MAKE IT WORK IN SINGAPORE, YOU CAN HAVE
THE CHANCE TO ADAPT AND APPLY TO OTHER
CONTEXTS.41

Singapores Prime Minister Lee Hsien Loong frames the Smart

Nation drive as a logical extension of the countrys philosophy

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Across Singapore government

agencies, more than 11,000 data
sets have been made publicly
available for analysis and
innovation.
While Singapore's economic
development in the early
days often bore the strategic
imprint of the government,
this next stage will see private
entrepreneurship come to the

fore, with the solutions and

economic growth of tomorrow
coming through the diversity of
entrepreneurship. It is innovation
that will provide solutions to
issues in healthcare, urban
planning and mobility, security,
living environments and citizencentric services. Start-ups will be
able to flourish in this petri dish
environment of experimentation
and test-bedding.

PART OF OUR PLAN IS TO ACTIVELY ENGAGE THE

GLOBAL TECH COMMUNITY IN OUR SMART NATION
VISION AND ENCOURAGE COLLABORATION WITH
LEADING TECH ECOSYSTEMS ACROSS THE WORLD.
YOUNG, INNOVATIVE TECH ENTREPRENEURS AND
STARTUPS CAN HELP TACKLE SOME OF THE MOST
PRESSING CHALLENGES FACING GROWING CITIES
AND NATIONS TODAY, BROUGHT ABOUT BY THE
INEVITABLE TRENDS OF AGEING POPULATION AND
URBAN DENSITY.42
Mr. Steve Leonard, the Infocomm Development Authority of
Singapore (IDA)s executive deputy chairman

AS SINGAPORE BUILDS ITSELF INTO A SMART

NATION, WE ARE GROOMING MORE INNOVATIONDRIVEN TECH COMPANIES IN SINGAPORE THAT CAN
TACKLE IMPORTANT WORLDWIDE CHALLENGES
AND SCALE GLOBALLY.43
Dr Alex Lin, Head of Infocomm Investments

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THE SINGAPORE
START-UP SCENE

Efforts to encourage a start-up

culture in Singapore started in
the 1990s, through competitions,
financing programmes and
incentives. A more concerted
push began in the mid-2000s
with initiatives becoming more
refined, eventually leading to
start-up events, accelerators
and incubators mushrooming in
recent years. Today, Singapores
vibrant start-up ecosystem is
placed 10th in the 2015 Global
Startup Ecosystem Ranking,44
becoming one of the top tech
start-up hubs in the world.
Entrepreneurship is crucial
to Singapore's drive towards
becoming an innovation-centric
economy. Between 2011 and
2015, the government allocated
S$16 billion to strengthen
Singapore's research, innovation
and enterprise ecosystem. The
vision of the future? A dynamic
innovation-driven economy
where start-ups grow globally,
create knowledge-based jobs
and continue to nurture a
thriving ecosystem.
Put in place by various
government agencies,
there are more than 10
funding programmes in 2015,
including loans, grants, equity
financing and tax incentives
for start-ups to tap on, and
government schemes that help
entrepreneurs with office space,
access to experienced mentors
and tailored acceleration
programmes. As Prime Minister
Lee Hsien Loong puts it: After
that, it is for you to launch, go for
it and shoot for the stars.

Under the National Framework for Research, Innovation and

Enterprise, a number of schemes are designed to launch start-ups,
commercialise R&D and catalyse technology entrepreneurship.
These include:
SCHEMES & PROGRAMMES
EARLY STAGE VENTURE FUND

On a 1:1 matching basis, the National Research Foundation (NRF)

invests with venture capitalists (VCs) with a focus on Singaporebased early stage tech companies. Success stories have included
location search tech company YFind and Clearbridge Biomedics.
TECHNOLOGY INCUBATION SCHEME

This scheme for start-ups incubated by seeded tech incubators

sees the NRF co-invest up to 85% (capped at S$500,000).
INNOVATION CLUSTER PROGRAMME

Aimed at deepening ties between companies, R&D institutions

including universities and government agencies, this scheme
encourages the formation of innovation clusters for quick
commercialisation, job creation and sector growth. Clusters already
shortlisted for funding include additive manufacturing, medical
diagnostics, speech & language tech as well as membranes.
Spring Singapore, the country's enterprise promotion agency,
offers a number of co-investment programmes:
SPRING SEEDS

Dollar for dollar co-investment up to S$2 million with independent

third-party investor.
BUSINESS ANGEL SCHEME

Co-investment with pre-approved business angels, dollar for dollar

up to S$1.5 million.
GRANTS
INTERACTIVE DIGITAL MEDIA PROGRAMME OFFICE iJAM

Up to S$250,000 in seed funding for start-ups through appointed

incubators.
ACTION COMMUNITY FOR ENTREPRENEURS (ACE) START-UPS SCHEME

Grant of up to S$100,000 on a 70:30 basis of funds raised by

entrepreneur.
TECHNOLOGY ENTERPRISE COMMERCIALISATION SCHEME
(TECS) BY SPRING

Up to 100% of qualifying costs with a cap of S$250,000 for

proprietary ideas at concept stage.

Up to 85% of qualifying costs for further R&D for working prototype,

with a cap of S$500,000.

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THIS LEVEL OF (GOVERNMENT) SUPPORT WAS CRITICAL FOR US. WE HAD LONG
BEEN INTERESTED IN VENTURE INVESTING. BUT AS FIRST-TIME INVESTORS
WITHOUT A DEEP TRACK RECORD IN A COUNTRY THOUSANDS OF MILES AWAY
FROM OUR U.S. HEADQUARTERS, IT WAS UNLIKELY WE (OR ANY SIMILAR OUTSIDE
INVESTOR GROUP) WOULD HAVE BEEN ABLE TO DEVELOP THE FINANCIAL
BACKING REQUIRED TO BUILD A ROBUST PORTFOLIO WITHOUT GOVERNMENT
SUPPORT. IT IS HARD TO CREATE AN ECOSYSTEM OVERNIGHT, BUT CONSISTENT,
CONCERTED EFFORTS BY THE GOVERNMENT HAVE GIVEN A SERIOUS BOOST TO
START-UPS IN SINGAPORE.45
Mr. Scott Anthony of Innosight, which partnered with the government in the Technology Incubation Scheme,
writing in the Harvard Business Review on his firms experience in Singapore

Between 2005 and 2013, the

number of start-ups in Singapore
doubled from 24,000 to 42,000.
Now, start-ups employ more than
300,000 people on the island,
and the Global Entrepreneurship
Monitor Report found that
one in five Singapore-based
respondents intend to start
a business in the next three
years.46
In the last three years, at least
27 Singapore-based start-ups
have been acquired in deals
totaling more than US$500
million.47 In 2013, VC investment
in Singapore-based tech firms
totalled US$1.71 billion, according
to the Asian Venture Capital
Journal. The flurry of deals has
created a growing network
of newly enriched founders
becoming savvy, experienced
investors and former employees
starting their own companies.

By the Asian Venture Capital

Journal figures,48 investment
in Singapore-based start-ups
represented 19% of VC funding
in Asia, putting Singapore ahead
of Japan, South Korea and Hong
Kong. The island also led the way
in VC deals done in Southeast
Asia, comprising 40% of all deals
made in this market of more than
600 million consumers.49 The
effects have flowed through the
ecosystem serial entrepreneurs
who made successful exits in
recent years such as Eddie
Chau of Brandtology and Darius
Cheung of tenCube are on to
their next start-ups.
Singapore's global appeal can
be seen from the diversity of
entrepreneurs that have chosen
to launch their businesses here,
including start-ups from Spain,
the United States, France,
Lithuania, Indonesia, Vietnam,

Australia, the Philippines, Norway

and Kazakhstan.
To help companies that
initially lack a track record,
the government has also
launched the Accreditation@
IDA programme for accredited
early stage companies to be
considered first when it comes to
government tech projects.
Hackathons covering a diverse
array of topics have proliferated
and are now regular fixtures
on the calendar. Multinational
and local corporations, facing
challenges to their business,
are running accelerators and
entrepreneurial bootcamps in a
bid to find the next big disruptive
innovation in-house.
The Development Bank of
Singapore (DBS) worked with
Startupbootcamp to run a

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T H E S I N G A P O R E S TA R T U P
E C O SYS T E M 2 0 1 5

SINGAPORE'S INFOCOMM TECHNOLOGY (ICT) INFRASTRUCTURE

BROADBAND
SPEEDS

ICT ENVIRONMENT

ICT SOCIETAL
IMPACT

1st

1st

NETWORKED
READINESS INDEX

1st

2nd

worldwide

worldwide

worldwide

worldwide
Source: Ookla's 2015 Net Index50
Source: Global Information Technology Report 2014, World Economic Forum51

blockchain hackathon and

eventually went on to launch
DBS Hotspot, a pre-accelerator
for financial tech start-ups and
social enterprises; while the
Unilever Foundry is a platform
that connects start-ups with
innovative solutions to the
corporate giant's global network.
There are plenty of synergies in
these partnerships and amongst
the different stakeholders
and such cooperation is set
to deepen with more than
7,000 multinational companies
anchored here in Singapore.
Perhaps the best avatar of
Singapore's start-up scene is
Block 71, a building in the Ayer
Rajah Industrial Estate rescued
from demolition and transformed
within three years into the
start-up epicentre of the island.
Tagged by The Economist

in 2013 as the world's most

tightly packed entrepreneurial
ecosystem,52 Block 71 houses
more than 1,200 people working
in some 260 start-ups and 25
incubators/accelerators.
Such has been the success
of Block 71 that another two
neighbouring buildings have
been made ready for start-ups.
The newly built Block 73 and the
renovated Block 79 offer space
for another 200 operations,
including accelerators, banks, law
firms, VCs, community and social
enterprises and incubators.
Together with Block 71, they
form LaunchPad@one-north,
Singapore's start-up core.
The Block 71 brand has also
made its way across the Pacific
Ocean, with NUS Enterprise,
SingTel Innov8 and Infocomm

Investments coming together

to establish Block 71 @ San
Francisco. This office in San
Francisco's South of Market
(SoMa) supports Singapore tech
start-ups in making the jump into
the United States market, as well
as help US-based entrepreneurs,
companies and investors find
out more about trends and
opportunities in Singapore and
Southeast Asia.

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T H E S I N G A P O R E S TA R T U P
E C O SYS T E M 2 0 1 5

INFOCOMM
INVESTMENTS

One of the focal points through

which Singapore grows its
start-up scene is Infocomm
Investments Pte Ltd (IIPL). A
wholly-owned subsidiary of
the Infocomm Development
Authority (IDA). IIPL manages
more than US$200 million in
an investment-led effort to
develop a sustainable start-up
ecosystem.
IIPL is not just an investment
arm. It's an ecosystem builder, a
connection and deal maker, and
community flagbearer. Through
IIPL and other agencies, the
Singapore government works
to establish the foundations
for a start-up scene that will
eventually mature into a selfsustaining ecosystem. At the
build phase, IIPL has been
forging partnerships with local
and global accelerators from
across the sectoral spectrum,
with the goals of providing
mentorship to start-ups and the
co-creation of quality-focused
deals.
Officially opened in February
2015, BASH does exactly
what it says on the tin: Build
Amazing Start-ups Here. An
innovation-focused collaborative
environment for the startup community to converge
upon, BASH brings together
investor advice, mentorship, coworking spaces, media studio,
prototyping labs, networking
space and accelerator boot

Clockwise from top:

1. Brewery - A space for
community building activities;
A meeting point for ideas to
brew over a cup of coffee.
2. Hatchery - The workspace
that supports accelerators
and builds start-ups.
3. Prototyping Lab - Mr Steve
Leonard, Executive Deputy
Chairman of IDA (left) and Dr
Alex Lin, Head of IIPL (right) in
conversation.
4. Chill The hangout area
for the tech community
members to meet, mingle,
exchange ideas, pitch to
investors and expand their
network.

camps in Singapore's largest

hothouse for start-ups. Located
at Block 79 at JTC Launchpad,
BASH is the go-to place for startups and entrepreneurs, VCs,
angel investors, accelerators,
incubators, technology folks of
all stripes, ahead-of-the-curve
corporations seeking the next
big disruptive idea and media. In
short it's an entire ecosystem
in a single location.
Within BASH and outside of it,
IIPL also works with accelerator
partners including Joyful

Frog Digital Incubator (JFDI),

Startupbootcamp FinTech,
Jungle SeedPlus, SPH Plug and
Play (a partnership between
Singapore Press Holdings,
California-headquartered Plug &
Play and IIPL) and most recently
the FinLab, a joint venture
between the United Overseas
Bank and IIPL.

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T H E S I N G A P O R E S TA R T U P
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ACCELERATORS

Even for start-ups with the

most radical, groundbreaking
propositions, speed bumps and
other hurdles on the road to
growth are inevitable. More often
than not, these obstacles are
the same as those previously
encountered and surmounted
by experienced entrepreneurs.
That's where the value of
mentorship and training offered
by accelerators in areas such
as staying lean and agile,
developing clear product-marketfit, viable business models, and
accessing customers and capital
becomes clear.

Designed for start-ups to hit the

ground running, accelerators
typically take a start-up from
idea to investment in a cohortbased programme lasting
between three and six months.
Accelerators support innovationdriven start-ups with big potential,
and their ethos of forging a direct
path to market for a disruptive
product or service makes them
a perfect fit for Singapore's
ambitions of hothousing a
thriving start-up scene.
After a competitive selection
process to pick promising start-

ups, the accelerator usually

makes a small investment in
the company in exchange for
equity. The structured training
and intensive mentoring
programme that follows includes
lean start-up methodology,
agile development and investor
pitching strategies. It's not all
just advice and training joining
an accelerator affords a start-up
greater access to funding, as
well as connections to successful
and experienced entrepreneurs,
invaluable domain specialists
and investors.

INFOCOMM INVESTMENTS + ACCELERATORS

The Singapore government has been engaging
having closed an over-subscribed seed funding
with accelerators in public-private partnerships,
round of S$475,000 after graduating from the
with the goals of driving innovation, growing a
JFDI-IIPL programme.
sustainable start-up ecosystem and creating
value. The first such partnership was signed
IIPLs saw three more accelerator partnerships
between Infocomm Investments (IIPL) and one
since then: the second partnership was sealed
of Asias leading accelerators, Joyful Frog Digital
with European financial tech accelerator
Incubator (JFDI) in March 2014.
Startupbootcamp FinTech in October 2014, while
the first corporate accelerator with Singapore Press
As the anchor investor, IIPL actively introduces
Holdings and California-headquartered accelerator
high potential start-ups to the accelerator
Plug and Play started in mid 2015. Rounding up
programme and participates in the recruitment,
2015 was a fourth partnership, a joint venture
evaluation and selection process. The network
between the United Overseas Bank and IIPL,
of serial entrepreneurs, investors and innovators
that launched the FinLab, a second financial tech
that start-up founders can connect to and bounce accelerator targeting startups around this region.
off is also deepened through the combined
efforts of IIPL and accelerators.
The goal at the end of the acceleration is a
carefully honed business model and a startThe accelerator effect has been clear from the
up ready for investment by experienced, wellfirst two cohorts from the JFDI-IIPL programme:
informed, and connected investors. Accelerator
graduating start-ups raised funding faster and
programmes culminate in a demo day, where
at valuations between four to six times that of
start-up founders pitch to investors and senior
previous fundings. Glints, a career discovery and
executives of large corporations seeking
development platform, is one such success story,
disruptive solutions for their businesses.

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T H E S I N G A P O R E S TA R T U P
E C O SYS T E M 2 0 1 5

THE CLOSE:
CALL TO ACTION

We are beginning to see such

an entrepreneurial culture in
Singapore, says Singapores
Prime Minister Lee Hsien Loong.
(Start-up district Launchpad)
brings together the government,
the start-ups, the venture
capitalists and the talent...
(and) has been described as
the world's densest start-up
ecosystem. At the beginning,
(government) grants were
chasing projects...today, the
projects are chasing the grants,
and I feel much better.53

Opportunities abound for the

hungry entrepreneurs, tech
specialists, engineers, scientists,
artists, visionaries, craftspeople
and world changers. What we
do here may transform the way
people live, interact and build
communities worldwide.
You are invited.

To drive these cultural and

societal changes, the very
machinery of government
is being transformed.
Accompanying this is a sense
that as a society, Singapore is
venturing into new, intriguing
territory. We are reorganising
the way we work, trying to
accommodate into a very big
and structured organisation,
small pieces which are chaotic in
a constructive way.

This publication is produced by Infocomm Investments Pte. Ltd.

Content and information in this publication are accurate as at December 2015.

20

T H E S I N G A P O R E S TA R T U P
E C O SYS T E M 2 0 1 5

ENDNOTES

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gov.sg/mediacentre/transcript-speechprime-minister-lee-hsien-loong-foundersforum-smart-nation-singapore

This publication is produced by Infocomm Investments Pte. Ltd. Content and information in this publication are accurate
as at December 2015.
The views and opinions in this publication are of Infocomm Investments and are not intended to reflect the views of the
Singapore Government.
About Infocomm Investments Pte. Ltd.
Infocomm Investments Pte. Ltd (IIPL) builds and invests in Singapore and global infocomm technology start-ups. Managing
more than US$200 million, we accelerate the development of start-ups in their formative phase, and invest further as
they move towards growth and expansion. Through our investments, partnerships with stakeholders across private and
public sectors, and global reach, we play a central role in building a vibrant and sustainable ecosystem in Singapore for
start-ups to flourish. We are a wholly-owned subsidiary of the Infocomm Development Authority of Singapore.
Contact
For more information, please write to info@infocomminvestments.com or visit www.infocomminvestments.com