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Singapore's bet on technology startups gains ground

Singapore hosts 4,000 startups, with 22,000 employees in 2017. (Photo of Bangkok Post)

Singapore's effort to create an ecosystem to support startups is gaining ground, with the city-state now housing more than 150 venture capital funds.

L & # 39; Oreal SA, Microsoft Corp. and Oracle Corp. are among the more than 100 entities running incubator and accelerator programs, according to Enterprise Singapore, the government agency that leads business development. Risk funding increased to $ 10.5 billion in 2018 from $ 800 million in 2012, according to PitchBook data.

The number of technology startups grew to 4,000 in 2017 with 22,000 employees. There were 2,800 technology startups in 2003.

Singapore is positioning itself as a gateway for startups to develop test solutions and expand to the region to stimulate growth and create jobs. Recently, it has attracted Dyson Ltd to manufacture the company's first electric car on the island and is in talks with other green vehicle manufacturers to set up and do the same.

"We need to build on what we already have here," said Edwin Chow, executive vice president of Enterprise Singapore, at a news conference. "It's a good opportunity to bring the crowd – good companies and startups from around the world."

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