The Republic of Singapore has spent a lot of money and made a real effort to build up support for startups. However, this may not be enough to spark continued business growth in the region. Many experts feel that the key to significant and consistent growth in the future is expansion to other countries and continents.
For example, the general partner of a venture company known as Golden Gate Ventures believes that the Republic is doing well in terms of supporting startups. He’s seen many companies of this type launch and thrive over the past several years.
However, this general partner, Jeffrey Paine, thinks that Singaporean business people need to expand their reach in order to make more progress in the future. He thinks it’s the primary key to unlocking Singapore’s true potential as a bustling business hub.
No one disputes that the Republic’s progressive leaders have made a real effort to fund and support startups and other types of companies. KPMG’s leader of “digital and innovation” does think that closer alliances between key organizations in Singapore will inspire more entrepreneurship and investment.
He feels that partnerships between the Infocommunications Media Development Authority, the NRF, the Jurong Town Council and the National University of Singapore will dramatically boost business activities in the region. This leader, Mr. Poh, also remarked that “block 71/79”, which is often referred to as “launchpad”, is becoming a Singaporean version of Silicon Valley. It is inspiring startups from other parts of the world to base their headquarters in the Republic, with a mind to accessing markets in many different sections of Asia.
VC investments are rising in the Republic. In fact, Singapore distinguished itself during the 3rd quarter of 2016, by becoming Southeast Asia’s most popular hot spot for new business deals. Deals made during the 3rd quarter totaled 858.9 million dollars. Total deals signed for during this time frame are believed to have a potential dollar value of almost 1.5 billion dollars, US. These statistics come from CB Insights and KPMG, via a report which is compiled each quarter by Venture Pulse.
Will You Take Risks?
If you’re an entrepreneur in Singapore, thinking big and being willing to take risks may be the key to growing a startup that shines globally. Singaporean entrepreneurs are being encouraged to move forward and make the most of their new companies, by seeking out eventual expansion in Asia and abroad.
Since the government will likely continue to support expansion and some degree of business risk, via its programs for entrepreneurs, the future looks bright. It’s all about showing Singaporean entrepreneurs the value of having continental or worldwide visions for their brand.
Therefore, new business plans should be long-range and include plans for expansion. When entrepreneurs do think bigger, they will be competing in a different way and they may have the power to turn their new startups into thriving global concerns. It’s all about choosing to reach out, rather than considering a startup to be only for consumers in Singapore.
