Singapore Ranks as Asia’s Leading Startup Ecosystem in Top Global Indexes
Singapore has rapidly emerged as one of Asia’s leading startup hubs, attracting entrepreneurs, investors, and innovators from around the world. Known for its business-friendly environment, strategic location, and strong government support, the country has become a hotspot for startups looking to scale and succeed both regionally and globally. With a focus on technology and innovation, Singapore’s startup ecosystem has grown significantly, establishing itself as a key player in the Asian market.
Global rankings highlight Singapore’s strengths as a startup ecosystem. International reports, such as the World Bank’s Doing Business Index, have long recognized Singapore as one of the top places for business worldwide. More focused indexes, such as the Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Startup Ecosystem Index by StartupBlink, further highlight Singapore’s influence in the global startup scene. These rankings reflect the nation’s vibrant startup scene and underscore its ability to compete with other global innovation hubs. Singapore’s impressive performance in these reports signals its potential to attract more entrepreneurs, investors, and talent, solidifying its status as a powerhouse in the global startup landscape.
Recent Reports Highlighting Singapore’s Startup Success
Global Startup Ecosystem Report (GSER) by Startup Genome
The Global Startup Ecosystem Report (GSER) is one of the most influential annual reports, produced by Startup Genome in partnership with the Global Entrepreneurship Network. Now in its 12th year, GSER 2024 provides a comprehensive analysis of the world’s leading startup ecosystems, highlighting emerging trends and the challenges entrepreneurs face. This report is based on extensive research drawn from over 4.5 million startups across 300 ecosystems worldwide, providing critical insights that can guide strategies in both the public and private sectors.
With its deep focus on startup data and market trends, the GSER offers recommendations that entrepreneurs, investors, and policymakers can act on. It serves as an invaluable resource not just for established ecosystems but also for emerging ones aiming to drive innovation and economic growth.
Singapore’s Position in the GSER
In the 2024 Global Startup Ecosystem Report, Singapore was ranked as the top startup ecosystem in Asia and seventh globally. This year, Singapore surpassed Beijing, now ranked eighth, to become the leading startup ecosystem in Asia.
Inching up one position from last year, Singapore stands just behind Boston (6th) but outperforms other major Asian hubs such as Seoul (9th), Tokyo (10th), and Shanghai (11th). Meanwhile, Silicon Valley holds the top spot globally for the fifth consecutive year, followed by New York and London, which continue to tie for second.
In terms of value, Singapore’s startup ecosystem generated an impressive US$144 billion between July 2021 and December 2023, reflecting a compound annual growth rate of 27%. Ecosystem value is calculated based on the economic impact of exits and startup valuations, showcasing Singapore’s growing capacity to produce high-value startups.
Global Startup Ecosystem Index by StartupBlink
StartupBlink is a global research platform that focuses on the innovation economy. It provides insights into global startup ecosystems through a comprehensive map of hundreds of thousands of registered startups, coworking spaces, and accelerators. StartupBlink’s Global Startup Ecosystem Index is one of the most widely referenced rankings, used by governments, corporations, and investors to assess the vibrancy and potential of startup ecosystems worldwide.
The platform’s annual reports and rankings are critical resources for understanding the global landscape of innovation. These rankings not only provide data but also strategic insights for decision-makers who are considering startup relocation, investment opportunities, or research purposes.
Singapore’s Position
According to the latest Global Startup Ecosystem Index by StartupBlink, Singapore was ranked fifth globally, making it the fastest-growing startup ecosystem over the past five years. During this time, Singapore has climbed 16 positions, overtaking China and now doubling China’s score, further reinforcing its status as Asia’s top startup hub.
With Singapore's move to fifth place, it stands as the only East Asian country in the top five and the second Asian nation to achieve this rank. With an overall score of 37.736, Singapore’s performance in the business environment category, where it ranks third globally, is particularly notable.
The Factors Behind Singapore’s Startup Dominance
Singapore’s rise as a leading global startup hub is driven by several key factors that make it stand out, not just in Asia but also on the world stage. Its rapid growth and recognition in global rankings are no accident; Singapore has created a strong foundation that fosters innovation, supports entrepreneurs, and attracts investment. Below are some of the critical elements contributing to Singapore's dominance.
1. Strategic Position as the Pan-Asia Hub
Singapore’s strategic location makes it a natural gateway to the wider Asian market, serving as a regional hub that connects startups to Southeast Asia, East Asia, and beyond. According to Atsushi Taira, co-founder of TheEdgeOf and managing director at Mistletoe Singapore, “Singapore’s ascent as the core of the Pan-Asia Startup Ecosystem hub brings together visionary founders and investors to advance deep tech and AI-driven innovations." This geographic advantage allows Singapore to bridge opportunities across diverse markets, particularly for startups with regional and global ambitions.
2. Robust and Supportive Business Environment
Singapore has built a reputation for having a business-friendly environment that nurtures startups. The country’s pro-business policies, including favorable tax regulations, minimal bureaucratic hurdles, and financial stability, provide a strong foundation for entrepreneurs to thrive. As StartupBlink noted, “Singapore’s significant progress underscores its robust and supportive environment for new businesses, positioning the country to challenge even more established ecosystems like Canada.”
3. Strong Financial and Investment Ecosystem
Singapore’s well-established financial sector provides essential support for startups, especially in terms of access to venture capital and other funding opportunities. With numerous government grants and incentives aimed at fostering innovation, along with a community of investors and accelerators, the ecosystem is primed to support startups at every stage of their growth journey. As StartupBlink noted, Singapore "exemplifies how a relatively small nation can achieve remarkable success in the global startup arena."
To learn more about the advantages of setting up a startup in Singapore, check out our comprehensive guide, which covers all the key benefits and steps for success.
How We Can Help
If you are thinking of incorporating a startup in Singapore, our partner company, CorporateServices.com, is here to assist you. They specialize in helping startup founders navigate Singapore’s dynamic business environment with ease. From hassle-free company registration to ongoing compliance support, CorporateServices.com offers tailored services that allow entrepreneurs to focus on growth and innovation while they handle the administrative and regulatory tasks.
Whether you’re starting your first venture or expanding into Singapore, CorporateServices.com will guide you through every step of the incorporation process. Contact them today to get started and take full advantage of Singapore’s thriving startup ecosystem!
