Singapore overtakes Sweden for 5th place in global startup ranking » Singapore News

SINGAPORE: Singapore has been ranked the world’s fifth best country for startups, overtaking Sweden and potentially challenging fourth-place Canada next year.

Over the past five years, Singapore has climbed 16 spots on the StartupBlink Global Ecosystem Index, making it the fastest-growing startup ecosystem in the world. This rapid growth underscores the country’s commitment to creating a robust environment for entrepreneurial ventures.

According to StartupBlink, Singapore’s score doubled that of China, firmly establishing itself as Asia’s leading startup ecosystem. This advancement follows a previous milestone in 2022, when Singapore overtook China in the ranking. The latest index gave Singapore a score of 37,736, highlighting its unique business environment, which ranked it 3rd in the world.

The organisation’s report hailed Singapore as a “model of innovation”, with its status as a preferred startup hub in Asia stemming from its financial stability, pro-entrepreneurship policies and favourable tax laws.

“Singapore is a model of innovation and another great example of a relatively small country massively exceeding expectations. The country has become a go-to destination for startups operating in Asia due to its financial stability, pro-business approach and tax policies. Because Singapore has a small market and population, its ecosystem growth depends on scaling overseas. This aspect gives the ecosystem a unique regional perspective from the start,” StartupBlink added.

In addition to its domestic success, Singapore City also moved up the city rankings, moving up four places to 16th. This improvement puts it ahead of Shenzhen, which currently ranks 18th, and makes it the sixth highest-ranked city in the Asia-Pacific region.

TISG/

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