by Sharan NairEstimated reading time: 3 minute(s)
Where infrastructure can be rolled out efficiently and in such a short period of time, surely such land and space should be leveraged on in an industry which is in constant movement. It is not only businesses located here which are looking to capitalize on this delightfully navigable market. Singapore is also a market where startups hungry for growth, are looking to scale fast from, and into vastly-untapped markets in the vicinity. The key to Singapore being an obvious choice for setting up base is its use of English as its primary language.
“Singapore offers a natural second home for those looking to expand, providing all the raw ingredients available for entrepreneurs to build and grow their businesses. Corporates, universities, research institutes, investors, and startups are working together to devise new solutions that can tackle areas such as healthcare, transportation, and resources sustainability.” – Steve Leonard, Executive Deputy Chairman of IDA.
There was some research conducted recently by the Infocomm Development Authority of Singapore (IDA), where about 200 respondents in a survey (with help from YouGov) were beseeched on their thoughts about opportunities, barriers, and plans for growth in their own backyard. What they thought was key to growth, which Singapore happens to offer, is the right product-market fit, access to formidable public infrastructure (key to connectivity), and finding suppliers.
Talent Shortage
The local talent here comes up short in particularly the engineering, programming, and coding fronts, and is something the government is looking to battle, by setting aside a cool SGD 120 million in order to groom some for the digital revolution we’re experiencing and looking forward to. What it is also doing is beckoning foreign talent with welcoming arms so that it can focus on two key areas, data, and technology.
And because it is so damn cheap, marketers have been able to give them away by the droves i.e New York Times gave away 1.3 million headsets last October. It can’t be dismissed too easily considering its huge price advantage and the sheer size of its user base, which could help make it catch up in terms of quality of technology.
Data – With the implementation of quantitative methodology, visualization, and analysis of data will help to pluck insights that eventually lend a hand in making more informed policies and operations.
Technology – The goal here is to eventually deliver useful digital services and products to the natives here in Singapore. The careful design of digital platforms and applications will be on showcase as a formidable digital experience, which will serve to inspire generations forthcoming.
Harnessing the diversity
IDA’s Managing Director Jacqueline Poh opined that “Singapore must continually engage with and learn from these technology experts globally to actively create technology applications that have the potential to change lives in Singapore.”
As the nation now realigns itself and its economy to lend some focus to value creation and innovation-driven enterprises, Infocomm Investments’ partnership with UK-based Entrepreneur First (EF), themselves a leading talent investor in Europe, has paved the way for infant founders to collaborate with highly experienced venture partners so that their ideas can come to fruition in preparation for investments. EF’s track record is pretty solid one might add, has so far worked with hundreds of individuals in a few short years, and raised multi-millions to the heights of now more than a quarter of a billion.
Perception
will be key for a vibrant, diverse, and yet cohesive outcome for a Smart Nation initiative. Prime Minister Lee Hsien Loong laid claim to the notion that Singaporeans must view engineering as more than just a support function if it plans on delivering on its evolving promise.
Photo: business.asiaone.com