Good start-ups already creating jobs in Singapore

We thank Mr Phan Ching Chong (SMEs, corporate leaders were once start-ups and founders; April 1) and Mr Loh Tat Shiong (Top start-up attraction, but what's in it for S'poreans?; March 29) for their interest in the local start-up scene.

Good start-ups create value with new products and services, and are important for our future economy.

In 2015, for instance, high-tech start-ups in Singapore under five years old employed about 28,000 workers, with locals making up the majority. A PwC study estimated that technology start-ups will contribute up to 2 per cent of our gross domestic product and account for about 5 per cent of total employment by 2035.

The recently released Global Startup Ecosystem report by Startup Genome ranked Singapore as the top nation for start-up talent.

But we can do much better in areas such as exits and valuations, and the availability of venture funding. The Government has made clear it aims to establish a good foundation for the start-up ecosystem to build a stronger community. One such move is the Ministry of Trade and Industry's recent announcement that all start-up support initiatives will be unified under the branding of Startup SG.

Entrepreneurs can identify the relevant schemes for their needs and use it as a platform of connectivity to reach local and overseas partners. More details will be announced in the coming months.

Spring will continue to develop working spaces like the LaunchPad@one-north, attract deep-tech incubators and accelerators to set up operations here, address funding gaps, establish links to overseas markets, and facilitate tie-ups between large companies and start-ups.

Spring will continue to develop working spaces like the LaunchPad@one-north, attract deep-tech incubators and accelerators to set up operations here, address funding gaps, establish links to overseas markets, and facilitate tie-ups between large companies and start-ups.

It will be working closely with partners and enablers in the start-up ecosystem to develop Singapore into a top start-up location.

Edwin Chow

Group Director
Industry & Enterprise / Innovation & Start-ups
Spring Singapore

A version of this article appeared in the print edition of The Straits Times on April 08, 2017, with the headline 'Good start-ups already creating jobs in Singapore'. Print Edition | Subscribe