Singapore ranks 5th for supporting high-potential women entrepreneurs

The skyline of Singapore's business district area shot from Marina Bay Sands.
The skyline of Singapore's business district area shot from Marina Bay Sands.PHOTO: ST FILE

PALO ALTO, CALIFORNIA - Singapore has come in fifth on a list of global cities ranked by their ability to attract and support high-potential women entrepreneurs.

The Republic is ahead of cities such as Hong Kong, Paris, Washington and Shanghai, according to a new study by American technology giant Dell and market research firm IHS.

New York topped the ranking, followed by the Bay Area in San Francisco.

These findings were unveiled on the first day of the Global Entrepreneurship Summit, which is being held over three days (Jun 22 to 24) on the Stanford University campus in California.

More than 700 entrepreneurs from around the world are taking part in the summit, including at least seven representatives from Singapore.

The Dell and IHS study assessed five key characteristics - capital, technology, talent, culture and markets - in 25 global cities.

Cities, instead of countries, were identified in order to show the impact of local policies and programmes in addition to national laws and customs.

In addition to the overall ranking, Singapore also came in third - after Stockholm and Beijing - for technology that supports high-potential women entrepreneurs. The Republic also came in fifth for cultural friendliness towards female entrepreneurs.

Cities around the world still have some way to go toward addressing the obstacles faced by women entrepreneurs, said Ms Karen Quintos, senior vice president and chief marketing officer at Dell.

For instance, access to funding is a significant challenge for many female business owners around the world, exacerbated by the fact that the venture capital industry is dominated by men.

Ms Quintos, who presented the research during the Summit, noted that the highest-ranked city had a score of just 59 out of the maximum 100.

"We cannot ignore the role that biases play to varying degrees everywhere…We have to continue to collect data to truly understand the ecosystem and address the obstacles that women face," she added.