Singapore 8th best city for women entrepreneurs

Singapore was ranked eighth for fostering high-potential women entrepreneurs.
Singapore was ranked eighth for fostering high-potential women entrepreneurs. PHOTO: ST FILE

Singapore has come eighth on a list of cities worldwide ranked for their ability to attract and foster the growth of women-owned firms.

It is also the top city in the Asia-Pacific on the list compiled by Dell and IHS Markit.

New York City is the overall best city for fostering high-potential women entrepreneurs, followed by the Bay Area in San Francisco and London. Hong Kong is at 16th.

The study, released yesterday, looked at the cities based on the impact of local policies, programmes and characteristics, along with national laws and customs affecting the level of women-owned firms. It ranked the cities across five key aspects in this regard: capital, technology, talent, culture and markets.

The Republic placed seventh in terms of capital, sixth in enabling environment, fifth in culture, and 10th in technology.

"Cities in the Asia-Pacific hold huge promise and opportunity for women entrepreneurs, with a number of cities in the region already realising success in terms of attracting and fostering high-potential women business owners," said Mr Amit Midha, president of Asia- Pacific commercial at Dell EMC.

He added that throughout the region and across the five city characteristics looked at as part of the ranking, cities have differentiated themselves in specific areas.

Singapore and Hong Kong, for instance, are focusing on technology leadership and their ability to let women entrepreneurs stand out, through innovation.

Kuala Lumpur is also emerging as a "city to watch" in recognition of its enabling factors for business and society. While it ranks 41st overall, it is fifth in terms of markets, first in costs, sixth in access, as well as eighth in women's skill and experience, or talent.

"The success stories we see are testament to the scale of the opportunity available in the Asia-Pacific," said Mr Midha.

Dell's executive vice-president and chief customer officer Karen Quintos said: "Globally, women's entrepreneurship rates are growing more than 10 per cent each year. In fact, women are as likely or more likely than men to start businesses in many markets. However, financial, cultural and political barriers can limit the success of these businesses.

"By arming city leaders and policymakers with data-driven research and clear calls to action, we can collectively improve the landscape for high-potential women entrepreneurs, which in turn dramatically lifts a city's economic prospects - as what is good for women is good for the economy."

A version of this article appeared in the print edition of The Straits Times on July 18, 2017, with the headline 'S'pore 8th best city for women entrepreneurs'. Print Edition | Subscribe