Singapore overtakes Beijing as Asia’s top startup ecosystem

SINGAPORE: Singapore has emerged as Asia’s leading startup ecosystem, displacing Beijing from the top spot, according to the latest Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network.

In the 2024 GSER rankings, Singapore climbed to seventh place globally, up one position from last year, while Beijing slipped to eighth. This advancement highlights Singapore’s robust growth and strategic positioning in the region.

The report noted that Singapore’s startup ecosystem generated an impressive US$144 billion in ecosystem value between July 1, 2021, and December 31, 2023. This figure marks a 27% compound annual growth rate compared to the prior two-year period, reflecting the city-state’s economic vitality and innovation prowess.

Ecosystem value, as defined in the report, measures economic impact through the valuation of startups and the value of exits.

“Singapore’s ascent as the core of the Pan Asia Startup Ecosystem hub brings together visionary founders and investors to advance Deep Tech- and AI-driven innovations, cementing its position as a leading force in the region,” said Atsushi TaiTairco-founder and chairman of The Edgeof, and Managing Director of Mistletoe Singapore.

Singapore remains just behind Boston, which holds the sixth spot, but leads ahead of other major Asian cities including Seoul (9th), Tokyo (10th), and Shanghai (11th). Silicon Valley retained its top position as the best global startup ecosystem for the fifth consecutive year, with New York and London tied for second place.

The city-state’s ecosystem now boasts over 4,500 tech startups, supported by 400 venture capital firms, and 240 accelerators, venture builders, and incubators, as per the report’s findings. Despite the growing challenges faced by startups globally over the past year, Singapore’s ecosystem has continued to thrive, demonstrating resilience and adaptability in a competitive market.

The GSER report ranks the top 40 global ecosystems and identifies emerging trends shaping the startup landscape. Singapore’s continued rise reflects its strategic efforts to foster innovation, attract investment, and build a supportive environment for entrepreneurs.

TISG/