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Singapore’s Startup Ecosystem: A Global Model for Innovation and Growth

Singapore’s Startup Ecosystem: A Global Model for Innovation and Growth

At the “Policy Ecosystem Development for Startups” event in Mongolia, organized by the Mongolian Ministry of Economy and Development, the Asian Productivity Organization, and the Mongolian Productivity Organization, representatives from over ten countries gathered to discuss strategies for fostering startup ecosystems.

I had the opportunity to deliver a session titled “Singapore’s Model for Startup Ecosystem,” sharing how Singapore evolved from a colonial trading post into a global innovation hub through strategic policies, robust infrastructure, and international collaborations. This article summarizes the key points from my presentation, offering an objective overview of Singapore’s startup success story.

Singapore’s Journey to a Global Innovation Hub

In my remarks, I traced Singapore’s transformation from a 19th-century trading port to a leading startup hub. This shift was driven by deliberate government policies, a strategic location in Asia, and a commitment to innovation. With a startup ecosystem valued at approximately SGD 1.44 billion, Singapore leverages its multilingual workforce and robust financial sector to attract entrepreneurs and investors. “Singapore’s strength lies in its location, diverse talent pool, and strong financial infrastructure,” I noted during the session.

The city-state hosts over 4,500 tech startups, more than 400 venture capital (VC) firms, and 240 incubators and accelerators, creating a comprehensive ecosystem that supports startups at every stage. Nearly all major global VC funds have a presence in Singapore, either through Asian offices or dedicated subdivisions, particularly in sectors like fintech, healthcare, and deep tech.

Government Initiatives: The Foundation of Success

Singapore’s government plays a central role in its startup ecosystem through initiatives like Startup SG and the Smart Nation vision. Startup SG, launched in 2017, provides mentorship, grants, and networking opportunities to foster entrepreneurial growth. “The networking opportunities provided by Startup SG are critical for startup success,” I emphasized, highlighting how these connections have driven achievements in the VC space. Since 2015, the government has invested over SGD 1 billion in startup programs, supporting more than 2,000 startups annually across sectors like fintech, healthcare, and sustainability. The Startup SG Founder Grant offers up to SGD 50,000 and mentorship to first-time entrepreneurs, while Startup SG Equity co-invests up to SGD 8 million with private VCs in high-growth startups. Ninja Van, a logistics provider, scaled rapidly with SG Equity funding, serving as a prime example of these initiatives’ impact.

The Smart Nation initiative integrates technology into areas like the Internet of Things (IoT) and artificial intelligence (AI). Singapore’s small size enables rapid implementation of innovative solutions, making it an ideal testbed for smart urban technologies. As I noted, “Singapore’s compact scale allows for quick testing and iteration of new ideas,” positioning the city-state as a leader in smart urban living.

Historical Milestones and Growth Phases

My presentation provided a historical perspective on Singapore’s commitment to innovation. The National Computer Board (NCB), established in 1981, laid the groundwork for technological development, followed by companies like Creative Technology, a pioneer in MP3 players and speakers. By 2000, the Economic Development Board (EDB) launched a bioscience initiative, attracting SGD 2 billion in startup investments. The National Research Foundation, established in 2006, further strengthened research and development (R&D), supporting innovators like Hyflux, a leader in water refinery technology

From 2010 to 2015, startup funding grew from USD 80 million to USD 1 billion, driven by government support and global interest. Lazada, founded in 2012, capitalized on Singapore’s logistical advantages to become a leading e-commerce platform in Southeast Asia. By 2017, the ecosystem’s value reached USD 11 billion, with companies like Grab achieving unicorn status in Singapore and expanding into markets like Cambodia, Malaysia, and Thailand while diversifying into financial tools and cryptocurrency payments.

Attracting Global Talent and Partnerships

Singapore’s ability to attract global talent and foster international collaborations strengthens its ecosystem. Over 150,000 foreign professionals work in Singapore, with 29% in the tech sector, contributing diverse expertise. Programs like the TechPass (launched in 2021) and EntrePass offer visas to top talent and entrepreneurs, with approval rates for tech roles reaching 90%. “Talent is a cornerstone of Singapore’s economic growth,” I observed, highlighting the government’s strategic focus on human capital.

Collaborations with institutions like MIT, Tsinghua University, and the Israel Innovation Authority have driven advancements in AI, cybersecurity, and deep tech. The Singapore-Israel Innovation Summit in 2022 facilitated cross-border exchanges, while partnerships with the World Bank, DBS, and the United Nations on fintech projects, as well as collaborations with France on autonomous systems, underscore Singapore’s global integration.

Singapore’s pro-business regulatory framework is a key enabler of its startup ecosystem. Company registration can be completed in one to two days, and the city-state ranks highly for its strong legal framework and business-friendly policies. The Monetary Authority of Singapore (MAS) supports innovation through a fintech sandbox, allowing startups to test solutions with regulatory guidance. Compliance workshops and a trusted reputation ensure accountability while fostering innovation, making Singapore a preferred destination for crypto and fintech companies.

Success Stories and Future Outlook

My presentation highlighted success stories that illustrate Singapore’s impact. Carousell, a marketplace platform, grew from a modest valuation to unicorn status with support from Singaporean funds and government initiatives. ShopBack’s cashback model and Grab’s expansion into financial services demonstrate the scalability of Singapore-based startups. Over 40% of Singapore’s unicorn founders have international backgrounds, reflecting the city-state’s ability to attract and nurture global talent.

Looking ahead, fintech, healthcare, deep tech, AI, cryptocurrency, and green tech are poised for growth. Singapore’s consistent VC funding—over USD 12 billion in recent years—and its ranking as the fifth-best startup ecosystem globally position it for continued leadership. As I concluded, “Singapore’s ecosystem empowers entrepreneurs to turn bold ideas into reality,” encouraging global innovators to explore its opportunities.

Conclusion

My session at the Mongolia event outlined Singapore’s startup ecosystem, driven by strategic government initiatives, a robust financial sector, and global collaboration. From its historical roots to its status as a top-five global startup hub, Singapore offers a model for fostering innovation through talent attraction, regulatory support, and international partnerships. With success stories like Carousell, Grab, and Ninja Van, and a focus on emerging technologies, Singapore continues to serve as a launchpad for startups aiming to make a global impact.

 

Source: https://news.shib.io/2025/06/06/singapores-startup-ecosystem-a-global-model-for-innovation-and-growth/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Session 2: Singapore’s Model for Startup Ecosystem- Anndy Lian

Session 2: Singapore’s Model for Startup Ecosystem- Anndy Lian

On May 13, 2025, Anndy Lian, a best-selling book author, licensed fund manager, and seasoned venture capitalist, delivered an insightful speech at the “Policy Ecosystem Development for Startups” event in Mongolia. Organized by the Mongolian Ministry of Economy and Development, the Asian Productivity Organization, and the Mongolian Productivity Organization, the event brought together representatives from over ten countries to discuss strategies for fostering startup ecosystems.

In his session titled “Singapore’s Model for Startup Ecosystem,” Lian explored how Singapore has transformed from a colonial trading post into a global innovation hub, emphasizing its strategic policies, robust infrastructure, and international collaborations. This article distills the key points and highlights from Lian’s speech, offering a comprehensive look at Singapore’s startup success story.

Singapore’s Journey to a Global Innovation Hub

Lian began by tracing Singapore’s evolution from a 19th-century colonial trading port to one of the world’s leading startup hubs in the 21st century. This transformation, he noted, was not accidental but the result of deliberate government policies, a strategic location, and a forward-thinking approach to innovation. With a startup ecosystem valued at approximately SGD 1.44 billion, Singapore has leveraged its position in Asia, multilingual workforce, and robust financial sector to attract entrepreneurs and investors alike.

“Singapore’s strength lies in its location in Asia, a multilingual workforce, and a very robust financial sector,” Lian emphasized. The city-state hosts nearly all major global venture capital (VC) funds, either through Asian offices or dedicated subdivisions, making it a magnet for startups in sectors like fintech, healthcare, and deep tech. With over 4,500 tech startups, more than 400 VC firms, and 240 incubators and accelerators, Singapore has created a comprehensive ecosystem that supports startups at every stage of their journey.

Government Initiatives: The Backbone of Success

A cornerstone of Singapore’s startup ecosystem is its proactive government support, exemplified by initiatives like Startup SG and the Smart Nation vision. Lian highlighted how these programs have been instrumental in driving entrepreneurial growth and technological advancement. Startup SG, launched in 2017, provides mentorship, grants, and networking opportunities, fostering an environment where startups can thrive. “The networking opportunity is, in my opinion, the most important part,” Lian said, underscoring how connections facilitated by Startup SG have led to success stories in the VC space.

Since 2015, the Singapore government has invested over SGD 1 billion in startup programs, supporting more than 2,000 startups annually across sectors like fintech, healthcare, and sustainability. Programs like the Startup SG Founder Grant offer up to SGD 50,000 and mentorship to first-time entrepreneurs, while Startup SG Equity co-invests up to SGD 8 million with private VCs in high-growth startups. Lian cited Ninja Van, a logistics provider that scaled rapidly with support from SG Equity funding, as a prime example of how these initiatives translate into real-world success.

The Smart Nation initiative, another key pillar, integrates technology into areas like the Internet of Things (IoT) and artificial intelligence (AI). Lian noted that Singapore’s small size makes it an ideal testbed for innovative solutions, enabling rapid implementation and iteration. “Because we are small, it’s easy for us to implement a lot of different initiatives,” he said, pointing to Singapore’s ambition to lead in smart urban living.

Historical Milestones and Growth Phases

Lian provided a historical perspective to illustrate Singapore’s long-term commitment to innovation. In 1981, the National Computer Board (NCB) laid the groundwork for tech development, followed by companies like Creative Technology, which pioneered MP3 players and speakers. By 2000, the Economic Development Board (EDB) launched a bioscience initiative, attracting SGD 2 billion in startup investments. The National Research Foundation, established in 2006, further bolstered research and development (R&D) efforts, supporting companies like Hyflux, a water refinery innovator.

The period from 2010 to 2015 marked a significant growth phase, with startup funding rising from USD 80 million to USD 1 billion. Lian highlighted Lazada, founded in 2012, which leveraged Singapore’s logistical advantages to become a dominant e-commerce player in Southeast Asia. By 2017, the ecosystem had grown to USD 11 billion, driven by government support and global attention. Companies like Grab, initially a Malaysia-based startup, solidified their unicorn status in Singapore, expanding into markets like Cambodia, Malaysia, and Thailand while diversifying into financial tools and cryptocurrency payments.

Attracting Global Talent and Partnerships

Singapore’s ability to attract global talent and foster international partnerships was another key focus of Lian’s speech. With over 150,000 foreign professionals working in Singapore—29% of whom are in the tech sector—the city-state has become a hub for diverse expertise. Initiatives like the Tech.Pass, launched in 2021, and the EntrePass offer visas to top talent and entrepreneurs, with approval rates for tech roles reaching 90%. “The government views talent as one of the key pillars of economic growth,” Lian noted, highlighting the selective yet supportive nature of these programs.

International collaborations further enhance Singapore’s global competitiveness. Partnerships with institutions like MIT, Tsinghua University, and the Israel Innovation Authority have driven advancements in AI, cybersecurity, and deep tech. The Singapore-Israel Innovation Summit in 2022, for instance, facilitated cross-border exchanges, enabling Singaporean and Israeli companies to learn from each other. Collaborations with the World Bank, DBS, and the United Nations on fintech projects, as well as partnerships with France on autonomous systems, underscore Singapore’s commitment to global integration.

A Supportive Regulatory Environment

Singapore’s pro-business regulatory framework is a critical enabler of its startup ecosystem. Lian emphasized the ease of doing business, with company registration possible within one to two days. The city-state ranks highly for its strong legal framework and business-friendly policies, making it a preferred destination for crypto and fintech companies.

The Monetary Authority of Singapore (MAS) has established a fintech sandbox, which Lian described as “one of the best” he has seen, allowing startups to test innovative solutions with regulatory guidance. Compliance workshops and a trusted reputation further enhance Singapore’s appeal, ensuring accountability while fostering innovation.

Success Stories and Future Outlook

Lian shared inspiring success stories to illustrate Singapore’s impact. Carousell, a marketplace platform, grew from a valuation of a few million to unicorn status with support from Singaporean funds and government initiatives. Similarly, ShopBack’s cashback model and Grab’s expansion into financial services highlight the scalability of Singapore-based startups. Over 40% of Singapore’s unicorn founders have international backgrounds, reflecting the city-state’s ability to attract and nurture global talent.

Looking ahead, Lian identified fintech, healthcare, deep tech, AI, cryptocurrency, and green tech as key growth sectors. Singapore’s consistent VC funding—over USD 12 billion in recent years—and its ranking as the fifth-best startup ecosystem globally position it for continued leadership. “Those who dare to dream big are the architects of a better world,” Lian concluded, inviting entrepreneurs to explore Singapore’s supportive ecosystem. He extended a personal offer to connect with startups, emphasizing Singapore’s willingness to go the extra mile compared to other governments.

Bottom Line

Anndy Lian’s speech at the Mongolia event painted a vivid picture of Singapore’s startup ecosystem, driven by strategic government initiatives, a robust financial sector, and a commitment to global collaboration. From its historical roots to its current status as a top-five global startup hub, Singapore offers a model for fostering innovation through talent attraction, regulatory support, and international partnerships.

With success stories like Carousell, Grab, and Ninja Van, and a forward-looking focus on emerging technologies, Singapore continues to solidify its position as a launchpad for startups aiming to make a global impact. For entrepreneurs worldwide, Lian’s message was clear: Singapore is ready to help you turn bold dreams into reality.

 

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

The X-to-Earn model: Eat, sleep, do almost anything and get paid in crypto

The X-to-Earn model: Eat, sleep, do almost anything and get paid in crypto

Are you a good runner? Or eater? Or sleeper? Chances are whatever you’re good at, there’s a Web3 project out there to reward you in crypto. But do the tokenomics stack up?

Axie Infinity — a non-fungible token-based online video game that’s generated over US$4 billion in secondary NFT sales — is credited with kicking off the so-called “play-to-earn” (P2E) craze, allowing gamers to earn money while playing. While the Axie hype has somewhat died down, it also spawned a series of copycat projects that pay users to perform everyday activities.

These projects have developed into an industry of their own; a sort of “X-activity-to-earn” (X2E) model, now including tie-ins with brands from Asics to European soccer clubs, paying users in cryptocurrency for running, eating or even sleeping.

Perhaps not surprisingly, questions are being raised about the economic principles many of these projects are founded on.

“The problem with some of these X2E models is that it seems like a really good innovation, but then it is just purely a Ponzi [scheme],” said Anndy Lian, author of the new book “NFT: From Zero to Hero,” in an interview with Forkast, though he did not mention any by name. “And it’s actually very disturbing, to be really honest.”

Without ongoing revenue to support what is being paid out, Lian said, the X2E model risks becoming an unsustainable compensation structure, relying on the hope that more people will come in to “pay” for the tokens that were previously dropped.

There were similar accusations leveled at Axie Infinity after a period of explosive growth failed to generate earlier returns for its users, as its native token SLP is now trading at US$0.004 at press time after reaching as high as US$0.41 in May 2021.

Running tokenomics

One of the more popular variations of this new industry model is the “Move-to-Earn” (M2E) project StepN, which pays users in cryptocurrency for walking, jogging or cycling by tracking their movements via GPS on their phone.

To participate in the project, users buy NFT sneakers and hold them in their wallets on their phones when they go for a walk and are then compensated for the exercise in the project’s native currency, Green Satoshi Tokens (GST).

Users then cash out GST for profit or invest it back into the project to mint additional NFTs for other users to buy.

Brian Lu, founding partner of investment fund Infinity Ventures Crypto, is more optimistic about the outlook for these projects than Lian, however, telling Forkast in an interview there are ways such projects can be successful.

“There’s always going to [need to] be people to support the token or the token has to have some type of utility [for the project to work],” he said.

StepN does this by allowing users to cash out their GST for profit or by investing it back into the ecosystem to mint more sneaker NFTs. This was the tokenomics model initially adopted by Axie Infinity, which allowed users to cash out their SLP or to re-invest it back to create more “Axies” — Pokémon-like creatures that players bred and battled to earn more SLP.

After launching in December, GST reached a high of US$9.03 in late April before the crash along with the rest of the crypto market in May. Despite tie-ins with sports-brand Asics and Spanish soccer club Atlético de Madrid, GST had fallen to under US$1 by early June, and has been trading under US$0.10 since early July.

Sleeping on the job

Positioning itself in direct response to the Move-to-Earn projects, Gang Azit Social Club (GASC) has taken a different approach, and wants to remind users that it’s important for one’s mental health to take a break and relax from time to time, and incentivizes this practice by paying them to do just that.

Calling itself a “Relax-to-Earn” project, GASC detects when users are within a predetermined zone using GPS and pays them in the project’s HIPS token if they press a “relax” button on their phone while in the space.

If anyone needs an incentive to eat, Esca — an online marketplace for food consumers and vendors — promises to pay customers, restaurants and at-home chefs in both Bitcoin and USDC. According to its website, Esca thinks the commissions charged by most food delivery platforms are too high and is using cryptocurrency to balance the equation.

So many projects have popped up promising to pay users to sleep that there is even its own category of finance for the industry — SleepFi.

The Sleepee app pays users based on their sleep quality score in its native currency, which can be converted to buy products or services in their store. Even the Move-to-Earn app MetaGym offers a SleepFi feature that pays users in its native token that can be spent in-app or cashed out for USDC.

The future of Web3 and gaming

Measuring the success of these projects over the past few months has been difficult amid the broader crypto downturn, which has seen even well-established crypto funds and businesses file for bankruptcy or needing a bailout.

If the situation doesn’t improve soon, Lu says there are other options available to such projects.

“These X2E projects that are coming up [are] going to start learning to advertise their users and their user’s behavior [and] user data to marketing companies that are willing to pay for it,” said Lu, explaining this process will become more commonplace as brand tie-in continues to gain traction.

Selling user data may seem against the ethos of Web3, which is often touted to offer a new incentive model to break away from the data mining method of business which has led to massive wealth concentration from a few giant tech companies.

Back to the genre that started it all, Lu says the industry has learned its lesson from the short-lived success of Axie Infinity and is shifting from Play-to-Earn to Play-and-Earn, or Web 2.5.

These projects are putting gameplay back at the center of the game, with the option to earn money — sometimes even in fiat — a bonus element rather than making a game whose main draw card is earning.

Lian is hopeful these types of games can still survive in the meantime, but says it will be a long time before the mainstream gaming industry adopts Web3 in any meaningful way.

“I don’t think the super app is coming anytime soon,” said Lian, who explained the technology is there but the US$300 billion a year gaming industry has little incentive to change. “[Game studios] might not be agreeable to how it is actually going to help them since they are really making millions of dollars in revenue every year.”

 

Source: https://forkast.news/x-to-earn-model-eat-sleep-anything-paid-crypto/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j