This Is What the Best Singaporean Startups Do Differently
A recent study by the National University of Singapore distinguished between job-creators (the top 25 percent of employers) and non-creators among Singaporean tech companies, and here is what they found was different.
- Job creators were more innovative, and produced goods or services that were ‘completely new to the world.’
- Job creators spent more on research and development than non-creators, and they own more intellectual property.
- Job creators were more engaged in ecosystem support by participating in government support schemes and incubators.
- 62 percent of job creators received venture funding from VCs, angel investors, or corporate investors.
The top 25 percent of job creators in the study also faced different challenged compared to the average entrepreneur. They struggled most with hiring and the retention of key personnel, and expansion, as opposed to the more typical challenges of raising working capital. However, all companies mentioned that hiring was a challenge for them; a surprising finding given the famously well educated labor supply in Singapore.
Read more about Professor Wong Poh Kam’s study here.
Contributed by Lili Torok.