Singapore is seen as a tech innovation leader, not only in Asia but globally. Reaching that status had to do with the country’s proactivity as it relates to embracing macroeconomic trends, leveraging technological advances and fostering an environment that allows for business growth.
The government played a vital role in these efforts by creating a business-friendly environment, nurturing talent, accelerating digitalization and building a robust tech ecosystem. This is the ideal situation for many tech firms.
“While Singapore is a very small country, the country’s focus on talent development and productivity results in it leading the forefront of innovation with a strong tech ecosystem for talent and corporate success,” Tianyi Jiang, AvePoint’s CEO and Co-Founder, told Business Insider. “Today, AvePoint’s research and development hub and Asia headquarters thrive in Singapore, employing nearly 200 people.”
Singapore cementing its status as a tech innovation leader is a byproduct of the country’s Smart Nation agenda which was announced in 2014. The initiative has seen the launch of several crucial initiatives, including AI Singapore. That involved the creation of a national AI research and development program designed to enhance capabilities while better understanding the positive impact artificial intelligence can have on the business community.
Interestingly, Singapore has become the go-to destination for startups, larger tech firms wanting a foothold in Asia and companies wishing to tap into other opportunities made available by the government. Regardless of what approach a business chooses, local success often travels.
“Being successful in Singapore is often a gateway into other markets around Southeast Asia,” Ulrik Nehammer, ServiceNow International Chairman, stated. “This is especially the case in the technology space, where Singapore is recognized as a leader in the region.”
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The status of Singapore as a tech innovation leader cannot be questioned. However, it is not the only place in Asia where startups and other technology companies can thrive. While the environment may be suitable for some, others will find more opportunities elsewhere.
That is the crucial thing to remember. Singapore has a well-deserved brand name and global recognition but these don’t equate to guaranteed success. Businesses should conduct due diligence to see where they would best fit in Asia.
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