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Op-Ed: Singapore’s Entrepreneurship Scene Is Approaching An Inflection Point
- Judah Kang
- Mar 17
- 5 min read
Is Singapore’s entrepreneurship scene at an inflection point? Judah Kang reflects on the future of entrepreneurship in Singapore after attending UNICON 25, organised by the National University of Singapore's Entrepreneurship Society.
Introduction
“Could you have started this ten years ago?” was the question I asked entrepreneurs at the NUS Entrepreneurship Society’s (NES) conference UNICON 25. The answer was unequivocally ‘no’. The technology, market opportunity and start-up ecosystem simply was not ready. However, ten years on, Singapore’s entrepreneurship scene is changing.
Recent developments in AI and technology have enabled aspiring entrepreneurs to overcome key hurdles that previously killed budding projects. At the same time, investments are flowing into Southeast Asia, a young and promising region. Internally, the student entrepreneurship community is steadily growing. The combination of these factors suggests that Singapore’s entrepreneurs are in a strong position to make the rest of the decade their own.
I zoom in on three factors driving this change: developments in Artificial Intelligence (AI) and technology, changes in financing and funding opportunities, and an evolving start-up culture in Singapore’s universities.
Developments in AI and Technology
Developments in AI and technology have opened up more opportunities for tech-savvy Singaporean entrepreneurs to succeed by shortening the development process timeline and making it easier for more individuals to attempt to build a start-up.
At UNICON 25, April Chan, Co-Founder of Tracework.ai, spoke about how AI shortens development timelines by aiding code writing, making it easier for those with less prior background to develop web-based programmes. This plays a crucial role in helping student-founders develop confidence in their business idea before starting full-time as entrepreneurs. The ability to get to a minimum viable product, or the first workable version of a product or service, in a shorter amount of time is especially important to many student-founders I spoke to who face pressure to get a salaried job upon graduation in the expensive city-state.
Further, strong fintech and AI expertise in Singapore set its start-ups apart from the rest of the region, creating potential for Singaporean start-ups to capitalise on the recent tech and AI wave. Prospects are hence bright for Singapore’s young tech start-ups as they ride on consumer and industry trends.
Changes in Financing Opportunities
Several factors point to improved financing opportunities for Singapore start-ups in the future.
First, a combination of growth in regional markets and supply-side advantages are attracting greater investor interest in Singaporean start-ups. Felix Frenzel, Founding Partner at venture capital firm Kadan Capital mentioned, “Southeast Asia's capital markets are slowly expanding, driven by economic growth, rising foreign investment, and digital finance. Key hubs like Singapore, Jakarta, and Bangkok attract investors, while exchanges such as SGX, IDX, and SET should see increased activity in the long-term.” He elaborated that a number of factors put Singaporean start-ups looking to scale in the Southeast Asian region in a strong position. These include strong government support for fintech and AI through various initiatives, a well-developed financial sector, advanced digital infrastructure and a highly skilled workforce.
Moreover, increasing digitisation across the Southeast Asian region means the young, growing populations in countries like Indonesia are increasingly getting access to the retail market, whilst creating better potential exit opportunities for venture capitalists looking to invest in the region. In 2024, the number of individual retail investors in Indonesia grew by over 20 per cent, with over 50 per cent of them aged 30 years or younger. The young yet steadily growing domestic markets thus represent untapped potential that acts as an incentive for foreign investors looking to invest in the region in the long term. All these suggest that Singapore is well-poised to host a happy marriage between hungry entrepreneurs and interested investors.
However, key challenges remain in the short to medium term for Singapore’s start-ups to ultimately attract greater amounts of capital. After all, venture capital deal volume has remained muted in 2023 and 2024 following an emphasis on path-to-profitability and caution surrounding the AI hype. At UNICON 25, Felix spoke of a number of challenges, including “market volatility, political risks, and the need for greater financial integration across ASEAN nations to enhance liquidity and cross-border investment opportunities.” These factors highlight key risks investors still face when investing in the developing Southeast Asian market. Nevertheless, with key long-term advantages such as growing regional markets, technical and technological expertise and continuing economic growth, I contend that we can continue to expect more funding opportunities for growing Singaporean start-ups in the long-term.
An Evolving Start-Up Culture
In a Wall Street Journal article, Newley Purnell mentioned how just ten years ago, institutional support for entrepreneurs in Singapore remained limited. Today, multiple government and institutionally-backed organisations like the NUS-affiliated Block71 and SMU IIE’s Business Innovations Generator are bringing the enterprising start-up culture to young adults across the nation’s top universities. Plentiful grants from supportive government agencies like EnterpriseSG complement these incubators, providing both professional expertise and adequate funding for aspiring student-entrepreneurs. The growth of student-led societies like NES has inculcated an entrepreneurial risk-taking culture from the ground up. Crucially, these societies are now increasingly backed by firms like Mapletree, a global real estate development, investment, capital and property management company that sponsored NES’ UNICON 25. Funding from private firms and government agencies alike has hence enabled start-up events and competitions to proliferate, providing more avenues for students to enter the start-up scene.
Where Should We Start?
In my personal experience as a young student about to enter university, I am glad that entrepreneurship events are so prolific today. Hearing from entrepreneurs and how they had given months of their time in school, the ways in which they formulated and executed their ideas, the difficult process of balancing their business idea and schoolwork... Their raw passion, can-do attitude, and work ethic were contagious. Seeing many of them supported by university and government grants, I felt glad that Singapore has become a more conducive space for them to be supported and grow.
The internal growth of the start-up ecosystem is aligning with external changes like increasing funding and market opportunities. This encourages young companies to join fast-growing industries with more financial and community support than ever. With these factors, I believe that Singapore’s start-ups will continue to flourish in the coming years.
About the Author: Judah Kang is currently a Full-Time National Serviceman and a volunteer at Next Gen Investors Endowment. He is passionate about social entrepreneurship and using business to create long-term solutions to social issues.
Disclaimer: Views expressed in this article are the writer’s own and are not representative of MAJU’s views. While we make every effort to ensure that the information shared is accurate, we welcome any comments, suggestions, or corrections of errors.
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