Wonderlabs Blog

Why Singapore Is the Worst Place to Start a Startup - People Agree

Posted by Keith Tan on Aug 23, 2017 10:44:54 PM

 

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My original piece: /article-1-singapore-is-the-worst-place-to-start-a-tech-startup

And I got SO much hate mail about it, because people disagreed, people said my article was shit. Well, well. 

Here's what one of my fine readers - Yuri - had to say about the Singapore Tech Ecosystem

Why Singapore Is the Worst Place to Start a Startup - People Agree 

Pros:

1. Plenty of money

2. Strategic Government programs

3. University ecosystems

4. Small - flexible

- BTW: These are all points I agree with 

 

 

Why Singapore Is the Worst Place to Start a Startup - People Agree

Cons:

1. Expensive

2. Difficulty in attracting foreign talents – getting visa for foreigners

3. Small size – industries are NMCs with headquarters elsewhere

4. Risk taking propensity still low. 

 

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Here's what another reader - Igor - said: 

I agree with you.

1. Very expensive all. Infrastructure, IT experts (technicians, programmers, etc.).

2. Very hard to bring experts from overseas because of EP issue.

3. All my startups registered in Singapore but all developers are in Russia, Ukraine, Belorussia.

4. Example: Discussed with bank (OCBC) regarding one of my startup. I am PR and own more than 30% of the company, we are developing very modern solutions (WEB 3.0, blockchain, etc.) asked for so call BUSINESS FIRST LOAN. (Company invested 800K SGD already by own capital). Just wanted to see how government assisted loans work. Bank refused to do so. (as per my understanding main reason behind: Banks in Singapore used to provide financing for big businesses with growing revenue. Small players too risky and too small.)

5. I think Singapore as a financial hub needs to just purchase innovation. They cannot innovate. 

Last word: How do we get the best out of Singapore and minimize the bad parts? We keep our revenue centres here in Singapore but shift our cost centres offshore to Indonesia. In fact, we are in the business of helping companies move their cost centres offshore to Indonesia:

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images sources: Freepik 

Topics: Insider