By Isabelle Dann, Media Strategy Director
The world of venture capital (VC) is like no other. Unlike the stock market, there are no daily temperature checks, nor individual share prices for people to watch. Still, as the global VC slowdown persists, there are reasons to be cheerful – if you know where to look. Singapore attracted more venture capital investment per capita in 2022 than any other country, receiving over $1 billion, beating the US – the world’s largest VC market – which ranked third.
This makes sense, considering that South-East Asia is now the world’s most compelling region for digital innovation, with Singapore its technical capital. Catalysts include new local initiatives such as the Singapore Deep-Tech Alliance, the Singapore-MIT Alliance, and the National University of Singapore.
On top of this, funds from home-grown VC firms such as iGlobe Partners and Temasek are fuelling tech founders. More time may be taken to choose and close deals but, ultimately, investors must deploy the capital they’ve raised.
Within the tech sector, deeptech – encompassing the likes of artificial intelligence, robotics, and blockchain/Web3 – is a particular strength. Food tech is another, as Singapore is the only country where consumers can buy lab-grown meat. While the rest of the world largely recognises the climate benefits of cultivated meat, it has yet to catch up with Singapore – a golden opportunity for entrepreneurs in this space.
Beyond these spotlights, the opportunity is endless. After all, these days, technology can encompass everything from building a website and conversing with ChatGPT to crafting space satellites and driverless cars. No longer is it the preserve of a select few; everyone is a digital citizen.
Until the invention of the printing press in the 15th century, books were scarce and expensive. As they became more abundant, literacy rates soared. In 1800, 60% of men and 40% of women were literate, rising to 97% for both sexes within a century. The same story can be seen in tech now.
In 2001, there were 500 million global internet users; in 2021, that shot up to five billion. Just as increased literacy rates kindled communities and contributed to economic growth, widening access to digital resources has granted more people the power to shape and challenge the impact of technology on society.
So, what does this all mean? For tech startups and scaleups in Singapore, now is the time to tell your story. Competition – whether that’s for headlines, clicks, or customers – will only grow more fierce. Those who cut through the noise with compelling communications, led by tech PR, will find themselves equipped with a unique competitive advantage. Make the move now – or risk missing out entirely.