The Future is Female: Why Singapore is Becoming a Hub for Female-Led Startups
Singapore, a small island nation in Southeast Asia, has long been a hub for entrepreneurs and startups. However, in recent years, the city-state has been experiencing a surge in the number of female-led startups emerging, and it’s not hard to see why. With its business-friendly environment, access to funding, and a growing pool of female talent, Singapore is becoming the go-to destination for female entrepreneurs.
According to a report by the Global Entrepreneurship Monitor (GEM), Singapore ranks 2nd in the world for women’s entrepreneurship, with 23.4% of women starting their own businesses. This is a significant increase from 2016, when the same report found that only 17.5% of women in Singapore were entrepreneurs. The report also noted that 45% of female entrepreneurs in Singapore have a tertiary education, making them more educated than their male counterparts.
So, what’s driving this surge in female-led startups in Singapore? For one, the country’s business-friendly environment, which offers a range of incentives and support for entrepreneurs. The Singapore government has implemented various initiatives to encourage entrepreneurship, including the Startup SG! program, which provides funding, mentorship, and networking opportunities for startups. The program has been a huge success, with over 100 startups participating in the program since its launch in 2017.
Another factor contributing to the growth of female-led startups in Singapore is the increasing presence of female role models and mentors. Women like hedge fund manager Roderick Chia, who co-founded the Singapore-based private equity firm, Tembusu Partners, are paving the way for other women to enter the startup scene. Chia, who has been named one of the most powerful women in finance, attributes her success to the support of her mentors and the encouragement of her peers.
Additionally, Singapore’s growing pool of female talent is also driving the growth of female-led startups. The country has a highly educated and skilled workforce, with many women holding degrees in fields like technology, engineering, and business. This talent pool has attracted the attention of global companies, which are eager to tap into the skills and expertise of these women.
Female-led startups in Singapore are also benefitting from the country’s vibrant startup ecosystem, which offers a range of resources and support. The Singapore Entrepreneur Network (SGEN), for example, is a non-profit organization that provides networking opportunities, mentorship, and training to entrepreneurs. The organization has a dedicated program for women entrepreneurs, which offers resources and support specifically tailored to their needs.
One example of a successful female-led startup in Singapore is the e-commerce platform, Shopback, which was founded by a team of three women. The platform allows users to earn cashback on their online purchases, and has already attracted millions of users. The startup has received funding from local and international investors, and is considered one of the most successful e-commerce startups in the region.
Another example is the fintech startup, InstaReM, which was founded by a team of women who met while studying at the National University of Singapore. The company provides international money transfer services, and has received funding from local and international investors. InstaReM has been recognized for its innovative approach to international money transfers, and has won several awards for its services.
Conclusion
Singapore’s emergence as a hub for female-led startups is a testament to the country’s commitment to supporting entrepreneurship and innovation. With its business-friendly environment, access to funding, and growing pool of female talent, Singapore is an attractive destination for female entrepreneurs. The country’s vibrant startup ecosystem, which offers a range of resources and support, is also driving the growth of female-led startups. As the global economy continues to shift towards a more equal and diverse future, Singapore is well-positioned to lead the way.
FAQs
- What are some of the key drivers of female-led startups in Singapore?
- The business-friendly environment
- Access to funding
- Growing pool of female talent
- Presence of female role models and mentors
- What are some examples of successful female-led startups in Singapore?
- Shopback, an e-commerce platform
- InstaReM, a fintech startup
- What resources are available to female-led startups in Singapore?
- Singapore Entrepreneur Network (SGEN)
- Startup SG! program
- Local and international investors
