Why Singapore 🇸🇬 ain't no Silicon Valley 🌉?
Potential to be, maybe; difficulty, 10/10...
It’s been all of 5 months since I returned from my pandemic globe-trotting escapades and left my role as a VC… Yet I’ve made a conscious effort not to give up my interactions with founders in Singapore and beyond, as founders are a special breed that I’ve learnt a tonne from in various capacities since 2016. This week is Singapore’s ‘Week of Innovation & Technology’, and many international delegations are pouring in to explore what this little red dot has to offer, seek investments or partnerships. I was asked to do a presentation on the startup ecosystem in Singapore- a request I had to politely decline owing to clashing schedules. Yet somewhere inside, I also found myself having reservations on whether Singapore could even be considered an ‘ecosystem’ or if we were somewhat more like a glasshouse?
In contrast, Silicon Valley (SV) would often be the first destination that comes to mind if you ask any founder/VC to name a thriving startup ecosystem. This despite the many problems/challenges that founders face from soaring costs, violent crime, homelessness, high taxes and thick regulations. I’ve been to the bay area of California only twice for a combined total of just over a month, and had many opportunities to speak with bay area founders online and in-person over the last couple of years. At least for me, SV would definitely still rank as the top startup ecosystem in the world and by a long shot. Here are my reasons why Singapore ain’t no SV…
1. Entrepreneurship DNA 🧬
‘Do or die’ isn’t quite how I’d describe the average Singaporean who generally is well provided for from cradle to grave. The drumming of the education system has until recently also been beating to the tune of academic success, securing a stable job and an aversion to risks amidst a messy world where we are a little red dot. Such indoctrination from the founding generation of Singaporeans is difficult to undo overnight despite the realisation in the halls of power that the formula which worked in the early years of nation building will not necessarily keep working. Conversely, SV is home to a long and impressive line of successful entrepreneurs and ‘poster boys’ of technology and innovation- it’s far more common to bump into folks whom have made is big doing a startup, being an early employee/angel investor there. When surrounded by many examples in the flesh, a little bit of that startup energy perhaps rubs off in a way that no formal programme or scheme can do so.