Will tech startups play a greater role in Singapore’s future economy?

The Finance Minister of Singapore, Mr. Heng Swee Keat, has been very upfront, very honest, and very open about his belief that the startups in Singapore are going to play a major role in the future of the Singapore economy.

His governmental agency has long been looking into the kind of impact that startups will inevitably have on the local economy as well as the impact that these startups can have on a global scale, and the conclusion that they have come to is that they need to do everything in their power to foster innovation, to support these new startups, and to make sure that they all of the resources they need to grow and contribute to the success of Singapore going forward.

Startups all over the world have the potential to transform their local economy

All of this should come as no surprise to anyone that has been paying attention to how startups impact economies all over the world.

One only has to look at the United States – probably the world’s largest and most fertile hot bed for runaway successful startups – to see the kind of impact that these incredible businesses have the opportunity to produce.

Game changing companies like Microsoft and Apple were startups by the traditional definition 40 years ago, but today companies like Google, Facebook, Twitter, Tesla, eBay, Amazon, and a handful of others are showing that startups can grow very, very rapidly and end up contributing a significant amount to the national economy.

Silicon Valley is the ancestral home of many of the world’s greatest startups, but Southeast Asia is starting to get into the swing of things by fostering their own internationally game changing startups as well.

Singapore is dedicated to getting in on this action as much as possible, with the government really starting to provide tremendous funding, educational opportunities, and other necessary resources to make sure that their “homegrown” startups stay local.

Singapore is serious about fostering innovation at home

The Finance Minister we mentioned above has already recommended to the Prime Minister that the government begin initiating major funding rollouts and resources to the startup community in Singapore just as soon as humanly possible.

The government wants to be sure that they are able to:

• Expedite the growth of startup businesses to create new industries, new markets, and new jobs
• Provide the kind of foundational education and future opportunities to help raise future generations of entrepreneurs, innovators, and startup leaders
• Encourage those that create startups to stay in Singapore rather than take their talent and their businesses to other nations

… And that’s only the tip of the iceberg.

The Singapore government is already connecting with startup leaders, entrepreneurs, marketers, and creative thinkers across all walks of life to try and come up with new ways to create the kind of atmosphere and environment that startups need to not only survive but to thrive.

With major economic impacts possible, it’s in the best interest of Singapore to make sure that they keep their homegrown talent in country and give them every opportunity to become as successful – if not more so – here in Singapore than they would have been able to anywhere else!