Today, the start-up community is thriving and Singapore is even regarded among investors as an entrepreneurial hub. Dubbed by The Economist as “the world’s most tightly packed entrepreneurial ecosystem”, “Block 71” - located at JTC LaunchPad@one-north - is Singapore’s equivalent to Silicon Valley, with more than a thousand people in hundreds of start-ups and incubators.
Between 2012 and last year, Singapore moved up seven places to 10th in an international report which ranked start-up ecosystems. The report by Compass - an automated reporting and benchmarking software provider - was based on publicly available data. By 2035, technology start-ups alone are projected to contribute 2 per cent of the Republic’s gross domestic product, according to PricewaterhouseCoopers.