Singapore Climbs to 5th in Global Startup Ecosystem Index, Doubles China’s Score

Singapore has risen to fifth place in the global startup rankings, according to StartupBlink’s Global Startup Ecosystem Index. The country has surpassed Sweden and is now positioned to challenge Canada for fourth place in the coming year.

Singapore has advanced 16 positions in the Global Startup Ecosystem Index in the past five years, becoming the fastest-growing startup ecosystem globally. Following its rise past China in the 2022 rankings, Singapore’s current score has now doubled that of China, reinforcing its status as Asia’s top startup hub. 

Singapore’s rise to 5th place marks it as the only East Asian country in the top five, and it is now the second Asian nation in the top five, alongside Israel. 

The latest index reveals that Singapore achieved a score of 37.736, with a notable third-place ranking in the business environment category. According to StartupBlink, this high ranking highlights Singapore’s favorable regulatory conditions for startups.

“Singapore’s significant progress underscores its robust and supportive environment for new businesses,” StartupBlink noted. This development makes Singapore a lead player in the global startup landscape, with prospects of challenging Canada’s 4th place position in the near future.

“Singapore exemplifies how a relatively small nation can achieve remarkable success in the global startup arena,” noted StartupBlink. The country’s appeal to Asian startups is attributed to its financial stability, pro-business policies, and favorable tax environment. 

Despite its smaller market size and population, Singapore’s startup ecosystem thrives by focusing on international scaling, providing a distinct regional perspective.

In addition to its national success, Singapore City has improved its position in the city rankings, advancing four spots to 16th. This places it ahead of Shenzhen, which is ranked 18th, and makes Singapore City the 6th highest-ranked city in the Asia-Pacific region.

StartupBlink is a global research platform focused on the innovation economy. It offers valuable insights and tools to public sector developers, corporate startup programs, multilateral organizations, and researchers for mapping, branding, and accelerating innovation. The platform features a comprehensive global startup ecosystem map that includes hundreds of thousands of startups, coworking spaces, and accelerators.

StartupBlink’s annual reports and rankings are widely used by decision-makers for relocation, investment, and research purposes. These resources provide critical data and analysis that help users make informed choices about emerging innovation hubs and opportunities worldwide.

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