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Singapore's Tech-Enabled Start-Up Ecosystem

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Singapore's Tech-Enabled Start-Up Ecosystem PwC Strategy Singapore's tech-enabled start-up ecosystem April 2015 Commissioned by Google Asia Pacific Pte Ltd Contents At a glance Introducing the ecosystem Economic contribution Key drivers and challenges Appendices About this study Objective of this Study Methodology The purpose of this report is to represent the views of the ecosystem, “To identify the key challenges of accelerating and and is not necessarily a supporting the growth of technology-enabled start- representation of the view of PwC. ups in Singapore and why this matters” Primary research has been conducted by means of face-to-face interviews with many ecosystem stakeholders, with a focus on entrepreneurs who Definitions founded tech-enabled start-ups. The secondary research used for this Start-up: A young company that is designed for report comprised of global third high growth party sources (e.g. Global Technology-enabled: An enabling technology is Entrepreneurship Monitor) and an invention or innovation that upon application Singapore-specific sources (e.g. can bring significant transformation in what a user INSEAD’s “High Tech SMEs in is able to do Singapore” Report). All currencies in this report represent US$ unless specified otherwise Singapore's tech-enabled start-up ecosystem Strictly private and confidential April 2015 PwC 2 Contents At a glance Introducing the ecosystem Economic contribution Key drivers and challenges Appendices This report should be read in conjunction with the output from the ‘Start-up Singapore’ event in December 2014, which turns this into actions and recommendations Singapore's tech-enabled start-up ecosystem Strictly private and confidential April 2015 PwC 3 Contents At a glance Introducing the ecosystem Economic contribution Key drivers and challenges Appendices At a glance 5 Contents 1 Introducing the ecosystem 8 2 Economic contribution 14 3 Key drivers and challenges 23 3.1 Culture & mindset 25 3.2 Skills 32 3.3 Funding 39 3.4 Market environment 47 3.5 Government regulation 54 Appendices 58 Singapore's tech-enabled start-up ecosystem Strictly private and confidential April 2015 PwC 4 Contents At a glance Introducing the ecosystem Economic contribution Key drivers and challenges Appendices At a glance Singapore's tech-enabled start-up ecosystem Strictly private and confidential April 2015 PwC 5 Contents At a glance Introducing the ecosystem Economic contribution Key drivers and challenges Appendices At a glance – our views Use the divider control box below to make the slide title appear in your primary TOC and section TOCs. • Singapore has yet to produce a world-beating tech start-up. The good news is that with the $200m acquisition of Viki and market participants talking about Garena’s >$2.5bn valuation, Singapore Please follow these steps: Type ‘Divider’ in the control box has demonstrated it is a home base from where large valuations and even the magic milestone of a provided below. $1bn valuation can be reached Click the Divider command on the Smart ribbon. • Exits and valuations like these show there are opportunities for tech-enabled start-ups in Enter the text that you’d like to appear in the TOCs and select a Singapore, which we verified with our survey of the Singapore tech-enabled start-up ecosystem divider level. • Based on our modelling, we forecast the economic contribution of tech-enabled start-ups to Click Update. The slide title should now appear on all TOCs. potentially contribute up to 2% of GDP by 2035, meaning it will contribute as much as, for instance, the accommodation and food services sector contributes to Singapore’s GDP today To remove the slide title from your TOCs, delete the ‘Divider’ text from • This report presents the views and suggestions of ecosystem stakeholders, brought forward in our the divider control box and hit Update. study of the tech-enabled start-up ecosystem in Singapore • The tech-enabled start-up ecosystem in Singapore is starting from a fairly good base… but more can be done Source: PwC Market intelligence Singapore's tech-enabled start-up ecosystem Strictly private and confidential April 2015 PwC 6 Contents At a glance Introducing the ecosystem Economic contribution Key drivers and challenges Appendices At a glance – summary of the views and suggestions from the ecosystem Use the divider control box below to make the slide title appear in your Key takeaways from stakeholder interviews and analysis Stakeholder-suggested further actions primary TOC and section TOCs. • Increase media coverage and communication on Culture & mindset Please follow these steps: successful entrepreneurs and start-ups Singaporeans are increasingly entrepreneurial. More could Type ‘Divider’ in the control box • Encourage early exposure to entrepreneurship courses provided below. be done to celebrate success of home-grown start-ups • Promote the benefit of equity over short-term salary Click the Divider command on the Smart ribbon. Enter the text that you’d like to Skills • Undertake initiatives to develop the right skill sets appear in the TOCs and select a Nurturing talent is critical for the next stage of growth of available for Singapore, especially for scaling up divider level. start-ups in Singapore businesses Click Update. The slide title should now appear on all TOCs. • Provide the business case for the availability of growth- Funding To remove the slide title from your stage funding VC activity in Singapore has increased rapidly over the years TOCs, delete the ‘Divider’ text from • Work to increase maturity level of local exit and/or the divider control box and hit but there is a need for more growth-stage capital IPO market Update. Market environment • Continue to strengthen support network for local tech- Singapore has the potential to serve as hub for Southeast Asia enabled start-ups (e.g. for prototyping, accessing low but its cost base is high and overseas expansion is challenging cost offshore labour, mentoring) Government & regulation • Adjust public sector procurement practices to build A range of public policies and funding support have been confidence for start-ups to win business helpful for start-up creation Source: PwC interviews and analysis Singapore's tech-enabled start-up ecosystem Strictly private and confidential April 2015 PwC 7 1 Introducing the ecosystem Contents At a glance Introducing the ecosystem Economic contribution Key drivers and challenges Appendices Introducing the ecosystem Singapore's tech-enabled start-up ecosystem Strictly private and confidential April 2015 PwC 8 1 Introducing the ecosystem Contents At a glance Introducing the ecosystem Economic contribution Key drivers and challenges Appendices At a glance - Singapore’s tech-enabled start-up ecosystem in numbers Use the divider control box below to make the slide title appear in your primary TOC and section TOCs. 1,000 tech- 52% of start-up 2 >$2bn Please follow these steps: 67% of key enabled start-ups founders in Singapore In July 2014, ‘The Economist’ named Type ‘Divider’ in the control box 5% of local acquisitions provided below. hold a Master’s or PhD and 2,400 local are by foreign Click the Divider command on the (vs. 42% in SV* and 40% in companies people are Singapore’s first tech-enabled start-up 1 founders Smart ribbon. TA ) currently to have reached a $1bn valuation, market are female Enter the text that you’d like to and estimated to be in information now says it’s past $2bn (vs. 10% in SV appear in the TOCs and select a the Singapore 32% of local founders & 9% in TA) Singapore’s divider level. ecosystem are serial entrepreneurs Average age of efforts are paying Click Update. The slide title should (vs. 56% in SV and 47% in TA) founders in Singapore off as it is already now appear on all TOCs. th is 33 ranked 17 on To remove the slide title from your the Global Start-up TOCs, delete the ‘Divider’ text from Ecosystem Index the divider control box and hit Update. Note: 1SV and TA are abbreviations of Silicon Valley and Tel Aviv. 2Based on a non-exhaustive database of ‘key’ start-up acquisitions in Singapore, based on news articles and press releases on the relevant acquisitions Source: Start-up Ecosystem Report 2012, Start-up Genome and PwC analysis Singapore's tech-enabled start-up ecosystem Strictly private and confidential April 2015 PwC 9 1 Introducing the ecosystem Contents At a glance Introducing the ecosystem Economic contribution Key drivers and challenges Appendices Singapore’s tech-enabled start-up ecosystem is complicated… Use the divider control box below to make the slide title appear in your Government & government initiatives primary TOC and section TOCs. Incubators / Accelerators / Co-working Spaces e.g. IDA, MOM, ESVF, NRF TIS e.g. Block 71, Spring, JFDI Set the preconditions for tech-enabled start-ups, from Please follow these steps: Foster the most visible epicentre of start-up ‘culture’. Can favourable start-up policies to labour conditions to a be government-, university-, VC- or industry-sponsored , Type ‘Divider’ in the control box favourable tax-environment and grants to start-ups. Incubator / or independent provided below. There are more than seven government bodies supporting Click the Divider command on the Government Co-working start-up accommodation and acceleration Spaces Smart ribbon. Enter the text that you’d like to appear in the TOCs and select a Labour Market Others divider level. Supply a strong labour force needed by Labour e.g. SGX, TechinAsia, prototypers Click Update. The slide title should Others entrepreneurs and their tech-enabled start- Market Entrepreneurs Suppliers have to know what it means to now appear on all TOCs. ups to build their vision and grow strong cater to start-ups in order to be able to do so. companies. With <2% unemployment, To have suppliers for media and HR to To remove the slide title from your labour availability is very tight prototypes creates a sound basis for the TOCs, delete the ‘Divider’ text from ecosystem, as will a stock exchange that the divider control box and hit Education caters to earlier listings Update.
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